Hardman Johnston
Hardman Johnston International Equity Strategy
International Large-cap
Dec 2024 → Jun 2026
Our archive holds 4 letters from this strategy, behind 5 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 3 years — follow all of Hardman Johnston for every strategy.
What it bought and sold
We fully liquidated our investments in Prosus N.V. and Commerzbank AG.
We fully liquidated our investments in Prosus N.V. and Commerzbank AG.
Though Prosus’ balance sheet remains robust and under no strain, we decided to exit Prosus at this time given increased headwinds and reduced visibility.
We initiated a position in Cameco, a vertically integrated leader in nuclear energy with operations spanning upstream Tier 1 assets in Western jurisdictions, nuclear fuel services, and nuclear technology.
We also initiated a position in TechnipFMC, a global leader in offshore subsea equipment, systems, and services.
During the quarter, we exited our position in HDFC Bank Limited.
Also held
- AstraZeneca plc
- Suzuki Motor Corp.
- Infineon Technologies AG
- UCB S.A.
- Leonardo SpA
- STMicroelectronics NV
- Airbus SE
- Hitachi, Ltd.
- ICICI Bank Ltd.
- Sandoz Group Ltd.
- MercadoLibre, Inc.
- Standard Chartered PLC
- TechnipFMC plc
- Mitsubishi Heavy Industries, Ltd.
- Taiwan Semiconductor Mfg. Co., Ltd.
- Prysmian S.p.A.
- ASML Holding N.V.
- Cameco Corp.
- Rheinmetall AG
- Taiwan Semiconductor Manufacturing Co., Ltd.
- LVMH Moet Hennessy Louis Vuitton SE
- Commerzbank AG
Its investment theses
- Prysmian S.p.A.Jun 2026Prysmian S.p.A. is positioned to benefit from AI-driven fiber demand, electrification, and the energy transition.
- UCB S.A.Mar 2026UCB S.A. is driven by Bimzelx’s expanding indications, strong unmet-need positioning and additional pipeline upside.
- TechnipFMC plcMar 2026TechnipFMC plc is a fully integrated offshore subsea leader with strong backlog visibility, margin opportunities and geopolitical tailwinds.
- Weir Group PLCDec 2025Weir Group PLC is a mining equipment leader with high-margin aftermarket exposure, copper/gold tailwinds, and accretive software driving sustained earnings growth.
- AstraZeneca PLCDec 2025AstraZeneca PLC is supported by tariff relief, broad therapeutic strength, and numerous Phase III successes reinforcing its $80B 2030 revenue target.