Hardman Johnston Global Advisors, an investment management firm, published its “Hardman Johnston Global Equity Strategy” investor letter for the fourth quarter of 2025. You can download a copy of the letter here. Global stock markets delivered strong results in the quarter, supported by softening inflation trends and strong economic data. The Hardman Johnston Global Equity strategy returned 2.91%, net of fees, compared to the MSCI AC World Net index’s gain of 3.29%. The Financials and Consumer Staples sectors contributed to performance, while the Industrials and Consumer Discretionary sectors detracted from relative performance. Plus, check out the strategy’s top five holdings for your best picks in 2025.
In its Q4 2025 investor letter, Hardman Johnston Global Equity Strategy highlighted stocks like Uber Technologies, Inc. (NYSE:UBER). Uber Technologies, Inc. (NYSE:UBER) is a multinational technology company operating across mobility, delivery, and freight transportation segments. Shares of Uber Technologies, Inc. (NYSE:UBER) have traded between $60.63 and $101.99 over the past 52 weeks. On January 26, 2026, shares of Uber Technologies, Inc. (NYSE:UBER) closed at $81.98 per share. Uber Technologies, Inc. (NYSE:UBER)’s monthly performance was 0.59% and its shares lost 14.98% of its value in the last three months. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $170,963 million.
Hardman Johnston Global Equity Strategy stated the following regarding Uber Technologies, Inc. (NYSE:UBER) in its Q4 2025 investor letter:
“The sectors that hurt relative performance the most during the quarter were the industrial sector and consumer discretionary. Within the industrial sector, Rheinmetall AG and Uber Technologies, Inc. (NYSE:UBER) were the biggest detractors. Uber Technologies, Inc. shares experienced volatility in Q4 after strong year-to-date gains; Despite solid reserves, improving profitability and strong free cash flow, the stock was largely traded based on an autonomous vehicle-related narrative rather than fundamentals. Shares sold off after earnings on renewed robotaxi concerns, rallied as investors re-anchored near-term fundamentals, and then weakened toward year-end following Waymo’s 2026 expansion plans, which revived long-term disintermediation fears and fueled profit-taking. Importantly, the fundamentals were never broken and the volatility reflects uncertainty around Uber’s role in a future audiovisual world, not its earnings power in the coming years. Regardless of whether autonomous vehicles consolidate around a few players or evolve into a multi-operator ecosystem, we see Uber’s scale, demand aggregation and capital-light model position it to benefit rather than be displaced.”
