Hardman Johnston
Hardman Johnston Global Equity
Global Mega-cap
Dec 2024 → Sep 2026
Our archive holds 6 letters from this strategy, behind 21 investment theses and positions in 44 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years · follow all of Hardman Johnston for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Global Equity Composite (net)
- YTD+7.0%index +13.0%
- 1Y+10.1%index +16.8%
- 3Y · /yr+21.8%index +21.7%
- 5Y · /yr+9.6%index +11.6%
- 10Y · /yr+14.9%index +12.4%
- Inception · /yr+11.2%index +8.5%
Index: MSCI AC World Net Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Hardman Johnston Global Equity | +7.0% | +10.1% | +21.8% | +9.6% | +14.9% | +11.2% |
| MSCI AC World Net Index | +13.0% | +16.8% | +21.7% | +11.6% | +12.4% | +8.5% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.
During the quarter, we initiated one new position in Netflix, Inc.
We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.
We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.
We established a new position in ALB, a global leader in lithium with Tier 1, low-cost assets, in particular in the Chilean salar and Western Australia.
we decided to exit Prosus at this time given increased headwinds and reduced visibility.
We exited Atlassian despite resilient fundamentals because AI-driven uncertainty continues to overwhelm the stock’s valuation support.
We initiated a position in Broadcom as one of the clearest beneficiaries of accelerating hyperscaler AI capex and custom compute deployment.
We also initiated a position in TechnipFMC, a global leader in offshore subsea equipment, systems, and services.
We decided to exit the position to reallocate to more attractive opportunities.
We exited the small position during the quarter due to these factors, prior to the CEO’s resignation, which was an additional negative signal.
where we established a new position during the quarter.
After a profitable run in Bank of America, we sold the position as concerns regarding private credit exposure had the potential to impact valuation.
We initiated a position in SLB, the largest global oil services provider, a name with which we are familiar.
Also held
- UCB S.A.
- Howmet Aerospace Inc.
- Microsoft Corp.
- Vertiv Holdings Co.
- Standard Chartered PLC
- Citigroup Inc.
- Boston Scientific Corp.
- Prysmian S.p.A.
- Eli Lilly and Company
- Netflix, Inc.
- Rheinmetall AG
- Albemarle Corp.
- Airbus SE
- Safran S.A.
- NVIDIA Corp.
- Cameco Corporation
- ASML Holding N.V.
- Mastercard Inc.
- Estée Lauder Companies Inc.
- Taiwan Semiconductor Mfg. Co., Ltd.
- Hitachi, Ltd.
- Amazon.com, Inc.
- Elanco Animal Health, Inc.
- MercadoLibre, Inc.
- Broadcom Inc.
- Alphabet Inc.
- STMicroelectronics NV
- TechnipFMC plc
- Cameco Corp.
- SLB Ltd.
- Uber Technologies, Inc.
- Infineon Technologies AG
- Commerzbank AG
- Taiwan Semiconductor Manufacturing Co., Ltd.
Its investment theses
- Cameco CorporationSep 2026Cameco Corporation is positioned to benefit from new demand for upstream nuclear fuel driven by AI data-center needs and energy diversification.
- Rheinmetall AGSep 2026Rheinmetall AG is viewed as having a favorable long-term outlook due to years of underinvestment in defense across Europe.
- TechnipFMC plcJun 2026TechnipFMC plc provides offshore engineering and drilling services and is positioned to benefit from deepwater exploration and energy security needs.
- Netflix, Inc.Jun 2026Netflix, Inc. has a durable flywheel of subscribers, content spend, pricing power, and multiple growth levers.
- Taiwan Semiconductor Manufacturing Co., Ltd.Mar 2026Taiwan Semiconductor Manufacturing Co., Ltd. is a critical AI compute bottleneck with strong pricing power, demand visibility, and compelling valuation.
- Vertiv Holdings Co.Mar 2026Vertiv Holdings Co. is a prime beneficiary of AI-driven data center buildout with a one-stop-shop business model and strong order momentum.
- Albemarle CorporationMar 2026Albemarle Corporation is a low-cost lithium leader positioned to benefit from secular battery demand and a tightening supply backdrop.
- Broadcom Inc.Mar 2026Broadcom Inc. is a key beneficiary of hyperscaler AI capex, with strong AI visibility, networking leadership, and valuation upside.
- SLB LimitedMar 2026SLB Limited is the leading global oil services provider, supported by offshore duopoly economics, geopolitical tailwinds, and a growing digital segment.
- TechnipFMC plcMar 2026TechnipFMC plc is a fully integrated offshore subsea leader with strong backlog, margin upside, and geopolitical tailwinds.