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Mar Vista’s Q3 Letter Outlines AI-Focused Repositioning After 3.29% Return

The letter details a shift toward clearer AI infrastructure plays, questioning software incumbents’ ability to monetize generative tools.

Overview

  • Mar Vista U.S. Quality Strategy returned +3.29% net of fees in Q3 2025 versus +8.12% for the S&P 500 and +8.00% for the Russell 1000 during a rally tied to a Fed dovish turn and AI enthusiasm.
  • Apple shares rebounded as tariff concerns and early Apple Intelligence adoption worries eased, with attention turning to a favorable DOJ case outcome for Alphabet and healthy initial iPhone 17 demand.
  • The firm exited its long-standing Adobe position, citing unclear timing and magnitude of AI-driven revenue from Creative Cloud extensions and potential seat pressure as large models become mainstream.
  • Amphenol reported strong Q2 results and an upbeat Q3 outlook, supported by AI-related design wins including contributions to NVIDIA’s Blackwell NVL platform expected to ramp in the second half of 2025.
  • Salesforce stock fell as investors weighed trade risks, the possibility that agentic AI could cannibalize Service Cloud seats, and a slower-than-expected ramp for monetizing offerings such as AgentForce.