Brown Capital Management, an investment management firm, published its Q3 2025 investor letter “The Brown Capital Management International All-Company Fund.” A copy of the letter can be downloaded here. In the third quarter, shares of the fund’s investors lost 4.46% versus a total return of 2.84% for the MSCI World ex-US Growth-Net Index. Year to…
Cooper Investors, an investment management firm, released its Q3 2025 investor letter “Cooper Investors Global Equities Fund (Unhedged).” A copy of the letter can be downloaded here. The fund returned -0.04% in the third quarter, compared to a return of 6.42% for the MSCI AC World Index Net Divs in Australian dollars. However, the fund…
Baron Funds, an investment management company, published its Q3 2025 “Baron Fifth Avenue Growth Fund” investor letter. A copy of the letter can be downloaded here. In Q3 2025, the fund gained 5.7% (institutional stocks) compared to the Russell 1000 Growth Index’s (R1KG) gain of 10.5% and the S&P 500 Index’s (SPX) return of 8.1%….
Sands Capital, an investment management company, published its “Sands Capital Select Growth Strategy” investor letter for the third quarter of 2025. A copy of the letter can be downloaded here. US large-cap growth stocks continued to recover from a sharp sell-off in early April. Strong corporate earnings, investor enthusiasm around artificial intelligence (AI), and rising…
Investment management firm First Pacific Advisors recently released its Q3 2025 investor letter “FPA Queens Road Small Cap Value Fund.” A copy of the letter can be downloaded here. In the third quarter, the fund returned 7.46%, compared to 12.60% for the Russell 2000 Value Index. In the first three quarters of 2025, the Fund…
Investment management firm First Pacific Advisors recently released its Q3 2025 investor letter “FPA Queens Road Small Cap Value Fund.” A copy of the letter can be downloaded here. In the third quarter, the fund returned 7.46%, compared to 12.60% for the Russell 2000 Value Index. In the first three quarters of 2025, the Fund…
Summers Value Partners, an investment management firm, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. The Summers Value Fund LP returned a net 20.4% return in the third quarter of 2025, outperforming the 12.4% return of the Russell 2000 Index ETF (IWM) and the 12.5% return of the…
Baron Funds, an investment management company, published its Q3 2025 “Baron FinTech Fund” investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund fell 4.29% (institutional stocks) compared to a 1.90% decline for the FactSet Global FinTech Index (benchmark). Since its creation, the fund has appreciated at an…
Artisan Partners, an investment management firm, published its Q3 2025 “Artisan Small Cap Fund” investor letter. A copy of the letter can be downloaded here. Global stocks continue to rise in the third quarter, the period with double-digit gains to date. Major US indices such as the Russell 1000®, Russell Midcap® and Russell 2000® reached…
Fred Alger Management, an investment management firm, released its Q3 2025 “Alger Mid Cap Growth Fund” investor letter. A copy of the letter can be downloaded here. The letter highlighted the market outlook and high- and low-performing stocks. Stock markets continued their rally in the third quarter, with the S&P 500 index rising 8.12%. A…
