Hardman Johnston
Hardman Johnston International Equity Strategy
International Large-cap
Dec 2024 → Sep 2026
Our archive holds 5 letters from this strategy, behind 5 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years · follow all of Hardman Johnston for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · International Equity Composite (net)
- YTD+8.2%index +10.3%
- 1Y+12.8%index +15.7%
- 3Y · /yr+22.3%index +18.4%
- 5Y · /yr+6.3%index +9.3%
- 10Y · /yr+11.2%index +9.1%
- Inception · /yr+10.5%index +6.0%
Index: MSCI EAFE Net Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Hardman Johnston International Equity Strategy | +8.2% | +12.8% | +22.3% | +6.3% | +11.2% | +10.5% |
| MSCI EAFE Net Index | +10.3% | +15.7% | +18.4% | +9.3% | +9.1% | +6.0% |
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
During the quarter, we initiated a position in Teva Pharmaceutical Industries, which is shifting from generics toward higher-growth, higher-margin branded drugs, with upside potential from its pipeline (notably duvakitug for inflammatory bowel disease) and biosimilars.
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
- Cameco Corporation
- TechnipFMC plc
- ICICI Bank Ltd.
- Standard Chartered PLC
- Infineon Technologies AG
- Mitsubishi Heavy Industries, Ltd.
- Sandoz Group Ltd.
- Hitachi, Ltd.
- UCB S.A.
- AstraZeneca plc
- STMicroelectronics NV
- Suzuki Motor Corp.
- Leonardo SpA
- Airbus SE
- MercadoLibre, Inc.
- 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
- Cameco CorporationSep 2026Cameco Corporation is tied to long-term nuclear and uranium demand driven by AI-related power needs and energy diversification.
- 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.
- 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.