Magellan Global Fund’s Thoughts on CME Group (CME)

Core Insights - Magellan Global Fund focuses on investing in outstanding companies at attractive prices while managing risk through a deep understanding of the macroeconomic landscape [1] - In Q3 2025, global equities rose by 7.3% as measured by the MSCI World Index in USD, but the fund underperformed due to strong performance from more speculative companies [1] Company Highlights - CME Group Inc. (NASDAQ:CME) is highlighted as a core defensive holding within the Magellan Global Fund, operating as the world's leading derivatives marketplace [3] - CME Group Inc. reported a revenue of $1.5 billion in Q3 2025, which represents a 3% decline from the previous year's strong performance [4] - The one-month return for CME Group Inc. was -2.54%, while its shares gained 15.34% over the last 52 weeks, closing at $272.18 per share with a market capitalization of $98.148 billion [2][4] Market Position - CME Group operates a diversified exchange business across major asset classes, including interest rates, equities, foreign exchange, and commodities, providing a natural hedge during market volatility [3] - At the end of Q3 2025, CME Group was held by 77 hedge fund portfolios, an increase from 75 in the previous quarter [4]