Strong Performance Lifted Graham Holdings (GHC) in Q3

Core Insights - Longleaf Partners Small-Cap Fund reported a return of 2.03% in Q3 2025, underperforming compared to the Russell 3000's 8.18% and the Russell 2000's 12.39% [1] - The fund highlighted Graham Holdings Company (NYSE:GHC) as a key investment, noting its one-month return of 7.24% and a 52-week gain of 17.07% [2][3] Fund Performance - Longleaf Partners Small-Cap Fund's performance in Q3 2025 was significantly lower than major indices, indicating potential challenges in the small-cap sector [1] - The fund's top five holdings for 2025 are available for further insights into its investment strategy [1] Company Analysis: Graham Holdings Company - Graham Holdings Company (NYSE:GHC) is characterized as a diversified holding company with a market capitalization of $4.834 billion and a closing stock price of $1,108.03 on December 1, 2025 [2] - The company has shown strong performance, with value-per-share growth in the mid-single-digit percentage range, and is positioned to benefit from increased M&A activity in the broadcast television sector [3] Hedge Fund Interest - As of the end of Q3 2025, 23 hedge fund portfolios held shares of Graham Holdings Company, an increase from 20 in the previous quarter, indicating growing interest among institutional investors [4] - Despite this interest, some analysts suggest that certain AI stocks may present better investment opportunities with higher upside potential and lower risk [4]