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 AI-themed stocks, a trend of unprofitable companies outperforming profitable ones, a decline in high-quality stocks, a momentum-driven market, and the generation of alpha from heavily shorted stocks. As long-term investors, the portfolio consists of dominant and resilient high-quality stocks. Historically, high-quality companies have rebounded strongly after sharp relative declines, supporting company patience. The firm strongly believes that its focus on high-quality companies with periodic and opportunistic rebalancing, based on durable behavioral advantages, is expected to provide good risk-adjusted returns in the long term. Review the company’s top five holdings to learn about its key picks for 2025.
In its Q4 2025 investor letter, YCG Investments highlighted stocks like Linde plc (NASDAQ:LIN). Linde plc (NASDAQ:LIN) is a chemical company and a leading supplier of industrial gases. On March 6, 2026, Linde plc (NASDAQ:LIN) shares closed at $484.74 per share. Linde plc (NASDAQ:LIN)’s monthly return was 6.22% and its stock gained 4.91% over the past 52 weeks. Linde plc (NASDAQ:LIN) has a market capitalization of $224,626 million.
YCG Investments stated the following regarding Linde plc (NASDAQ:LIN) in its Q4 2025 investor letter:
“Linde plc (NASDAQ:LIN) is the world’s largest industrial gas company with operations in more than 80 countries. Companies in the industrial gases business capture air and separate it into its components (oxygen, nitrogen, argon, hydrogen, helium and carbon dioxide). These gases impact virtually every industry, making long-lasting revenues as they serve mission-critical functions in various industries, including manufacturing, food and beverage, electronics, metals and mining, chemicals, refining, clean energy, and healthcare. For example, hospitals need medical oxygen for their patients, clean energy manufacturing processes require hydrogen, and semiconductor chip manufacturing requires a wide range of ultra-high purity gases.