Core Insights - Hardman Johnston Global Equity Strategy reported a return of 2.91% for Q4 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - The Financials and Consumer Staples sectors contributed positively to performance, while the Industrials and Consumer Discretionary sectors detracted from it [1] Company Summary: Corteva, Inc. (NYSE:CTVA) - Corteva, Inc. operates in the Seed and Crop Protection segments, with a one-month return of 8.91% and a 12.31% increase over the last 52 weeks [2] - As of January 27, 2026, Corteva's stock closed at $73.00 per share, with a market capitalization of $49.33 billion [2] Investment Decision on Corteva, Inc. - The company liquidated its position in Corteva, Inc. due to management's commentary on a potential separation of its Seeds and Crop Protection businesses, which raised concerns about value creation [3] - The Seeds business, accounting for approximately two-thirds of profits, may command a premium multiple, but this could be offset by a lower valuation for the Chemicals business, limiting net value unlock [3] - Strategic credibility concerns arose from the separation narrative, which contradicted previous management messaging about the complementary nature of Seeds and Chemicals [3] - Deteriorating agricultural fundamentals, such as increased U.S. corn acreage and challenges in soybean markets, could pressure farmer spending on inputs [3] - The combination of elevated valuation, strategic uncertainty, and weakening agricultural fundamentals led to the decision to exit the position in Corteva, Inc. [3]