Several factors drove the record withdrawals. Here are the four main catalysts:The sell-off rippled across digital assets. Major cryptocurrencies like Ethereum, Solana, XRP, and Binance Coin fell 20% to 35% from their November highs, and 24-hour liquidations of leveraged positions exceeded $2 billion. The crypto market cap dropped below $3 trillion for the first time since early 2023, stoking memories of past collapses.The monthly outflow was concentrated in a handful of funds. BlackRock's iShares Bitcoin T ...

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Core Insights - The cryptocurrency market is experiencing a significant downturn, with a focus on the risks associated with assets, an AI and tech bubble, and a 50% chance of the Federal Reserve cutting interest rates [1] Group 1: XRP Performance - XRP has fallen to $2.13 per token, marking a 26.55% decrease from three months ago, and has been trending downwards since early October [1][2] - The price of XRP previously peaked at $3.65 in July but has remained below the critical support level of $2.20 [2] - The recent launch of three XRP exchange-traded funds (ETFs) did not lead to a price rebound, with the Canary XRP ETF opening at $26.63 but subsequently dropping 10.85% [3] Group 2: Market Trends - XRP's decline mirrors the broader trend in the cryptocurrency market, including Bitcoin, which has also seen a sharp decline since early November [5] - Bitcoin's price is currently at $91,577, reflecting a 13.26% drop over six months and an 18.12% drop over the past month [6] - The selloff in the cryptocurrency market is attributed to profit-taking by long-term holders, institutional outflows, macroeconomic uncertainty, and the liquidation of leveraged long positions [6]

Core Insights - Pharvaris N.V. is focused on developing innovative oral therapies for rare diseases, particularly hereditary angioedema (HAE) [3][2] - The company operates a clinical-stage biopharmaceutical model, investing in research and development to advance its pipeline through regulatory milestones for future commercialization [1][3] Company Overview - Pharvaris N.V. develops small molecule therapies for HAE, including PHA121, PHVS416, and PHVS719 [2] - The company leverages proprietary small molecule technology to address significant unmet medical needs in the rare disease space [3] Financial Performance - As of November 14, 2025, shares of Pharvaris N.V. were priced at $23.55, reflecting a 14.6% increase over the past year, outperforming the S&P 500 by 5.01 percentage points [4] - Bain Capital Life Sciences Investors, LLC sold 122,106 shares of Pharvaris N.V. during the third quarter, reducing its position value by $21.23 million, with remaining shares valued at $79.37 million [5][6] Market Context - Pharvaris stock has increased over 50% in the last six months, nearing its 52-week high of $26.33 [8] - Despite the sale of shares by Bain Capital, the total value of its Pharvaris stock increased from approximately $58 million at the end of Q2 to $79 million at the end of Q3 [9]

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Core Insights - MayTech Global Investments disclosed a sale of 1,148 shares of MercadoLibre, reducing its position by approximately $2.7 million, bringing its total holdings to 25,081 shares valued at $58.6 million at the end of the third quarter [1][2]. Company Overview - MercadoLibre is a leading e-commerce and fintech platform in Latin America, with a market capitalization of $106.7 billion and a revenue of $26.2 billion over the trailing twelve months (TTM) [4][5]. - The company offers a wide range of services including e-commerce platforms, digital payments (Mercado Pago), logistics (Mercado Envios), credit, investment products, classifieds, advertising, and digital storefront solutions [7]. Financial Performance - As of November 11, 2025, MercadoLibre shares were priced at $2,099.57, reflecting a 7% increase over the past year, although this underperformed the S&P 500 by 2 percentage points [3]. - The company has demonstrated robust growth, with sales increasing by more than 35% annually over the last year, five years, and ten years [11]. Investment Position - Following the recent sale, MercadoLibre now accounts for 6.1% of MayTech Global Investments' assets under management (AUM), down from 7.0% in the previous quarter [3][6]. - The top holdings of MayTech Global Investments include Nvidia, Alphabet, Meta Platforms, Amazon, and MercadoLibre, with MercadoLibre valued at $58.6 million [6]. Market Context - MercadoLibre is viewed as a key player in the rapidly expanding digital economy in Latin America, leveraging its integrated marketplace and logistics infrastructure to drive growth [8]. - Despite trading at 50 times forward earnings, MercadoLibre's growth story remains compelling, indicating potential for future investment opportunities [12].

Market Overview - Futures are trading higher, driven by positive news regarding a potential trade agreement with China and the TikTok issue resolution [1] - Wall Street is anticipating a significant number of earnings reports this week, particularly from technology giants in the Magnificent 7 [1] - Strong retail participation and new overseas investments are contributing to the momentum towards the S&P 500 reaching 7000 [1] Treasury Yields - Yields are mixed, with shorter maturities trading modestly lower and longer maturities, such as the 30-year and 20-year bonds, showing small gains [2] - The Treasury Market and Wall Street are pricing in a near 100% chance of a 25-basis-point cut this week [2] Oil & Gas - West Texas Intermediate (WTI) and Brent Crude started the week slightly lower after a rally that pushed WTI above $60 [3] - OPEC+ production increases are identified as the main reason for recent pricing dislocation [3] - Analysts expect a jump in gasoline demand as prices drop nationwide heading into the holidays [3] - Natural Gas prices increased over 4%, closing at $3.44 [3] Gold Market - Gold prices fell below $4,000 per ounce after a significant rally, with analysts noting improved risk appetite and profit-taking [4] - A potential correction in Gold prices could last for months, although Central Bank buying may provide support [4] - Some analysts are projecting Gold prices to reach $5,000 and Silver to $60 [4] Analyst Ratings - CrowdStrike Holdings (CRWD) upgraded to Buy with a target price of $706 [5] - Southern Copper (SCCO) target price raised from $89 to $115, but maintains a Sell rating [5] - DTE Energy (DTE) initiated with an Overweight rating and a $157 target price [6] - McDonald's Corporation (MCD) started with a Neutral rating and a target price of $300 [6] - Starbucks Corporation (SBUX) initiated with a Neutral rating and a target price of $84 [6] - Constellation Energy (CEG) initiated with an Overweight rating and a $478 target price [6] - Fox Corporation (FOXA) upgraded to Buy with a target price of $97 [6] - BioMarin Pharmaceutical (BMRN) target price lowered from $90 to $80 while maintaining a Buy rating [6] - Dow Inc. (DOW) target price raised from $24 to $27 while keeping a Neutral rating [6] - Brinker International (EAT) initiated with an Outperform rating and a target price of $155 [6]

Core Insights - JGP Global Gestao de Recursos has liquidated its entire stake in Perpetua Resources, selling 450,000 shares for an estimated $5.5 million, as disclosed in an SEC filing [1][2][5] - Perpetua Resources' stock has increased by 158% over the past year, significantly outperforming the S&P 500's 18% gain during the same period [3] Company Overview - Perpetua Resources is a U.S.-based mineral exploration company focused on the Stibnite gold project in Idaho, with a market capitalization of $2.7 billion [4][8] - The company reported no revenue over the trailing twelve months (TTM) and a net income loss of $22.1 million [4] Project Development - The Stibnite gold project is set to become one of the largest open-pit gold mines in the U.S. and will produce the only mined source of antimony in the country, a critical mineral for defense applications [6][8] - The project has recently secured its final federal permit and has begun construction [6] Investment Perspective - JGP Global's exit from Perpetua Resources may indicate profit-taking after a significant stock rally and a strategic shift away from uncertain mining investments [5] - While Perpetua's permitting achievements are notable, the project may still encounter financing and construction challenges, making it a high-risk investment for those seeking exposure to the metals market [9]

Core Insights - David Tepper's Appaloosa LP has significantly reduced its equity portfolio, indicating a cautious stance towards high-growth and technology-linked stocks while consolidating capital into core holdings with better risk-reward profiles [1][7] Reductions in Holdings - **iShares China Large-Cap ETF (FXI)**: Reduced by 82.14%, selling 4.6 million shares and retaining 1 million, reflecting caution towards Chinese equities due to sluggish growth and regulatory uncertainty [2] - **Oracle Corp (ORCL)**: Decreased by 78.57%, trimming 550,000 shares to hold 150,000, likely due to profit-taking after a strong rally and rising competition concerns [3] - **PDD Holdings Inc (PDD)**: Cut by 54.23%, selling 2.37 million shares and retaining 2 million, indicating a tactical pullback from Chinese e-commerce amid geopolitical tensions [4] - **Meta Platforms Inc (META)**: Reduced by 27.27%, cutting 150,000 shares to hold 400,000, signaling valuation discipline after a surge [5] - **Alphabet Inc (GOOG)**: Decreased by 25.37%, selling 510,000 shares and retaining 1.5 million, reflecting portfolio rebalancing within large-cap tech [6] Full Exits - Appaloosa executed several full exits, including the liquidation of the SPDR S&P 500 Fossil Fuel Reserves ETF (SPYX), a $2.5 billion PUT position that constituted about 30% of the portfolio, and exited Apple (AAPL) with a $278 million PUT stake [8][9] - Other full exits included Wynn Resorts (WYNN), Las Vegas Sands (LVS), and Broadcom (AVGO), indicating profit-taking in leisure and semiconductor sectors after strong performance [9][10] Overall Strategy - Tepper's recent activity highlights a disciplined risk-management approach, focusing on high-liquidity, large-cap names while maintaining flexibility to redeploy capital towards higher-upside opportunities [7][10]

Core Viewpoint - The recent decline in gold and silver prices is attributed to profit-taking after significant gains this year, raising concerns that the rallies may have entered bubble territory [1][10]. Precious Metals Market - Gold fell 2.9% to $4,004.26 per ounce, marking its largest intraday decline in over a dozen years, while silver dropped more than 2% to around $47.6 after a previous 7.1% fall [1][10]. - Analysts suggest that the selloff was triggered by substantial positioning in gold and silver futures, which had built up prior to the declines [6][10]. - Despite the pullback, long-term drivers such as central bank buying and expectations of monetary easing are expected to support prices [6][10]. Stock Market Dynamics - Global macro hedge funds and long-only strategies maintain the highest stock exposure in over a year, despite recent de-risking amid trade and credit concerns [5][10]. - The US government shutdown has created an economic data vacuum, yet investors view equity drawdowns as opportunities to add risk to their portfolios [5][10]. - The S&P 500 closed little changed, with US share futures edging lower, indicating a mixed sentiment in the stock market [2][10]. Broader Economic Context - A confluence of factors, including positive trade talks between China and the US, a stronger dollar, and the end of a seasonal buying spree in India, contributed to the decline in precious metals [8][10]. - The 30-year Treasury yield reached its lowest since early April, reflecting the impact of the ongoing US government shutdown [6][10]. - Oil prices rose following comments from President Trump regarding India's oil purchases from Russia and a decline in US inventories [7][10].