Overview
- The investor letter reports a 30.9% Q3 2025 return versus 7.3% for the MSCI World Index and 5.5% for the Average Global Equity Fund.
- Contrarius emphasizes a benchmark-independent, concentrated approach, citing intrinsic-value estimates to justify large positions.
- As of September 30, the top holdings were Tesla, Warner Bros. Discovery and Paramount Skydance, which the firm views as undervalued with potential catalysts from expected U.S. media consolidation.
- Warner Bros. Discovery closed at $28.79 on December 29 for a $71.353 billion market cap after a 172.37% 52-week gain, with hedge fund holders rising to 70 at Q3’s end from 67.
- CRISPR Therapeutics was profiled alongside Casgevy, the FDA-approved sickle cell therapy that disrupts BCL11A to restore fetal hemoglobin, priced at about $2.2 million per use with CRISPR retaining 40% of profits under its Vertex partnership after nearly $900 million upfront and $200 million at approval; CRSP closed at $53.97 on December 29 for a $5.143 billion market cap, and hedge fund holders fell to 21 from 26.