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…
Longleaf Partners, managed by Southeastern Asset Management, released its Q3 2025 “Partners Fund” investor letter. The letter can be downloaded here. The fund returned -0.33% in the third quarter, compared to a return of 8.12% for the S&P 500 and 5.33% for the Russell 1000 Value. The company is not happy with the portfolio’s flat…
Conestoga Capital Advisors, an asset management firm, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. Equity markets continued the momentum started in early April and reached new all-time highs in the third quarter. The Conestoga Micro-Cap Composite returned 11.7% net of fees in the third quarter, compared to…
Conestoga Capital Advisors, an asset management firm, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. Equity markets continued the momentum started in early April and reached new all-time highs in the third quarter. The Conestoga Micro-Cap Composite returned 11.7% net of fees in the third quarter, compared to…
Artisan Partners, an investment management firm, published its Q3 2025 “Artisan Mid Cap Fund” investor letter. A copy of the letter can be downloaded here. Global stock markets continued to strengthen in the third quarter, ending the period with double-digit year-to-date gains. For the quarter, the fund’s ARTMX Investor Class Fund returned 8.80%, the Advisor…
LRT Capital Management, an investment management firm, published its Q3 2025 investor letter “LRT Global Opportunities Strategy.” A copy of the letter can be downloaded here. The strategy leverages a systematic long/short approach to generate positive returns while effectively controlling downside risks and maintaining low net exposure to the equity markets. In September, the strategy…
