Overview
- Mar Vista’s Q4 2025 letter says U.S. stocks delivered a second straight year of double‑digit gains with leadership concentrated in mega‑cap and AI‑linked names, while its U.S. Quality Strategy rose 0.20% net of fees versus 2.41% for the Russell 1000 and 2.65% for the S&P 500.
- The firm identified Alphabet as its leading Q4 performer and described the quarter as a rare beat‑and‑raise across core businesses based on its analysis.
- Mar Vista reported Google Cloud revenue increased 34% with a $155 billion backlog nearly double the prior quarter, asserting the unit has shifted from margin drag to a profit center.
- Alphabet shares closed at $332.73 on January 12, 2026, with a roughly 73% 52‑week gain and a market capitalization near $4.0 trillion, according to Yahoo Finance.
- The letter also addressed Microsoft, noting Q4 stock pressure linked to rising AI infrastructure costs and exposure to OpenAI, while reaffirming the position as a top holding.