Core Insights - Longleaf Partners Small-Cap Fund reported a return of 2.03% in Q3 2025, underperforming compared to the Russell 3000's 8.18% and the Russell 2000's 12.39% [1] - Oscar Health, Inc. (NYSE:OSCR) experienced a one-month return of -2.97% and a 52-week decline of 7.45%, closing at $16.65 per share with a market capitalization of $4.794 billion on December 1, 2025 [2][3] Fund Performance - The Longleaf Partners Small-Cap Fund's performance in Q3 2025 was significantly lower than major indices, indicating challenges in stock selection or market conditions [1] Oscar Health, Inc. Analysis - Oscar Health transitioned from being a contributor to a detractor in the fund's performance, with claims losses in the healthcare sector being worse than expected [3] - The fund sold its remaining position in Oscar Health as the price-to-value gap closed, marking the investment as successful despite the volatility [3] - Oscar Health reported approximately $3 billion in revenue for Q3 2025, reflecting a 23% year-over-year increase [4] Hedge Fund Interest - Oscar Health was held by 40 hedge fund portfolios at the end of Q3 2025, a decrease from 43 in the previous quarter, indicating a decline in popularity among hedge funds [4] Investment Outlook - While Oscar Health shows potential, the fund suggests that certain AI stocks may offer better upside potential with less downside risk [4]