Overview

• In its Q3 2025 investor letter, Macquarie reported positive returns but underperformance versus the Russell 1000 Growth Index.
• The firm estimates AI‑themed stocks drove roughly 75% of market gains in the quarter, rewarding portfolios concentrated in perceived AI winners.
• Not owning Tesla was cited as a major relative detractor, with the fund reiterating it has never held the stock due to its volatility and recurring expectation resets.
• Tesla closed on October 14 at $429.24, up 93.94% over 52 weeks with a $1.427 trillion market capitalization, and hedge‑fund holders rose to 115 at the end of Q2 from 104.
• Portfolio changes included new positions in Advanced Micro Devices to tap AI chip demand and in Vulcan Materials to benefit from infrastructure‑driven aggregates demand.