Market Performance - The US equity market continued to rally in Q3 2025, with the S&P 500 returning 8.1% and the Russell 1000 Value surging 5.3% [1] - The SCCM Value Equity Strategy returned 6.9% (gross of fees) and 6.8% (net of fees) in the same quarter [1] - Year-to-date, the strategy returned 13.0% (gross), outperforming the Russell 1000 Value's +11.7% and the S&P 500's +14.8% [1] Mondelez International, Inc. (NASDAQ:MDLZ) - Mondelez International, Inc. manufactures and markets snack food and beverage products [2] - The stock experienced a one-month return of -9.50% and a 52-week decline of 12.95% [2] - As of November 19, 2025, Mondelez's stock closed at $56.08 per share, with a market capitalization of $72.564 billion [2] Performance Analysis - The stock selection within the Consumer Staples sector, particularly Mondelez, detracted from relative performance, with Mondelez declining by 6.6% [3] - The decline was attributed to rising cocoa futures amid concerns about crop yields in West Africa due to dry weather [3] - Mondelez is working to mitigate risks associated with cocoa prices by expanding its supply base beyond Africa to Southeast Asia [3] Hedge Fund Interest - Mondelez International, Inc. is not among the 30 most popular stocks among hedge funds, with 49 hedge fund portfolios holding the stock at the end of Q2 2025, down from 52 in the previous quarter [4] - While Mondelez has investment potential, certain AI stocks are viewed as offering greater upside potential and less downside risk [4]