Loomis Sayles, an investment management company, released its “Global Growth Fund” investor letter for the second quarter of 2025. A copy of the letter can be downloaded here. In the second quarter, the fund returned 16.61% compared to 11.53% for the MSCI ACWI Index Net. The firm seeks to invest in high-quality businesses that possess sustainable competitive advantages and experience profitable growth, especially when these companies are trading at a substantial discount to their intrinsic value. In additio ...

Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” annual investor letter. A copy of the letter can be downloaded here. The year was strong for the fund despite volatility, backed by the new US administration. The fund returned 33.4% net of fees and expenses compared to 18.4% for its benchmark. Since its inception in December 2017, the Fund has returned 254.4% compared to 139.9% for its benchmark, the MSCI All Country World Index, Net Total Returns (AUD). In ad ...

Core Insights - Brown Capital Management's second quarter 2025 investor letter highlights a significant rally in international stocks, particularly following a 90-day tariff reprieve, with the MSCI ACWI ex US index up 12.30% and the MSCI EAFE index up 12.07% [1] - The strategy outperformed both international equity indexes during this quarter [1] Company Highlights - MercadoLibre, Inc. (NASDAQ:MELI) is identified as a key stock, with a one-month return of 0.81% and a 52-week gain of 20.71%, closing at $2,492.25 per share on September 25, 2025, with a market capitalization of $126.351 billion [2] - MercadoLibre operates as a leading e-commerce platform in Latin America, akin to Amazon, and offers payment and credit services similar to PayPal [3] - The company has a significant market presence in Brazil, Mexico, and Argentina, with about half of its business in Brazil and just under a quarter in each of Mexico and Argentina [3] - MercadoLibre benefits from low e-commerce penetration in Latin America, presenting growth opportunities [3] - The company ships approximately half of its orders with same-day or next-day delivery to over 67 million unique active buyers, creating substantial barriers to entry for competitors [3] - MercadoLibre's fintech services are also highlighted, with 64 million monthly active users utilizing its payment-processing services, credit cards, loans, and savings accounts [3]