Bristlemoon Capital, a global equities firm, released its “Bristlemoon Global Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned -6.2% in the December quarter and a 0.3% return in December. Since its inception, the fund has produced a cumulative return of 11.9%, net of fees.  In 2025, market trends intensified, with perceived AI winners rallying, while stocks considered "cheap" dropped even further if labeled as AI losers. In addition, please check the ...

ASML Holding (NASDAQ:ASML) is one of the best stocks for the next decade. On December 10, Citi analyst Andrew Gardiner raised the firm’s price target on ASML to EUR 1,200 from EUR 1,050, while keeping a Buy rating on the shares. As part of its 2026 outlook for the European semiconductor equipment sector, Citi suggested that AI-driven demand will act as a primary catalyst for healthy industry growth. The firm anticipates that this structural tailwind will generate strong momentum for positive earnings revis ...

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was influenced by a strong equity market rally, driven by robust corporate earnings, increased AI investment, and favorable US fiscal policies and interest rates [1] Fund Performance - The fund's Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 0.83%, 0.91%, and 0.90% respectively in Q3 2025, underperforming the Russell 1000 Value Index which returned 5.33% [1] Company Highlight: ASML Holding N.V. - ASML Holding N.V. is a key stock highlighted by the Artisan Value Fund, specializing in lithography solutions for advanced semiconductor equipment [2] - ASML's one-month return was -1.40%, but it experienced a significant 54.10% gain over the last 52 weeks, closing at $1,072.75 per share with a market capitalization of $404.44 billion on December 26, 2025 [2] Investment Strategy - The Artisan Value Fund made three new purchases in Q2 2025, including ASML, which became top contributors to returns in Q3 [3] - The semiconductor and semiconductor equipment sectors were identified as areas of significant pressure at the beginning of the year, presenting attractive long-term buying opportunities for value investors [3]

Core Viewpoint - Magellan Global Fund's third-quarter 2025 investor letter indicates that the fund underperformed the MSCI World Index due to strong performance from speculative companies in a risk-on environment, despite focusing on high-quality companies at attractive prices [1] Group 1: Fund Performance - The global equities rose 7.3% in the September quarter as measured by the MSCI World Index in USD [1] - The portfolio of Magellan Global Fund underperformed the index during the quarter [1] Group 2: Key Holdings - ASML Holding N.V. (NASDAQ:ASML) was highlighted as a significant contributor to the fund's performance, alongside Alphabet and TSMC [3] - ASML's one-month return was 8.34%, and its shares gained 47.96% over the last 52 weeks, closing at $1,087.82 per share with a market capitalization of $422.235 billion on December 15, 2025 [2] Group 3: Market Sentiment - Positive sentiment in the semiconductor sector was noted, particularly after OpenAI's partnerships with major industry players like Oracle, Nvidia, and Broadcom, which benefited both TSMC and ASML [3] - ASML also received a boost from a strategic equity investment by Nvidia into Intel, a key customer [3] Group 4: Hedge Fund Interest - ASML Holding N.V. was held by 82 hedge fund portfolios at the end of the third quarter, an increase from 78 in the previous quarter [4] - Despite its potential, some analysts suggest that certain AI stocks may offer greater upside potential and less downside risk compared to ASML [4]

Core Insights - Polen Capital's "Polen International Growth Strategy" reported a return of -4.23% gross and -4.53% net of fees for Q3 2025, underperforming the MSCI ACWI (ex-USA) which gained 6.89% [1] - The strategy's concentrated quality investing approach did not yield expected results during the quarter [1] Company Performance - ASML Holding N.V. (NASDAQ:ASML) was highlighted as a key stock in the Polen International Growth Strategy, with a one-month return of 9.51% and a 52-week gain of 58.76% [2][3] - ASML's stock closed at $1,119.69 on December 08, 2025, with a market capitalization of $434.605 billion [2] Market Context - The performance of ASML was bolstered by investor optimism surrounding AI, as semiconductor capital equipment companies benefited from the demand for advanced chips essential for AI applications [3] - Concerns regarding a slowdown in the memory chip industry and Intel's performance diminished during the quarter, positively impacting semi-cap stocks [3] Hedge Fund Interest - ASML was held by 82 hedge fund portfolios at the end of Q3 2025, an increase from 78 in the previous quarter, indicating growing interest among institutional investors [4]

Core Thesis - ASML Holding N.V. is viewed positively, with a current share price of $1060.00 and trailing and forward P/E ratios of 37.71 and 34.48 respectively, indicating strong market performance and investor confidence [1] Company Performance - ASML has experienced a 23% increase in stock price since Rebound Capital began coverage in June 2025, significantly outperforming the S&P 500 [2] - The company is expected to report third-quarter results on October 15, with an "earnings preview" framework introduced to analyze stock behavior around earnings [2] Valuation and Potential Upside - The intrinsic value of ASML is estimated at €982 per share, compared to the current price of €836, suggesting a potential upside of 17% [3] - A post-earnings dip could present a favorable entry point for investors [3] Market Dynamics and Catalysts - Positive catalysts for ASML include stronger-than-expected bookings, advancements in High NA EUV machines, and increasing demand from the AI memory market [3] - Historically, ASML's stock reacts sharply around earnings, often moving more than 5%, driven primarily by bookings and guidance [4] Management and Investor Focus - ASML's management is conservative, often under-promising while aiming to over-deliver, particularly regarding AI-related demand, which could lead to positive surprises [5] - Analysts expect the market to focus on FY26 revenue guidance rather than quarterly results, predicting a moderate positive reaction of around 5% [5]

Group 1 - ASML Holding has been upgraded to a Buy rating by Arete analyst Jim Fontanelli, with a price target of €879, ahead of its FQ3 2025 earnings report [1][3] - For FQ2 2025, ASML reported total net sales of €7.7 billion, with net system sales of €5.6 billion, including €2.7 billion from EUV systems and €2.9 billion from non-EUV systems [2] - The company's net income for FQ2 2025 was €2.3 billion, representing 29.8% of total net sales, resulting in an EPS of €5.90 [2] Group 2 - ASML's net system bookings for the quarter totaled €5.5 billion, with €2.3 billion from EUV and €3.2 billion from non-EUV systems [3] - The company's backlog is robust at approximately €33 billion, indicating strong future demand [3] - ASML reported €7.2 billion in cash, cash equivalents, and short-term investments, and repurchased around €1.4 billion worth of shares as part of its share buyback program [3]