Ruane, Cunniff LP, an investment adviser managing Sequoia Strategy, released its Q4 2025 investor letter. A copy of the letter can be downloaded here. Sequoia Strategy returned 9% in Q4 compared to 2.7% for the S&P 500 Index. The Strategy delivered a return of 21.9% in 2025 versus 17.9% for the Index. In a year characterized by both strength and volatility, the Strategy outperformed the Index. The firm strives to invest in high-quality, fundamentally and financially strong businesses at reasonable prices. T ...

Core Insights - ClearBridge Investments released its fourth-quarter 2025 investor letter for the ClearBridge Large Cap Growth Strategy, emphasizing an investment philosophy focused on undervalued leading companies with growth potential [1] - The strategy underperformed the Russell 1000 Growth Index by approximately 900 basis points for the year, trailing its 1.2% quarterly advance by about 170 basis points in the fourth quarter [1] - Underweight exposure to mega-cap AI beneficiaries and lower-quality AI-related names contributed to the underperformance [1] Company-Specific Insights - Accenture plc (NYSE:ACN) was highlighted in the investor letter, with a one-month return of 1.34% and a 52-week loss of 23.41%, closing at $273.98 per share with a market capitalization of $168.58 billion on January 7, 2026 [2] - The strategy's diversified exposure to AI through Accenture did not add significant value in 2025, and the company faced challenges due to its association with application software makers and risks from large language models [3] - ClearBridge exited its position in Accenture in the third quarter as part of its AI repositioning strategy [3] Market Position and Performance - Accenture is not among the 30 most popular stocks among hedge funds, with 66 hedge fund portfolios holding its shares at the end of the third quarter, up from 65 in the previous quarter [4] - In the first quarter of fiscal 2026, Accenture reported revenues of $18.7 billion, reflecting a 5% increase in local currency [4] - Despite its potential, certain AI stocks are viewed as offering greater upside potential and less downside risk compared to Accenture [4]

Group 1 - Bristol Gate Capital Partners' Q3 2025 investor letter indicates that the US Equity Strategy underperformed the S&P 500® Total Return Index this quarter but achieved a 15% dividend growth over the trailing 12 months due to strong underlying fundamentals [1] - The underperformance is attributed to limited exposure to the AI/TMT sector and the Value sector, which benefited from the Federal Reserve's rate cut [1] - The fund's top five holdings are highlighted as key picks for 2025 [1] Group 2 - Accenture plc (NYSE:ACN) is noted as a significant stock in the investor letter, with a one-month return of 3.44% and a 52-week decline of 23.25%, closing at $270.00 per share with a market capitalization of $167.438 billion [2] - Accenture was identified as a main detractor in the portfolio due to disappointing results from Gartner, which raised concerns about the impact of GenAI on consulting services [3] - Despite the challenges, Accenture's revenue from advanced AI tripled to $2.7 billion in fiscal 2025, with Gen AI bookings nearly doubling to $5.9 billion, indicating strong growth potential [3]

Group 1 - Aoris Investment Management's "Aoris International Fund" Q3 2025 investor letter indicates that global equity markets rose by 6.5% in AUD for the September quarter, with local currency gains at 8.0% but a 1.5% reduction in AUD returns due to currency fluctuations [1] - The fund's Class A (Unhedged) returned -2.6% after fees, while Class C (Hedged) declined by 1.0%, compared to benchmark returns of 6.5% and 8.0% respectively [1] - The letter highlights Accenture plc (NYSE:ACN) as a significant stock, noting its one-month return of 7.19% and a 52-week loss of 26.31% [2] Group 2 - Accenture plc is described as the world's largest IT consulting and outsourcing firm, with some investors perceiving it as an "AI loser" due to concerns about AI diminishing its role for corporate and government clients [3] - In Q4 2025, Accenture reported revenues of $17.6 billion, reflecting a 7% increase in U.S. dollars and 4.5% in local currency [4] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with 66 hedge fund portfolios holding its stock at the end of Q3, up from 65 in the previous quarter [4]

Group 1: Market Overview - Global equity markets experienced significant growth in Q3 2025, with the MSCI ACWI Index increasing by 7.62% [1] - Global fixed income markets also saw an uptick, as evidenced by a 0.60% rise in the Bloomberg Global Aggregate Bond Index during the same period [1] Group 2: Fund Performance - The Aristotle International Equity Fund (Class I-2) reported a return of 1.15% for the quarter, underperforming compared to the MSCI ACWI ex USA Index, which returned 6.89%, and the MSCI EAFE Index, which returned 4.77% [1] Group 3: Accenture plc Analysis - Accenture plc (NYSE:ACN) was highlighted as a significant detractor in the investor letter, with a one-month return of 8.69% but a substantial 25.28% decline over the past 52 weeks [2][3] - The company's revenue from AI-related services nearly doubled to $5.9 billion in fiscal 2025, but concerns about the impact of AI on its outsourcing business have arisen, particularly due to its reliance on billable hours [3] - Federal contracts, which historically account for about 8% of Accenture's revenue, have been affected by the U.S. government's DOGE initiative, adding to the company's challenges [3] - Despite these issues, Accenture is investing in its workforce, employing approximately 77,000 AI and data specialists, and is returning capital to shareholders through a 10% year-over-year increase in dividends and a 15% increase in share buybacks [3] - The current valuation of Accenture shares is at a 10-year low, despite earnings per share and free cash flow being over 50% and 40% higher than mid-2020 levels, respectively [3]

Group 1 - Harding Loevner's Global Equity Strategy reported a gross return of 2.62% and a net return of 2.52% for Q3 2025, underperforming the MSCI All Country World Index and MSCI World Index, which returned 7.74% and 7.36% respectively [1] - Year-to-date, the strategy has risen 10.61% net, compared to 18.86% for the MSCI All Country World Index and 17.83% for the MSCI World Index [1] - The last six months have been characterized as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points, largely driven by advancements in AI [1] Group 2 - Accenture plc (NYSE:ACN) was highlighted as a key stock, with a one-month return of 13.06% and a 52-week loss of 23.81% [2] - As of December 3, 2025, Accenture's stock closed at $272.85 per share, with a market capitalization of $169.945 billion [2] - The company is recognized as a leading global provider of IT services, employing nearly 800,000 people and generating annual revenues of $70 billion [3] Group 3 - There is ongoing debate regarding the impact of technological change on Accenture's business, with concerns about potential commoditization and reduced margins versus opportunities for new revenue streams [3] - Management acknowledges the importance of generative AI and is focused on modernizing the business to integrate AI functionality across product lines [3] - The company's progress in adapting to these changes has been described as encouraging, raising questions about its ability to evolve quickly enough [3]

Core Insights - Carillon Tower Advisers released its third-quarter 2025 investor letter for the Carillon Eagle Growth & Income Fund, highlighting the S&P 500 Index's year-to-date return of 13.7% and emphasizing the reliance on AI deployment as a key market driver [1] Company Performance - Accenture plc (NYSE:ACN) was highlighted as a significant stock in the fund's portfolio, with a one-month return of 1.19% and a 52-week loss of 34.48%, closing at $242.56 per share with a market capitalization of $150.421 billion on November 11, 2025 [2] - Concerns regarding Accenture's decelerating revenue growth due to government contract cancellations and reduced discretionary IT spending were noted, although fiscal fourth-quarter results indicated that these fears may have been exaggerated [3] Financial Metrics - Accenture reported revenues of $17.6 billion for the fiscal fourth quarter of 2025, marking a 7% increase in U.S. dollars and 4.5% in local currency [4] - The number of hedge funds holding Accenture shares decreased from 69 to 65 in the second quarter of 2025, indicating a slight decline in popularity among institutional investors [4]

Core Insights - Columbia Threadneedle Investments reported strong market performance in Q3 2025, with a composite return of 12.06%, slightly below the S&P Global 1200 Information Technology Index's return of 12.82% [1] - The fund's positive stock selection contributed to its relative performance during the quarter [1] Company Analysis: Accenture plc (NYSE:ACN) - Accenture plc's stock experienced a one-month return of 0.78% but saw a significant decline of 27.28% over the past 52 weeks, closing at $250.10 on October 31, 2025, with a market capitalization of $155.097 billion [2] - The company's quarterly results showed mixed signals, with strong growth and margin expansion but new bookings lagging expectations, raising concerns about demand sustainability [3] - Despite the challenges, Accenture is securing large-scale AI and digital transformation projects, maintaining its strategic position in generative AI services [3] Market Position and Investment Sentiment - Accenture is not among the top 30 most popular stocks among hedge funds, with 65 hedge fund portfolios holding its stock at the end of Q2 2025, down from 69 in the previous quarter [4] - The company reported revenues of $17.6 billion for fiscal Q4 2025, reflecting a 7% increase in U.S. dollars and 4.5% in local currency [4] - While Accenture is recognized for its potential, there are suggestions that other AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - ClearBridge Investments reported strong equity performance in Q3 2025, with the S&P 500 Index rising 8.1% and the Nasdaq Composite increasing 11.2% to record highs, driven by favorable economic conditions and strong corporate earnings, particularly in technology [1] - The ClearBridge Large Cap Growth Strategy underperformed the benchmark due to underexposure to perceived AI winners and holding stocks considered AI losers [1] Company-Specific Insights - Accenture plc (NYSE:ACN) experienced a one-month return of -3.78% and a 52-week loss of 32.28%, closing at $245.32 with a market capitalization of $152.589 billion on October 3, 2025 [2] - ClearBridge exited positions in Accenture due to concerns over decelerating growth in its consulting business and muted tech spending, which impacted its outsourcing demand [3] - In Q4 2025, Accenture reported revenues of $17.6 billion, reflecting a 7% increase in U.S. dollars and 4.5% in local currency, but is not considered among the most popular stocks among hedge funds [4]

Core Insights - Windsor Group LLC has achieved its fifth consecutive year on the Inc. 5000 list of America's fastest-growing private companies, a milestone reached by fewer than 1% of companies in the list's history [1][3] - The company has grown from $103,000 in revenue in 2017 to $37 million in 2023, with projections of $25 million in 2024, totaling over $90 million in revenue from $95 million in prime contracts across more than 15 federal agencies [4] Company Overview - Windsor Group is a professional services company based in Bethesda, Maryland, providing solutions in program and project management, staffing, IT support, training, and management consulting [2] - The company is recognized as a woman-, minority-, and service-disabled veteran-owned small business and participates in the SBA 8(a) Business Development program [2] Growth and Performance - The company secured its first contract in 2017 for an executive assistant position, which helped establish a performance record for future contracts [4] - Windsor Group has employed over 260 professionals and engaged more than 100 consultants and 40 subcontractors, contributing to their growth and the expansion of their workforce [4] Business Strategy - The primary focus of Windsor Group is on revenue and profitability, which are essential for sustaining growth and creating opportunities for others [5] - Profitable contracts are seen as a means to stimulate the economy by increasing household income and fostering community stability [5]