Hardman Johnston
Hardman Johnston International Equity Developed Markets
International Large-cap
Jun 2025 → Jun 2026
Our archive holds 4 letters from this strategy, behind 7 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 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 exited our position in Prosus as rising competition in both Brazil and Europe pressured the profitability of its food delivery business, leading management to significantly reduce guidance in May.
We also initiated a position in TechnipFMC, a global leader in offshore subsea equipment, systems, and services.
Though Prosus’ balance sheet remains robust and under no strain, we decided to exit Prosus at this time given increased headwinds and reduced visibility.
During the quarter, we exited our position in HDFC Bank Limited.
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.
Also held
- Airbus SE
- Rheinmetall AG
- Sandoz Group Ltd.
- Weir Group PLC
- Suzuki Motor Corp.
- Gaztransport & Technigaz SA
- Hitachi, Ltd.
- Standard Chartered PLC
- Leonardo SpA
- TechnipFMC plc
- STMicroelectronics NV
- Taiwan Semiconductor Mfg. Co., Ltd.
- LVMH
- AstraZeneca plc
- Safran S.A.
- UCB S.A.
- Infineon Technologies AG
- IHI Corp.
- Prysmian S.p.A.
- ICICI Bank Ltd.
- ASML Holding N.V.
- Cameco Corp.
- AstraZeneca PLC
- LVMH Moet Hennessy Louis Vuitton SE
- Commerzbank AG
Its investment theses
- Leonardo SpAJun 2026Leonardo is supported by long-term European defense spending and demand for modern defense capabilities.
- ASML Holding N.V.Mar 2026ASML Holding N.V. is the monopoly provider of EUV lithography equipment, benefiting from AI-driven semiconductor capacity expansion and improving multi-year visibility.
- STMicroelectronics NVMar 2026STMicroelectronics NV is benefiting from AI data center demand and an AWS agreement that should pull forward revenue and improve utilization.
- AstraZeneca PLCMar 2026AstraZeneca PLC has a strong pipeline and multiple upcoming phase III readouts that support visibility toward its 2030 revenue goal.
- Sandoz Group Ltd.Mar 2026Sandoz Group Ltd. benefits from strong biosimilar growth, margin expansion, and a regulatory shift that should lower development costs.
- Cameco CorporationMar 2026Cameco Corporation is a vertically integrated nuclear leader positioned to benefit from Western decoupling from Russian fuel and rising nuclear demand.
- Leonardo S.p.A.Jun 2025Leonardo is a promising investment due to increased defense spending in Italy and NATO's structural growth, coupled with a new CEO focused on operational improvements.