Magellan Says Chipotle, Intuit and SAP Were Biggest Drags as Global Fund Trailed in Q3

Overview

• Magellan’s Q3 2025 letter reports the Global Fund underperformed the MSCI World Index, which rose 7.3% for the September quarter.
• Chipotle weighed on returns after a disappointing second-quarter revenue print and a full-year guidance cut tied to weaker US discretionary spending and soft restaurant traffic, which Magellan views as cyclical pressures.
• Chipotle’s latest reported quarter showed sales up 7.5% to $3.0 billion, while the stock gained 18.38% over one month but fell 44.23% over 12 months, closing at $36.14 on Dec. 12 for a $48.46 billion market cap.
• Intuit lagged after SMB guidance came in modestly below consensus, which Magellan attributes to more moderate pricing rather than demand erosion; Intuit reported fiscal Q1 2026 revenue of $3.9 billion, up 18% year over year, and closed Dec. 12 at $670.92 with a $186.79 billion market cap.
• The letter lists Alphabet, TSMC and ASML as top contributors and reiterates a long-term, valuation-driven approach that pairs stock selection with macro risk management.