Market Overview - The market rebound that began in April continued into the third quarter of 2025, with growth and momentum stocks delivering double-digit returns [1] - Small and micro-cap value stocks achieved their best quarterly returns since Q4 2023 [1] Performance of Deep Value Strategy - The Deep Value strategy appreciated by +26.50% in Q3 2025, outperforming the S&P 1500 Value Index (+6.29%) and the S&P 600 Value Index (+11.71%) [1] - Year-to-date, the strategy's net returns are +9.20%, compared to +9.28% for the S&P 1500 Value Index and +3.17% for the S&P 600 Value Index [1] Focus on Nabors Industries Ltd. - Nabors Industries Ltd. (NYSE:NBR) was highlighted as a significant holding, with a one-month return of 10.40% and a 52-week loss of 14.64% [2] - On December 04, 2025, Nabors Industries' stock closed at $56.91 per share, with a market capitalization of $829.501 million [2] Performance and Strategy of Nabors Industries - Nabors Industries was the largest positive contributor to the Deep Value strategy, with a market share price increase of 46% during the quarter [3] - The company is undergoing a multi-year transformation focused on leveraging leading technology, holding over 450 patents and developing industry-leading drilling automation and robotics [3] - Nabors sold its Quail Tools business segment for $600 million, with proceeds aimed at accelerating debt reduction and enhancing the company's balance sheet and liquidity [3]