Magellan Asset Management, an investment management company, released the third quarter 2025 investor letter for “Magellan Global Fund”. A copy of the letter can be downloaded here. The fund focuses on outstanding companies at attractive prices and, at the same time, leverages a deep understanding of the macroeconomic landscape to manage risk. As measured by the MSCI World Index in USD, the global equities rose 7.3% in the September quarter. The portfolio underperformed the index in the quarter due strong p ...

Janus Henderson Investors, an investment management company, released its “Forty Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. US equities surged in the third quarter on positive corporate earnings news and hopes for Federal Reserve (Fed) rate cuts. The fund returned 8.38% in the third quarter, compared to the Russell 1000 Growth Index’s 10.51% return. Stock selection in the healthcare sector contributed to the relative performance of the fund in the quarter, while ...

Giverny Capital Asset Management, LLC, an investment management company, recently published its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The portfolio generated good results in the third quarter and returned 6.78% compared to 8.12% for the S&P 500. YTD, the fund returned 12.57% compared to 14.83% for the index. Additionally, you can review the fund’s top 5 holdings to see its best picks for 2025. In its third-quarter 2025 investor letter, Giverny Capital Asset Manage ...

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][2] Company Performance - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported a one-month return of 4.92% and a 52-week gain of 46.62%, closing at $294.51 per share with a market capitalization of $1.527 trillion on October 21, 2025 [2][3] - Approximately 60% of TSM's revenue comes from manufacturing AI and high-performance computing chips for major clients like Nvidia, Apple, and Amazon, highlighting its critical role in the semiconductor industry [3] Investment Positioning - TSM has been a significant contributor to Wedgewood's performance in recent quarters, leading to a re-rating of its stock, which exceeded the firm's 10% maximum portfolio weight, prompting a slight trimming of positions [3] - TSM ranks 9th among the 30 most popular stocks among hedge funds, with 187 hedge fund portfolios holding its shares at the end of the second quarter, indicating strong institutional interest [4]