Hardman Johnston
Hardman Johnston International Equity Developed Markets
International Large-cap
Jun 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 8 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Hardman Johnston for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+7.5%index +10.3%
- 1Y+12.0%index +15.7%
- 3Y · /yr+21.7%index +18.4%
- 5Y · /yr+7.1%index +9.3%
- 10Y · /yr+10.9%index +9.1%
- Inception · /yr+9.2%index +7.1%
Index: MSCI EAFE Net Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Hardman Johnston International Equity Developed Markets | +7.5% | +12.0% | +21.7% | +7.1% | +10.9% | +9.2% |
| MSCI EAFE Net Index | +10.3% | +15.7% | +18.4% | +9.3% | +9.1% | +7.1% |
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 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
- UCB S.A.
- Rheinmetall AG
- Cameco Corporation
- Suzuki Motor Corp.
- Hitachi, Ltd.
- Gaztransport & Technigaz SA
- Taiwan Semiconductor Mfg. Co., Ltd.
- Airbus SE
- Standard Chartered PLC
- Sandoz Group Ltd.
- Weir Group PLC
- Leonardo SpA
- TechnipFMC plc
- STMicroelectronics NV
- LVMH
- AstraZeneca plc
- Safran 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
- UCB S.A.Sep 2026UCB S.A. is a biopharma company whose Bimzelx drug remains viewed as the key growth driver thanks to strong efficacy and favorable physician feedback.
- 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.