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]

Core Insights - Aristotle Capital Management's "Value Equity Strategy" reported a 4.33% gross return in Q3 2025, underperforming the Russell 1000 Value Index (5.33%) and the S&P 500 Index (8.12%) [1] - The US equity market continued to rally, with the S&P 500 Index increasing by 8.12% and the Bloomberg U.S. Aggregate Bond Index rising by 2.03% during the same quarter [1] Company Analysis: Corteva, Inc. (NYSE:CTVA) - Corteva, Inc. was identified as the largest detractor in the portfolio, with a one-month return of -12.38% and a 52-week gain of 5.02% [2][3] - The stock closed at $61.91 on October 15, 2025, with a market capitalization of $42.043 billion [2] - The market reacted negatively to the announcement of Corteva's separation of its seed and crop protection businesses, despite management's belief that this will enhance strategic focus [3] - Prior to the announcement, Corteva had been a strong contributor to the portfolio, driven by share gains in seeds and stable performance in crop protection [3] - The company's Enlist E3 platform has captured over 60% of U.S. soybean acres in under two years, with expanding adoption in corn [3] Hedge Fund Interest - As of the end of Q2 2025, 52 hedge fund portfolios held Corteva, an increase from 42 in the previous quarter [4] - Despite the potential of Corteva as an investment, certain AI stocks are viewed as offering greater upside potential and lower downside risk [4]