Overview
- The Global Equities Fund (Unhedged) returned -0.04% in Q3 2025 versus a 6.42% gain for the MSCI AC World Index, and delivered a 12-month return of 18.0% post fees.
- Management reiterates that the portfolio is designed to be largely uncorrelated with the index, so short‑term results may diverge from benchmarks.
- TKO Group Holdings, owner of the UFC and WWE, is a highlighted holding; recent figures show a one‑month return of 12.86%, a 52‑week gain of 44.73%, and a December 5 close at $202.22 for a $16.61 billion market cap.
- The fund exited GE HealthCare in April, citing weak Chinese hospital budgets for big-ticket equipment and exposure to U.S.–China trade and tariff risks.
- CME Group remains a core, “royalty‑like” holding in the Real Assets & Income pool; shares closed at $270.87 on December 5 after a one‑month decline of 2.31% and a 52‑week gain of 14.43%, with Q3 2025 revenue reported at $1.5 billion, down 3% year over year.