Spheria Asset Management, an investment management company, released its October 2025 “Spheria Global Opportunities Fund” investor letter. A copy of the letter can be downloaded here. The fund returned -1.7% in the third quarter, compared to a 5.6% return for the benchmark, MSCI World Small Cap Accumulation Index, and -1.6% in October, compared to 1.4% for the benchmark. The market is experiencing speculative characteristics, with high price-to-earnings multiples, and loss-making companies significantly ou ...

Spheria Asset Management, an investment management company, released its October 2025 “Spheria Global Opportunities Fund” investor letter. A copy of the letter can be downloaded here. The fund returned -1.7% in the third quarter, compared to a 5.6% return for the benchmark, MSCI World Small Cap Accumulation Index, and -1.6% in October, compared to 1.4% for the benchmark. The market is experiencing speculative characteristics, with high price-to-earnings multiples, and loss-making companies significantly ou ...

"What is being brought down are the things that are were too speculative in nature,†says Morgan Stanley's Andrew Slimmon ...