Macquarie Asset Management, an investment management company, released its “Macquarie Large Cap Growth Fund” investor letter for the third quarter of 2025. A copy of the letter can be downloaded here. Equity indexes again posted record gains in the third quarter of 2025, with AI-themed stocks leading the market. AI Stocks led around 75% of the market returns in the quarter. In this environment, the fund delivered positive returns in the quarter but lagged behind the Russell 1000 Growth Index benchmark. The ...

Group 1: Market Overview - The US large-cap equity market experienced significant growth in Q2 2025, with the S&P 500® Index increasing by 10.94% [1] - The market's strength was attributed to reduced concerns over potential harsh tariffs from President Trump, as the administration paused tariff implementation [1] Group 2: Macquarie Core Equity Fund Performance - The Macquarie Core Equity Fund's Institutional Class achieved a return of 11.94%, outperforming the S&P 500 Index [1] - Sector selection contributed to 80% of the fund's relative performance, while individual security selection accounted for the remaining 20% [1] Group 3: Vulcan Materials Company (NYSE:VMC) Insights - Vulcan Materials Company is the largest producer of construction aggregates in the US, with a one-month return of 2.11% and a 52-week gain of 18.46% [2][3] - As of September 18, 2025, Vulcan's stock closed at $298.58 per share, with a market capitalization of $39.45 billion [2] - The company benefits from its oligopoly status in major markets, allowing for rational competition and consistent price increases above cost inflation, which is expected to enhance profitability in the coming years [3] Group 4: Hedge Fund Interest - Vulcan Materials Company was held by 59 hedge fund portfolios at the end of Q2 2025, an increase from 56 in the previous quarter [4] - Despite its potential, some analysts believe that certain AI stocks may offer greater upside potential and lower downside risk compared to Vulcan [4]

Core Insights - Vulcan Materials Company (NYSE: VMC) is a leading supplier of construction aggregates, holding the 1 and 2 market positions in 90% of the markets it serves, indicating a quasi-monopoly status with significant pricing power [1] Company Overview - The company operates in a market where it can often increase prices beyond the general market trends, leveraging its strong market position [1]