Investor Letters
Letters through September 30, 2025
32 letters reporting on the period ending September 30, 2025, in each firm's own reckoning.
- TIFF Investment Management 3rd Quarter 2025 CIO Commentary TIFF Investment Management remains at target equity exposure, mildly underweights bonds over fiscal concerns, and holds modest equity puts against seasonal volatility. It argues that U.S. institutional strength supports long-term equity ownership despite deficit and dollar risks, while gold, bitcoin and global diversification can provide additional safeguards. 3rd Quarter 2025 —
- Vision Capital Fund Vision Capital Fund - Q3 2025 Quarterly Letter Vision Capital Fund added to selected holdings and initiated Cloudflare, while maintaining zero portfolio turnover and a primarily invested stance. The fund defended Meituan through China delivery competition, backed The Trade Desk despite advertising and execution concerns, and added to Palantir after a short-seller report while arguing its commercial growth remains durable. Q3 2025 3690 $55BLULU $10BNET $124B
- Oldfield Partners Overstone World All Cap Equity Fund 3Q 2025 Commentary Overstone World All Cap Equity Fund trimmed Barrick after the miner’s management upheaval and unusually wide production margins. It added Ayala Corp. as a double-discount holding company and retained Samsung and SK Inc for lower-valuation AI exposure, while favouring conventional businesses trading below net asset value. 3Q 2025 AYYLF $5.3BB $64BSSNLF $1688T
- Frank Capital Partners Frank Value Fund Q3 2025 Letter to Shareholders Frank Value Fund added two small-cap consumer staples positions with double-digit free-cash-flow yields, modest growth prospects and shareholder returns through buybacks and dividends. It exited Nexstar Media Group and Tegna after Nexstar proposed acquiring Tegna, while positioning the portfolio for demand for undervalued staples if recessionary conditions emerge. Q3 2025 NXST $4.7B
- Smead Capital Management 3Q25 International Value Strategy Newsletter: Scaling Old Industries Smead Capital Management argues that scale is creating value in mature European banking and Canadian oil. It backs Unicredit's technology-led consolidation strategy and favors an all-stock resolution to the MEG Energy bidding contest, where Strathcona Resources and Cenovus see large merger synergies. 3Q25 CVE $58BSTHRF $6BUNCFF $130B
- Peapack Private Third Quarter 2025: Cornucopia, or an Embarrassment of Riches Peapack Private argues that AI investment, corporate earnings strength, fiscal stimulus and easier monetary policy support equities despite elevated valuations. It favors maintaining US large-cap exposure, sees relative value in small caps and international stocks, and recommends longer-duration, higher-quality bonds while warning that tariffs, inflation and excess stimulus could disrupt the outlook. Third Quarter 2025 —
- Broadleaf Partners Growth Equity Portfolio Third Quarter Review Broadleaf Growth Equity Portfolio argues that the Federal Reserve should hold rates steady because softer labor signals and fiscal interest costs are outweighed by resurgent inflation and risks of AI- and crypto-driven asset bubbles. The portfolio remains focused on durable earnings growth rather than forecasting policymakers’ next move. Q3 2025 —
- Riverwater Partners Q3 2025 Small Cap Market Commentary: Bottom of the Lineup, Top of the Charts Small-cap equities are positioned to benefit from AI infrastructure spending and the productivity gains that follow, despite concerns that hyperscalers are overbuilding. Riverwater favors second-order beneficiaries in components, services and infrastructure, while monitoring AI-exposed holdings for weaker lead times, inventory accumulation and supplier guidance cuts. Q3 2025 —
- Fairlight Capital Fairlight Alpha Fund LP Q3 2025 Letter Fairlight Alpha Fund argues that junior gold miners remain cheaply valued despite higher gold prices, citing Monument Mining’s operational improvement and potential rerating at Serabi Gold. It presents Beng Kuang Marine as a cash-generative turnaround, adds a small put-based short, and favors AI infrastructure businesses with valuation discipline and downside protection. Q3 2025 —
- Chilton Capital Management Portfolio Insight | 3rd Quarter 2025 Chilton Capital Management argues that improving earnings, resilient margins, AI investment and renewed Federal Reserve easing support equities despite trade-policy and geopolitical risks. It favors investment-grade corporate bonds held to maturity and expects slowing construction, falling rates and improving net operating income to strengthen public REITs. 3rd Quarter 2025 —
- Lansing Street Advisors Q3 2025 Letter – Tumbling Dice Lansing Street Advisors argues that retail speculation in options, crypto and prediction markets reflects a growing “degenerate economy,” while broad equity ownership remains a durable source of household wealth. It calls for stronger financial education and wider market access, contrasting U.S. entrepreneurship and shareholder capitalism with Europe’s weaker equity participation and business dynamism. Q3 2025 —
- EdgePoint Wealth Management “Why buy bonds when I can make money on anything?!” Corporate bonds are presented as a transparent alternative to opaque private funds and hedge funds, especially as equity valuations imply weak long-term prospects. The portfolio has added building-products issuers on an expected housing recovery, while prior L Brands and Carpenter Technology investments illustrate the focus on business-level turnarounds. 3rd quarter, 2025 CRS $19B
- EdgePoint Wealth Management Dare to be different – 3rd quarter, 2025 EdgePoint Global Portfolio argues that crowded exposure to the largest technology companies and A.I. infrastructure risks repeating earlier technology booms. It favors concentrated positions in smaller, less-indexed businesses, arguing that active share and entry price matter more than mimicking benchmark leaders. 3rd quarter, 2025 AAPL $4.9TAMZN $2.7TF $48B
- Latitude Investment Management Latitude Global Fund Q325 Commentary Latitude Global Fund argues that market breadth beyond US technology creates better relative-value opportunities than AI-exposed stocks. It backs Interactive Brokers’ low-cost institutional expansion, defends the durable distribution advantages of Cencora and McKesson, and retains Ryanair and Sony on margin and capital-allocation potential. Q325 AZO $47BCOR $60BEFGSY $11B
- Polaris Capital Management Third Quarter 2025 Global Equity Composite Commentary Polaris Global Equity Composite added HD Hyundai Electric, DHL Group and Lantheus Holdings while exiting Canadian Tire, Tecnoglass, JDE Peet’s, Mondi, NOV, Science Applications International and Crocs. The strategy favors attractively priced financials, defensives, industrials and utilities amid concentrated AI-led equity markets, while retaining exposure to Samsung and SK Hynix. QIII 2025 SSNLF $1688TUTHR $24B
- Andrew Hill Investment Advisors 2025 Q3 Client Letter Andrew Hill Investment Advisors emphasized AI-linked energy infrastructure, building positions in Google, GE Vernova and American Superconductor while identifying Yeti and solar-equipment makers as opportunities created by weak sentiment. The firm added catastrophe-bond exposure through Victory Pioneer A+ and retained gold as a geopolitical hedge while reducing healthcare and defensive consumer exposure. Q3 2025 AMSC $1.5BCOST $418BGE $315B
- Horizon Kinetics 3rd Quarter Commentary Horizon Kinetics argues that index concentration has created opportunities in securities exchanges, which monetize persistent trading volume with limited incremental capital. It favors royalty and infrastructure businesses tied to gold, potash, natural gas and Permian water, positioning them as asset-light beneficiaries of localized scarcity and data-center power demand. 3rd Quarter 2025 ATUSF $2.8BCME $97BEME $35B
- Cedar Creek Partners Cedar Creek Partners 2025 Third Quarter Results Cedar Creek Partners sold PharmChem following its buyout and exited Citizens Bancshares, redirecting much of the proceeds into PHI Group and other undervalued community banks. The portfolio increased its expert-market exposure, with substantial positions in Propel Media, PHI Group and First IC, while Solitron’s order backlog and ENDI’s asset-management growth supported the investment cases. Q3 ‘25 CZBS $115MENDI $125MPHIG $760M
- Palm Harbour Capital Letter 2025 Q3 | 553 KB Palm Harbour Capital exited Ocean Wilsons, Syensqo and The Italian Sea Group, and added Cirsa, Converge ICT, Indofood and Vivendi in favour of cyclical businesses with stronger cash-flow prospects. The portfolio avoids US mega-cap AI momentum and argues that Youngone’s premium apparel OEM franchise and a recovery in SCOTT Sports offer an attractive turnaround opportunity. third quarter 2025 0NFS 0OIY $1.5BAMZN $2.7T
- Alluvial Capital Management Third Quarter 2025 Letter to Limited Partners Alluvial Fund trimmed Zegona Communications for risk control while retaining conviction in asset sales, deleveraging and operating improvements. The portfolio added to PHI Group and backed FitLife Brands’ Irwin Naturals acquisition, while awaiting property sales, refinancing and earnings growth at several out-of-favor holdings. Third Quarter 2025 ZEG $5.3BCBL $1.5BFTLF $85M
- Artisan Partners Artisan Global Opportunities Fund Quarterly Commentary Artisan Global Opportunities Fund added Spotify, L3Harris Technologies, Insmed, 3i Group, West Pharmaceutical and Amazon, elevating Amazon to its largest position. It exited Atlassian, Adidas and Vertex Pharmaceuticals, trimmed several software and health care holdings, and shifted technology exposure toward AI infrastructure beneficiaries while retaining conviction in selected health care franchises. Q3 2025 ADDDF $28BAMZN $2.7TARGNF $59B
- Sequoia Fund Q3 2025 Sequoia Fund Letter Sequoia Fund trimmed Meta Platforms, Jacobs Engineering, Charles Schwab and Taiwan Semiconductor to add modestly to Elevance Health. The fund also initiated two investments, with names deferred until purchases are complete. third quarter of 2025 —
- Hayden Capital Q3 2025 Quarterly Letter Hayden Capital argues that speculative technology bubbles can finance infrastructure, skills and consumer adoption that enable more durable businesses in a later deployment phase. The portfolio has avoided AI infrastructure winners while awaiting clearer applications and valuations. Timee is presented as Japan’s dominant spot-work marketplace, benefiting from labor shortages, dense liquidity and Mercari Hallo’s exit. 3rd Quarter 2025 215A $887MMCARY $3.8B
- Patient Capital Management 3Q25 Portfolio Activity & Attribution Patient Opportunity Equity Strategy added to Delta Air Lines and Norwegian Cruise Line during travel-sector weakness, doubled UnitedHealth after its pullback, and converted Precigen preferreds into common stock after Papzimeos won FDA approval. The strategy argues that Alphabet and Alibaba remain undervalued despite improving fundamentals, while maintaining conviction in turnarounds at Dave & Buster's, QXO and Crocs. 3Q25 PGEN $2.8BBABA $270BCROX $5.5B
- First Eagle Investments Overseas Fund Commentary Overseas Fund recycled capital from successful holdings into overlooked sectors and geographies as US valuations remained elevated relative to non-US markets. The portfolio backed gold as protection against monetary and fiscal risks, while citing Alibaba, Prosus, Imperial Oil and TSMC for AI, cash-return and operating catalysts. 3Q 2025 6273 $29B7309 $9.4BABEV $49B
- First Eagle Investments Small Cap Opportunity Fund Commentary First Eagle Small Cap Opportunity Fund argues that cheaper small-cap valuations are now paired with accelerating earnings, falling financing costs and AI-driven demand for industrial suppliers. It exited Portillo’s after weaker new-store results and sold Tronox over oversupply and leverage, while backing Ameresco, CECO Environmental, Hecla Mining and Goodyear on operational and balance-sheet catalysts. 3Q 2025 AMRC $1.1BCDE $18BCECO $4.4B
- First Eagle Investments Gold Fund Commentary Gold rallied amid monetary-policy uncertainty, pressure on Federal Reserve independence, unstable trade policy, sovereign debt and geopolitical tensions. The fund cited strong operating delivery at Newmont and Agnico Eagle, while retaining exposure to Orla Mining and Pan American Silver as their mine portfolios and reopening prospects develop. third quarter 2025 AEM $93BNEM $120BPAAS $19B
- RGA Investment Advisors The Great Divide: Why the Stock Market is So Concentrated and Where We Are Finding Opportunities Alphabet anchors the portfolio’s AI thesis, with RGA arguing that its proprietary chips, datacenters, models, consumer distribution and cloud business make it uniquely vertically integrated. Capital One was added after its Discover acquisition, which RGA expects to create a scaled payments network, improve its loan mix and support substantial capital returns. Q3 2025 COF $120BGOOGL $4.2T
- Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments kept portfolios focused on steady earners with understandable long-term prospects rather than the AI market leaders. It argues that Salesforce, Constellation Software and Accenture can benefit from bringing AI to business users, while Danaher and Thermo Fisher retain durable life-sciences prospects despite policy and funding disruptions. third quarter 2025 ACN $118BCNSWF $43BCRM $183B
- Patient Capital Management 3Q25 Portfolio Recap Patient Opportunity Equity built Precigen through a preferred investment ahead of Papzimeos approval, then converted shares and trimmed the enlarged exposure while backing its HPV and CAR-T pipeline. It added aggressively to UnitedHealth amid insurance-cycle pressures, and redeployed toward Crocs, Mattel, IAC and Biogen as valuations rose. 3Q25 PGEN $2.8BUNH $338B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q3 2025 O'Keefe Stevens Advisory cautions that AI and crypto enthusiasm has pushed parts of the market toward speculative pricing while retaining exposure to capital-light infrastructure beneficiaries such as Corning and NVIDIA. The firm sold Donnelley Financial, Lazard and Capstone Copper, started Topgolf Callaway Brands, and found Compass Minerals' new management focused on maintenance, safety and capital discipline. Q3 2025 GLW $136BCMP $964MCSCCY $11B
- Palm Valley Capital Third Quarter 2025 Commentary Palm Valley Capital Fund kept roughly three quarters of assets in cash equivalents while arguing that AI-led mega-cap valuations and small-cap multiples leave little margin for error. It added Teleflex, Robert Half, LKQ, and Avista, sold Seaboard after shares exceeded its valuation, and trimmed precious-metals trusts to manage their weightings. Third Quarter 2025 NVDA $5.8TAVA $3BDOX $6.1B
