Aoris Investment Management, a specialist international equity manager, released its “Aoris International Fund” Q3 2025 investor letter. A copy of the letter can be downloaded here. Global equity markets, represented by the MSCI AC World Accumulation Index ex Australia, rose by 6.5% in AUD for the September quarter. In local currencies, gains were 8.0%, but currency fluctuations reduced the AUD return by 1.5%. In the quarter, Portfolio’s Class A (Unhedged) returned -2.6% after fees compared to a 6.5% retur ...

Core Insights - Wedgewood Partners' third-quarter 2025 investor letter indicates that AI stocks remain a focal point for Wall Street, with the Wedgewood Composite's net return at 5.9%, underperforming the S&P's 8.1% and the Russell 1000 Growth Index's 10.5% [1] Company Performance - Copart, Inc. (NASDAQ:CPRT) reported a one-month return of -0.53% and a 52-week decline of 13.10%, closing at $44.93 with a market capitalization of $43.2 billion on October 22, 2025 [2] - Despite a +12% growth in gross profit dollars and a +24% increase in earnings per share, Copart's performance was negatively impacted by a decline in unit volume from U.S. insurance customers, attributed to competitive pressures from a major rival [3] Market Position and Strategy - Copart's price per unit sold increased by +6%, even as used car price indexes remained mostly flat, indicating resilience in pricing strategy [3] - The company holds nearly $5 billion in net cash, which could enhance returns if utilized for share buybacks, especially given its attractive valuation relative to historical multiples [3] - Copart is not among the top 30 most popular stocks among hedge funds, with 61 hedge fund portfolios holding its stock at the end of Q2, up from 57 in the previous quarter [4]