Core Insights - Bristlemoon Global Fund reported a return of -6.2% for Q4 2025, with a cumulative return of 11.9% since inception [1] - The fund's performance was influenced by market trends favoring perceived AI winners while undervalued stocks labeled as AI losers declined further [1] Company Highlights - ASML Holding N.V. (NASDAQ:ASML) is a key holding in the Bristlemoon Global Fund, with a one-month return of 17.10% and a 52-week gain of 75.13% [2] - As of January 9, 2026, ASML's stock closed at $1,273.88, with a market capitalization of $494.454 billion [2] - The fund emphasized ASML's monopoly position in the semiconductor industry during the AI boom, which contributed to its stock price increase from around €600 to over €900 within a quarter [3] Market Sentiment - Despite ASML's strong performance, it is not among the top 30 most popular stocks among hedge funds, with 82 hedge fund portfolios holding it at the end of Q3 2025, up from 78 in the previous quarter [4] - There is a belief that certain AI stocks may offer greater upside potential and less downside risk compared to ASML [4]

Core Viewpoint - ASML Holding is positioned as a strong investment opportunity for the next decade, driven by AI demand and favorable market conditions in the semiconductor equipment sector [1][3]. Price Target Adjustments - Citi analyst Andrew Gardiner raised ASML's price target to EUR 1,200 from EUR 1,050 while maintaining a Buy rating [1]. - Deutsche Bank also increased its price target for ASML to EUR 1,150 from EUR 1,000, keeping a Buy rating [2]. - Bank of America raised its price target to $1,331 from $1,092, highlighting FY2027 as a critical inflection point for the company [3]. Market Outlook - Citi anticipates that AI-driven demand will be a primary catalyst for growth in the European semiconductor equipment sector, leading to positive earnings revisions across the industry [1]. - Bank of America expects an increase in lithography intensity as ASML captures a larger share of spending in the DRAM market, with profit margins projected to widen due to a favorable product mix [3]. Company Overview - ASML Holding provides lithography solutions for the development, production, marketing, sales, upgrading, and servicing of advanced semiconductor equipment systems [4].

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]