Bailard Inc., an investment management firm, released its Q3 2025 investor letter on “Bailard Technology Strategy.” A copy of the letter can be downloaded here. The strategy generated 9.36% net of fees in the quarter compared to the S&P North American Technology Index’s 13.14% return, the Morningstar US Open End Technology Categories’ 11.64% return, and the Lipper Science and Technology Fund Index’s 11.19% gain. The quarter showed improved technology fundamentals following the market rebound in the second quarter, driven by structural demand trends and evolving regulations in key verticals. Plus, check out the fund’s top five holdings to learn your best picks in 2025.
In its Q3 2025 investor letter, Bailard Technology Strategy highlighted stocks like Lam Research Corporation (NASDAQ:LRCX). Lam Research Corporation (NASDAQ:LRCX) designs, manufactures and services semiconductor processing equipment. Lam Research Corporation (NASDAQ:LRCX)’s monthly performance was 15.04% and its shares gained 146.81% of its value in the last 52 weeks. On December 27, 2025, Lam Research Corporation (NASDAQ:LRCX) stock closed at $178.07 per share, with a market capitalization of $224.552 million.
Bailard Technology Strategy stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its Q3 2025 investor letter:
“Lam Research Corporation (NASDAQ:LRCX) (+110 bps; +37.84%) – Benefiting from cyclical demand in wafer equipment and semiconductor offshoring in the US, Lam remains well positioned in memory manufacturing tools amid accelerated investment in AI infrastructure.”
Lam Research Corporation (NASDAQ:LRCX) isn’t on our list of the 30 most popular stocks among hedge funds. According to our database, 93 hedge fund portfolios held Lam Research Corporation (NASDAQ:LRCX) at the end of the third quarter, up from 85 in the previous quarter. In the September quarter, Lam Research Corporation (NASDAQ:LRCX) reported revenue of $5.3 billion, up 3% from the previous quarter. While we recognize the potential of Lam Research Corporation (NASDAQ:LRCX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that’s also benefiting significantly from Trump-era tariffs and the offshoring trend, check out our free report on best short-term AI stock.
In another article, we covered Lam Research Corporation (NASDAQ:LRCX) and shared the list of the best performing S&P 500 stocks in 2025. Also, check out our Q3 2025 Letters to Hedge Fund Investors page for more Letters to Hedge Fund Investors and other leading investors.