Hardman Johnston 13F (2026 Q1): A Nuclear-Sized Cameco Bet

A global growth manager makes a nuclear-sized bet

Hardman Johnston Global Advisors, a Stamford-based firm that invests in growth companies around the world, used its 2026Q1 13F to make one of the boldest single-stock statements you will see in a global growth book. The firm built Cameco, the Canadian uranium producer, into its largest holding at 17.55% of reported value, increasing its share count by an astonishing 3,911% over the quarter. In a roughly $2.1 billion portfolio of about 73 positions, dedicating more than a sixth of the book to a single uranium miner is a forceful expression of conviction in the nuclear-energy theme, and it reshapes the entire character of the portfolio.

The rest of the top of the book reflects Hardman Johnston's global growth mandate: Dutch chip-equipment maker ASML, Latin American e-commerce leader MercadoLibre, a new position in energy-services firm TechnipFMC, aerospace supplier Howmet, data-center specialist Vertiv, Nvidia, Taiwan Semiconductor, Alphabet, and Indian lender ICICI Bank. It is a worldwide roster spanning semiconductors, e-commerce, industrials, and financials, now anchored by an outsized energy bet.

Rotating into energy, out of semiconductors

The Cameco build did not happen in isolation; it was funded by a clear rotation. As it poured capital into uranium, Hardman Johnston trimmed much of its technology and semiconductor exposure, cutting ASML by 24%, Taiwan Semiconductor by 18%, Nvidia by 6%, and Alphabet by 12%, and pared its Indian-bank position ICICI by 46%. It also opened a new position in TechnipFMC, deepening the energy-and-industrial tilt. The pattern is unmistakable: the firm took profits across the crowded AI-and-semiconductor complex and several other winners, and concentrated the proceeds into a high-conviction bet on nuclear fuel and energy infrastructure.

Reading a concentrated thematic shift

What makes this filing notable is the decisiveness of the move against a stable backdrop. Reported value has held steady around $2.1 billion for two years, so this is not a story of inflows or redemptions distorting the picture, it is a genuine, deliberate repositioning. When a global growth manager voluntarily makes one stock 17.5% of its book while trimming the very semiconductor names that have led global markets, it is making a strong thematic statement: that the demand for nuclear power, driven by electrification, data-center energy needs, and the search for reliable low-carbon baseload, represents a more attractive risk-reward than paying up for further semiconductor gains.

How to read an outsized thematic bet

A position this large demands the same scrutiny as the entire fund, because Cameco's fortunes will now drive a disproportionate share of Hardman Johnston's results. The upside is clear if the nuclear thesis plays out; the risk is equally clear, a single commodity-linked miner at 17.5% leaves the portfolio exposed to uranium prices, regulatory shifts, and project execution in ways a diversified book would not be. For investors who follow global growth managers for ideas, this filing is a vivid example of conviction expressed through concentration, and a clear signal of where one worldwide-investing firm sees the next thematic opportunity. You can explore the full holdings, the position changes, and the longer history on the Hardman Johnston filer page.