Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

Core Insights - Brookfield Asset Management (BAM) is one of the largest alternative asset managers globally, with over $1 trillion in assets under management [1] Company Overview - BAM operates as a separate entity from Brookfield, indicating a strategic focus on its own growth and investment opportunities [1] Investment Strategy - The investment approach emphasizes a blend of value and growth, seeking solid companies that are undervalued due to weak market sentiment, as well as identifying lesser-known businesses with significant potential [1]

Group 1 - Major public sector pension funds in the UK are negotiating to acquire a stake in the holiday resort operator Center Parcs [1] - Institutions involved in the discussions include Greater Manchester Pension Fund, Local Pension Partnership, and Lothian Pension Fund, aiming to purchase 15% to 20% of the company [1] - The negotiations are part of a capital restructuring by Brookfield Asset Management, the Canadian owner of Center Parcs, which will retain majority ownership post-financing [1] Group 2 - Center Parcs operates five resorts in the UK and one in Longford Forest, Ireland, with a valuation of approximately £4.5 billion (around $6.1 billion) [1] - The refinancing is expected to be completed in the first quarter of 2026 [1]

Group 1 - Qualivian Investment Partners' Q3 2025 investor letter indicates that the fund outperformed the iShares MSCI USA Quality Factor ETF by 69.2% and 61.3% on a gross and net basis since inception through September 30, 2025, and exceeded the S&P 500 by 32.7% and 26.1% respectively [1] - The fund's top five holdings are highlighted as its best picks for 2025 [1] Group 2 - Brookfield Corporation (NYSE:BN) is identified as a key stock in the investor letter, with a one-month return of 0.50% and a 52-week gain of 20.73%, closing at $46.27 per share on December 23, 2025, with a market capitalization of $103.98 billion [2] - Qualivian Investment Partners sold its position in Copart (CPRT) and initiated a new position in Brookfield Corporation, which is described as a leading Canadian-based global alternative investment firm with over $1 trillion in assets under management [3] - Brookfield's operations are divided into three core businesses: Asset Management, Wealth Solutions, and Operating Businesses, which include renewable power, infrastructure, private equity, and real estate [3]

Core Insights - Pershing Square Capital Management, led by Bill Ackman, maintains a concentrated portfolio focused on high-conviction investments, emphasizing dominant franchises and long-duration cash flows [1][2] Portfolio Overview - The majority of capital is allocated to a few global compounders, with modest and selective position changes reflecting maintenance around core convictions rather than dramatic rotations [2][14] Key Holdings - **Uber Technologies (UBER)**: 30,270,518 shares valued at $2.97 billion, representing over 20% of the portfolio; slight reduction of 30,643 shares indicates rebalancing rather than a change in conviction [3][4] - **Brookfield Corp (BN)**: 41,020,231 shares valued at $2.81 billion, about 19% of assets; modest trim of 140,166 shares reinforces its status as a core compounding vehicle [5] - **Howard Hughes Holdings (HHH)**: 18,852,064 shares valued at $1.55 billion; unchanged position reflects patience in long-term real estate development strategy [6] - **Alphabet Inc. (GOOG)**: 6,324,031 shares valued at $1.54 billion; unchanged position highlights its role as a durable cash-generating franchise [7] - **Restaurant Brands International (QSR)**: 22,915,496 shares valued at $1.47 billion; slight reduction of 85,418 shares, yet remains a top holding with significant growth potential [8] - **Amazon.com (AMZN)**: 5,823,316 shares valued at $1.28 billion; unchanged position indicates confidence in long-term cash flow potential [9] - **Alphabet Inc. (GOOGL)**: 4,843,973 shares valued at $1.18 billion; reduction of 519,007 shares (-9.68%) reflects portfolio concentration management [10] - **Chipotle Mexican Grill (CMG)**: 21,541,177 shares valued at $844.2 million; unchanged position emphasizes operational excellence and brand-driven unit economics [11] - **Hilton Worldwide (HLT)**: 3,030,578 shares valued at $786.3 million; steady holding reflects confidence in asset-light lodging models [12] - **Seaport Entertainment Group (SEG)**: 5,023,780 shares valued at $115.1 million; stable position with no activity this quarter [13] Strategic Takeaways - The portfolio remains extremely concentrated, with the top five positions accounting for the majority of assets, reinforcing a preference for depth over breadth [14] - Changes in the portfolio were incremental, consisting mainly of small trims rather than aggressive repositioning [14] - High-quality compounders dominate the portfolio, with Uber, Brookfield, Alphabet, Amazon, and Chipotle anchoring it with durable cash flows [14] - Patience is a defining feature of the strategy, as minimal turnover and unchanged core positions reflect confidence in long-term investment theses [15]

Core Viewpoint - The article emphasizes the positive sentiment surrounding dividend growth investing, particularly the excitement that comes with announcements of increased payouts from holdings [1]. Group 1 - The author has been involved in dividend investing since 2009 and has documented their journey towards financial independence through a blog focused on dividend growth investing [2]. - The author expresses gratitude for the opportunities provided by their blog, which has facilitated their entry into the Seeking Alpha community as an analyst [2]. - The article highlights the author's long position in BAM shares, indicating a personal investment interest in the company [2]. Group 2 - The article does not provide specific financial data or performance metrics related to any companies or industries [3].

Core Insights - Bloom Energy Corporation (BE) is evolving from developments related to Mars' red sands to providing energy-efficient solutions for modern data centers [1] Company Overview - Bloom Energy Corporation has made significant advancements in its technology and product offerings, showcasing an impressive evolutionary path [1] Investment Perspective - The analysis aims to identify profitable and undervalued investment opportunities primarily in the U.S. market, focusing on building a high-yield, balanced portfolio [1]

Core Insights - The latest 13F filing from Lone Pine Capital indicates significant portfolio adjustments, particularly in large-cap technology, consumer platforms, and financial services, reflecting a more risk-balanced approach as year-end approaches [1] Portfolio Adjustments - **Meta Platforms Inc. (META)**: Reduced by 342,757 shares (20.59%), maintaining a substantial holding worth over $971 million, indicating profit-taking rather than a loss of conviction [2] - **Vistra Corp (VST)**: Trimmed by 1,770,478 shares (27.37%), likely locking in gains after significant appreciation driven by power-generation strength [3] - **Taiwan Semiconductor (TSM)**: Reduced by 383,520 shares (11.16%), remaining a core holding valued at $852 million amid cyclical uncertainty [4] - **AppLovin (APP)**: Reduced by 152,196 shares (12.07%), reflecting portfolio resizing rather than a fundamental shift [5] - **Microsoft Corp (MSFT)**: Trimmed by 646,251 shares (34.84%), still representing a large stake of $625 million, indicating profit-taking [10] - **Amazon.com Inc. (AMZN)**: Reduced by 2,221,628 shares (44.14%), with a remaining position valued at $617 million, reflecting reallocation within mega-cap tech [11] - **Capital One Financial (COF)**: Reduced by 511,142 shares (16.59%) following strong performance [12] - **KKR & Co (KKR)**: Trimmed by 1,141,208 shares (21.85%), appearing valuation-driven after appreciation [13] Notable Increases - **LPL Financial Holdings (LPLA)**: Increased by 383,466 shares (20.48%), expanding the position to $750 million, reflecting confidence in its scalable advisor platform [6] - **Philip Morris (PM)**: Increased by 1,856,749 shares (67.33%), bringing the position to $748 million, aligning with a strategy of investing in stable, cash-rich companies [7] - **Brookfield Corp (BN)**: Increased by 4,559,963 shares (81.12%), indicating a belief in the stock's undervaluation relative to its diversified asset management ecosystem [8] - **Broadcom Inc. (AVGO)**: New position established with 1,549,412 shares (100.00%), indicating a strong belief in AI infrastructure growth [14] Strategic Themes - **Selective Trimming of Mega-Cap Tech Winners**: Reductions in META, MSFT, AMZN, and TSM reflect disciplined risk management after substantial rallies, moderating concentration risk while maintaining core positions [15] - **Reallocation Toward Cash-Heavy Compounders**: Additions to PM, BN, and LPLA emphasize resilient earnings profiles and attractive valuations [16] - **New Conviction Bet on AI Infrastructure via Broadcom**: The initiation of a large AVGO position signals confidence in the accelerating demand for AI hardware [17] - **Active, High-Conviction Portfolio Rotation**: Lone Pine's approach involves selectively trimming oversized winners and reallocating to durable cash-flow engines while initiating new positions in strong long-term fundamentals [18] Summary - Lone Pine Capital's Q3 2025 13F reveals a portfolio recalibration focused on reducing oversized mega-cap exposures, reinforcing durable cash generators, and launching a significant new position in Broadcom to capture AI-infrastructure tailwinds, resulting in a portfolio geared toward long-term growth while balancing risk as year-end volatility approaches [19]

Press release - Paris, December 17, 2025, at 7:00 PM CET Danone SA announces the purchase of c.5.8 million of its own shares held by its Spanish subsidiary, with no impact on total Danone shares held by the Group As part of the simplification of its corporate structure, Danone SA purchased on December 17, 2025, all 5,780,005 of its own shares previously held by its Spanish subsidiary, Danone Spain. This transaction has no impact on the total Danone shares held by the Group. These shares, purchased at a p ...

Core Insights - Brookfield's 2026 Investment Outlook emphasizes a significant investment period driven by structural, multi-decade cycles, including rising electricity demand, rapid AI adoption, and the reorientation of global supply chains [1][2] Infrastructure - A once-in-a-generation investment supercycle is underway, with infrastructure at its center, driven by AI, electrification, and reindustrialization [4] - Brookfield is collaborating with corporates and sovereigns to develop essential power, data, and logistics networks to support global growth [4] Renewable Power & Transition - Access to power is identified as a strategic priority for economic growth, with a focus on scalable, reliable, and clean energy solutions [5][6] - The approach includes a mix of renewables, storage, nuclear, and natural gas to meet soaring demand [8] Private Equity - The private equity sector is shifting towards operational excellence for value creation, moving away from financial engineering [7] - Opportunities are seen in industrial companies needing operational transformation due to deglobalization and digitalization [9] Real Estate - 2026 is expected to be a year of tactical investment in real estate, with a focus on selectivity and operational value creation [10] - Key areas of opportunity include diversified housing, logistics, and hospitality, driven by long-term structural demand [10] Credit - The credit market fundamentals are robust, with increasing demand for financing and a focus on disciplined underwriting [11] - High-quality borrowers and resilient income structures are prioritized to capitalize on attractive investment opportunities [11]