Fund Performance - Spheria Global Opportunities Fund returned -1.7% in Q3 2025, underperforming the MSCI World Small Cap Accumulation Index which returned 5.6% [1] - The fund's performance in October 2025 was -1.6%, compared to a benchmark return of 1.4% [1] - The market is characterized by high price-to-earnings multiples, with loss-making companies outperforming fundamentally sound businesses [1] Company Highlight: LPL Financial Holdings Inc. - LPL Financial Holdings Inc. (NASDAQ:LPLA) had a one-month return of -2.47% and a 52-week gain of 13.72% [2] - As of December 08, 2025, LPL Financial's stock closed at $368.50 per share, with a market capitalization of $29.49 billion [2] - LPL Financial serves 32,100 independent financial advisors in the US and oversees $2.3 trillion in funds under administration, which exceeds the total market cap of all listed companies in Australia [3] Contribution to Fund Performance - LPL Financial was one of the largest contributors to the fund's performance, with a monthly gain of 15% [3] - Other significant contributors included Ferguson Enterprises (+12%) and Swatch Group (+13%) [3] - LPL Financial provides a comprehensive platform for independent financial advisers, combining various services and support [3]

Group 1 - Spheria Asset Management's "Spheria Global Opportunities Fund" returned -1.7% in Q3 2025, underperforming the MSCI World Small Cap Accumulation Index which returned 5.6% [1] - The fund's performance in October 2025 was -1.6%, compared to a benchmark return of 1.4% [1] - The current market is characterized by speculative behavior, with high price-to-earnings multiples and loss-making companies outperforming fundamentally sound businesses [1] Group 2 - United States Lime & Minerals, Inc. (NASDAQ:USLM) had a one-month return of 1.35% but lost 15.94% over the last 52 weeks, closing at $120.73 per share on December 08, 2025, with a market capitalization of $3.458 billion [2] - The company is an integrated manufacturer of lime and limestone products, extracting limestone from long-life open-pit quarries and underground mines for use primarily in steel manufacturing and construction [3] - United States Lime & Minerals, Inc. was one of the largest detractors from the fund's performance, with an overweight position resulting in a -10% return [3]

Core Viewpoint - The current market correction is primarily affecting speculative investments, as noted by Andrew Slimmon from Morgan Stanley [1] Group 1 - Speculative investments are being significantly impacted by market changes [1]