peepo/iStock via Getty Images Dear Partners, In the third quarter of 2025, fund assets appreciated by 11.0%. For the three-year period, the fund is up 66.7%1 compared to the S&P 500 return of 92.0%.2 Our Japanese holdings performed well in the quarter, buoyed by price appreciation in the Japanese market, up 21.6% year-to-date.3 The last time Japan notably outperformed the US equity market was in 2013, when Japanese stocks surged following “Abenomics” reforms, with the market returning about 27% while th ...