Core Insights - Hardman Johnston Global Advisors reported that its "Global Equity Strategy" portfolio underperformed in Q3 2025, returning 5.02% net of fees compared to 7.62% for the MSCI AC World Net Index [1] Company Performance - Atlassian Corporation (NASDAQ:TEAM) is highlighted as a key stock in the investor letter, with a one-month return of -8.84% and a 52-week loss of 37.43%, closing at $161.12 per share on December 24, 2025, with a market capitalization of $42.412 billion [2] - The company exceeded expectations in its FY4Q results and provided a conservative FY25 guidance, indicating confidence in sustaining over 20% topline growth despite recent stock performance challenges [3] Sector Analysis - The Information Technology sector, particularly Atlassian, was a top detractor from relative performance in Q3 2025 due to multiple contraction, influenced by the release of OpenAI's GPT-5 and its implications for the SaaS sector [3] - The valuation derating of Atlassian reflects uncertainty regarding the role of application software in the generative AI era, especially in DevOps where AI-assisted coding is gaining traction [3] Hedge Fund Interest - Atlassian Corporation was held by 64 hedge fund portfolios at the end of Q2 2025, a decrease from 82 in the previous quarter, indicating a decline in hedge fund interest [4] - Despite its potential, the company is viewed as having less upside compared to certain AI stocks, which are perceived to carry lower downside risk [4]

Core Insights - Sands Capital Select Growth Strategy reported a portfolio return of 6.3% (net) for Q3 2025, underperforming the benchmark's 10.5% gain, driven by strong corporate earnings and investor enthusiasm around AI [1] Company Overview - Atlassian Corporation (NASDAQ:TEAM) is highlighted as a leading collaboration software provider, enabling organizations to enhance productivity through team connectivity [2][3] - As of November 26, 2025, Atlassian's stock closed at $148.03 per share, with a market capitalization of $38.966 billion [2] Performance Metrics - Atlassian's one-month return was -7.06%, and its shares have decreased by 43.60% over the past 52 weeks [2] - In Q1 fiscal 2026, Atlassian's revenue grew 21% year-over-year to $1.4 billion [4] Business Dynamics - Concerns regarding AI potentially constraining developer headcount growth or reducing the need for workflow management software are impacting Atlassian's stock performance, despite strong business results [3] - Year-over-year sales growth for Atlassian has reaccelerated above its two-year average, driven by robust enterprise adoption and an increase in paid seats [3] - Atlassian reported 2.3 million monthly active users of its AI products, with platform interactions increasing 20 times compared to the previous year [3] Market Sentiment - Atlassian is not among the 30 most popular stocks among hedge funds, with 64 hedge fund portfolios holding its stock at the end of Q2, down from 82 in the previous quarter [4] - The company is viewed as a potential investment, but certain AI stocks are considered to offer greater upside potential with less downside risk [4]