Contrarius Investment Management, an investment management firm, released its third quarter investor letter for the “Contrarius Global Equity Fund.” A copy of the letter can be downloaded here. The fund’s investor class returned 30.9% in the September quarter, compared with 7.3% for the MSCI World benchmark, including net income reinvested, and 5.5% for the Average…
Harbor Capital Appreciation Fund, an investment management company, released its Q3 2025 investor letter. A copy of it can be downloaded here. The Harbor Capital Appreciation Fund focuses primarily on investing in equity securities, targeting U.S. companies that have a market capitalization of at least $1 billion at the time of investment. US stocks delivered…
Harbor Funds, an investment management firm, released its Q3 2025 investor letter for the “Harbor Mid Cap Fund.” A copy of the letter can be downloaded here. The Harbor Mid Cap Fund primarily focuses on investing in equity securities, focusing on common and preferred stocks of mid-sized U.S. companies. Global stocks rallied strongly in the…
Minot Light Capital Partners, an investment management firm, released its investment letter for the third quarter of 2025. A copy of the letter can be downloaded here. In the quarter, Minot Light generated strong returns for limited partners, netting 7.6%. However, on a net basis, it underperformed benchmarks, particularly the microcap benchmark’s 17.1% return. Plus,…
TCW Funds, an investment management company, released its Q3 2025 investor letter “TCW Concentrated Large Cap Growth Fund.” A copy of the letter can be downloaded here. Stock markets continued their recovery in the third quarter, driven by continued optimism around AI investments and positive corporate results. In this context, the fund (which I share)…
Loomis Saylesan investment management firm, published its Q3 2025 “Small Cap Value Fund” investor letter. A copy of the letter can be downloaded here. U.S. stocks delivered strong results in the third quarter, driven primarily by easing tariff concerns, a pro-growth budget passed by the U.S. Congress, and anticipation of further rate cuts by the…
Janus Henderson Investors, an investment management firm, released its Q3 2025 investor letter for its “Janus Henderson Global Technology and Innovation Fund.” A copy of the letter can be downloaded here. The technology sector generated strong results in the quarter, driven by the semiconductor complex and hardware manufacturers, which outperformed stocks overall. The fund returned…
GreensKeeper Asset Management, an investment management firm, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. The Value Fund ended the quarter with a gain of +4.0%, bringing year-to-date performance to +0.2% net of fees and expenses. The US dollar continued to pose a challenge, negatively impacting performance by…
Riverwater Partners, an investment management firm, published its “Micro Opportunities Strategy” investor letter for Q3 2025. A copy of the letter can be downloaded here. The strategy posted solid absolute returns in the quarter, but lagged the benchmark as it failed to keep pace with the strong rally. The strategy continues to focus on quality…
Magellan Asset Management, an investment management company, published the Q3 2025 investor letter for the Magellan Global Fund. A copy of the letter can be downloaded here. The fund focuses on outstanding companies at attractive prices while leveraging a deep understanding of the macroeconomic landscape to manage risk. Measured by the MSCI World Index in…
