Hardman Johnston Global Equity Added STMicroelectronics N.V. (STM) in Q3

Core Insights - Hardman Johnston Global Advisors reported that its "Global Equity Strategy" portfolio underperformed in Q3 2025, returning 5.02% net of fees compared to 7.62% for the MSCI AC World Net Index [1] Company Overview - STMicroelectronics N.V. (NYSE:STM) is a semiconductor manufacturing company that serves automotive, industrial, and personal electronics markets [3] - The company closed at $26.24 per share on December 26, 2025, with a market capitalization of $23.321 billion [2] Performance Metrics - STMicroelectronics N.V. achieved a one-month return of 13.30% and a 52-week gain of 5.09% [2] - The company reported revenues of $3.19 billion in Q3 2025, exceeding guidance by $17 million [4] Investment Positioning - Hardman Johnston initiated a position in STMicroelectronics, citing a recovery in the analog semiconductor cycle with indicators such as growing customer backlogs and improved order signals [3] - The company is expected to benefit from a restocking cycle, with potential for significant gross and operating margin leverage as underutilization costs decline [3] Growth Opportunities - STMicroelectronics has medium-term growth opportunities, including increased content in new iPhone models and exposure to emerging markets like LEO satellites and AI data centers [3]