TCW Funds, an investment management company, released its Q4 2025 investor letter “TCW Relative Value Large Cap Fund.” A copy of the letter can be downloaded here. Stocks ended the year on a positive note, with the S&P 500’s total return (USD) rising 2.65% and reaching a notable 17.9% in 2025. The AI sector continued…
Ariel Investments, an investment management company, published its Q4 2025 investor letter “Ariel International Fund.” A copy of the letter can be downloaded here. Ariel International Fund delivered a strong performance in 2025, gaining 31.48% over the year, slightly outperforming the MSCI EAFE index but lagging the MSCI ACWI ex-US benchmark, while rising 2.25% in…
Baron Capital, an investment management firm, released its Q4 2025 charter for its “Baron Real Estate Income Fund.” A copy of the letter can be downloaded here. In 2025, the Fund appreciated 3.74% (institutional shares), outpacing the 1.68% gain of the MSCI US REIT Index (the REIT Index). In the fourth quarter of 2025, the…
Baron Capital, an investment management firm, released its Q4 2025 investor letter for its “Baron Opportunity Fund.” A copy of the letter can be downloaded here. The Fund returned 4.63% (institutional stocks) in the fourth quarter of 2025, outperforming the 1.14% gain of the Russell 3000 Growth Index (the benchmark) and the 2.66% return of…
Madison Investments, an investment advisor, released its Q4 2025 investor letter for the “Madison Mid Cap Fund.” A copy of the letter can be downloaded here. The Russell Midcap Index ended an incredibly successful three-year streak with an annual return of 10.6%, representing an annual increase of more than 14%. The market favored the most…
YCG LLC, an asset management company, published its Q4 2025 investor letter. A copy of the letter can be downloaded here. For the quarter, the S&P 500 Index returned 2.66% and the S&P Global Broad Market Index returned 3.22%. Currently, the global stock market favors speculation and high-risk investor behavior, driven by a concentration of…
Patient Capital Management, a value investment firm, published its Q4 2025 “Patient Opportunity Equity Strategy” investor letter. A copy of the letter can be downloaded here. In Q4 2025, Patient Opportunity Equity Strategy returned 5.99% net of fees, compared to its unmanaged benchmark, the S&P 500 Index, which returned 2.65%. Using a three-factor performance attribution…
Optimist Fund, an investment management company, published its Q4 2025 investor letter. A copy of the letter can be downloaded here. The Fund’s objective is to achieve capital growth at a rate of around 10 or more over several decades. In the fourth quarter of 2025, the Fund fell 8.5%. The Fund, although not yet…
Crossroads Capital LLC, an investment management firm, released its Q4 2025 investor letter. A copy of the letter can be downloaded here. The fund increased 2.7% net of fees and expenses in the fourth quarter of 2025, bringing its annual return to 37.7% net. Since its creation, the Fund obtained a compound rate of 21.2%…
Longleaf Partners, managed by Southeastern Asset Management, released its Q4 2025 Small-Cap Fund investor letter. A copy of the letter can be downloaded here. Longleaf experienced several environments throughout his experience in small cap investing. This year, the underlying performance of the Fund’s holdings was more promising than the actual stock price returns compared to…
