Core Insights - ManpowerGroup's (MAN) revenue growth is driven by its specialized workforce solutions and services globally, supported by a strong pricing and cost control strategy [1][3] - The company faces challenges from a sluggish macroeconomic environment in Europe and North America, as well as risks from foreign currency exchange rate fluctuations [2][8] Financial Performance - In Q3 2025, MAN reported earnings of $0.83 per share, exceeding the Zacks Consensus Estimate by 1.2%, although this represents a 35.7% decrease from the same quarter last year [3][12] - Total revenues for the same period were $4.63 billion, slightly beating consensus estimates and reflecting a year-over-year increase of 2.3% [3][12] Business Strategy - MAN's diversified business model, which includes recruitment, training, outsourcing, and consulting services, helps mitigate concentration risks and enhances global outreach [4] - The company is investing significantly in technology and digitalization, improving productivity through cloud-based applications and enhanced technology infrastructure [5] Shareholder Returns - MAN has consistently paid dividends over the past four years, with amounts of $145.8 million in 2024, $144.3 million in 2023, $136.6 million in 2022, and $144.3 million in 2021, alongside share repurchases totaling $140 million in 2024 [6] Liquidity and Financial Health - As of Q3 2025, MAN's current ratio was 1, indicating an improvement from the previous quarter's 0.98, although it remains below the industry average of 1.33 [7] Market Challenges - The company anticipates a 0.6% decline in organic revenues for 2025 due to a hesitant hiring environment in Europe and North America, exacerbated by France's political uncertainties [8] - MAN is also facing significant competition in the staffing industry, which pressures profitability and innovation, as clients increasingly develop in-house manpower resources using AI tools [10]

Core Viewpoint - Harbor Mid Cap Fund's Q3 2025 performance was impacted by momentum trading, with a return of 4.19%, lagging behind the Midcap Index's 8.53% return [1] Company Overview - CBRE Group, Inc. (NYSE:CBRE) is the world's largest commercial real estate services and investment company, holding a top global market position in various sectors including leasing, property sales, and property management [3] - As of December 24, 2025, CBRE's stock closed at $164.94 per share, with a market capitalization of $49.085 billion [2] Performance Analysis - CBRE's one-month return was 1.68%, and it experienced a 25.03% increase in value over the last 52 weeks [2] - Despite detracting from the fund's performance in Q3 2025, CBRE's stock appreciated more than 55% over the trailing one-year period [3] Market Conditions - The third quarter saw a strong rebound in global equities, driven by easing inflation and resilient economic data, which positively influenced the overall market environment [1] - However, the tariff situation has created uncertainty, causing delays in customer decisions related to new leases and property transactions [3] Investment Sentiment - CBRE Group, Inc. was held by 71 hedge fund portfolios at the end of Q3 2025, indicating a slight increase from the previous quarter [4] - While CBRE is recognized for its potential, some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]