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

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.