Investor Letters
Letters through September 30, 2025
8 letters reporting on the period ending September 30, 2025, in each firm's own reckoning.
- RGA Investment Advisors The Great Divide: Why the Stock Market is So Concentrated and Where We Are Finding Opportunities RGA Investment Advisors argues that index concentration, retail speculation and AI enthusiasm have widened valuation opportunities, particularly in healthcare and selected mega-cap technology. The firm defends Alphabet’s vertically integrated AI position and adds Capital One after its Discover acquisition, citing network ownership, integration capabilities and a stronger payments franchise. Q3 2025 — COF $133BGOOGL $4.2TDFS delistedMA $503B
- First Eagle Investments Small Cap Opportunity Fund Commentary First Eagle Small Cap Opportunity Fund argues that improving small-company earnings, lower borrowing costs and AI infrastructure spending could support a durable small-cap recovery. The portfolio benefited from mining, energy-efficiency and environmental-equipment holdings, while exiting Portillo’s and Tronox after weaker operating outlooks and balance-sheet concerns. 3Q 2025 +13.0% AMRC $1.3BCDE $22BCECO $4.2BFIP $445M
- First Eagle Investments Overseas Fund Commentary First Eagle Overseas Fund trimmed successful holdings and recycled capital into out-of-favor sectors and geographies as US valuations remained elevated. Gold bullion, Alibaba, Prosus, Imperial Oil and Taiwan Semiconductor were leading contributors, while the managers retained Shimano, SMC, FUCHS, Haleon and Ambev despite cyclical or demand-related setbacks. 3Q 2025 +9.2% 6273 $28B7309 $11BABEV $45BBABA $290B
- First Eagle Investments Gold Fund Commentary Gold Fund attributes demand for gold to monetary-policy uncertainty, fiscal pressures, geopolitical tension and central-bank purchases, while warning that a recession could interrupt the rally. The portfolio benefited from gold bullion and miners, with Newmont and Agnico Eagle reducing debt and repurchasing shares after selling Orla Mining stakes. 3Q 2025 +34.3% AEM $105BNEM $138BORLA $4.7BPAAS $22B
- Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments has concentrated portfolios in steady earners rather than the narrow group of AI-led index winners, leaving Nvidia unowned while retaining exposure through Alphabet, Microsoft, Amazon, Meta and Oracle. The firm argues that Salesforce, Constellation Software and Accenture can benefit from enterprise AI adoption, while Danaher and Thermo Fisher retain long-term life-sciences potential despite policy disruptions. 3Q25 — DHR $149BTMO $231BACN $113BAMZN $2.8T
- O'Keefe Stevens Advisory Quarterly Investor Letter Q3 2025 O'Keefe Stevens Advisory warns that AI-related capital spending and crypto speculation require valuation discipline, using Corning’s dot-com history to frame the risk. The portfolio exited Donnelley Financial, Lazard and Capstone Copper, initiated Topgolf Callaway Brands, and retained Compass Minerals after a Goderich mine visit. Q3 2025 — GLW $131BCMP $1BCSCCY $13BDFIN $1.2B
- Patient Capital Management 3Q25 Portfolio Recap Patient Opportunity Equity Strategy converted and trimmed Precigen after Papzimeos won early FDA approval, while retaining conviction in its commercial opportunity and pipeline. The strategy added aggressively to UnitedHealth during its sell-off and increased selected laggards including Crocs, Mattel, IAC and Biogen while keeping exposure to momentum areas. 3Q25 +14.1% PGEN $2.6BUNH $350BBIIB $33BCROX $5.9B
- Palm Valley Capital Third Quarter 2025 Commentary Palm Valley Capital Fund gained 2.35% in the third quarter, trailing the S&P SmallCap 600’s 9.11% return while maintaining 74.1% cash equivalents. The fund added Teleflex, Robert Half, LKQ and Avista, sold Seaboard after its rally, and argues that richly valued AI leaders and small caps leave limited margin for error. Third Quarter 2025 +2.4% AAPL $4.5TAVA $3.2BDOX $6.5BFLO $1.6B
