Overview

• The firm reported Q3 2025 U.S. portfolio returns of 9.6% versus 7.8% for the S&P 500, with Europe up 5.5%.
• Alphabet was highlighted as a beneficiary as Gemini gained prominence and a recent antitrust ruling did not require a Chrome divestiture, with Waymo expanding autonomous deployments.
• Microsoft was framed as an AI winner as Azure gains ground on Amazon Web Services, with AI demand driving continued growth.
• Broadcom was cited as a “non‑Nvidia” chip-design winner supported by record fiscal Q3 revenue of $16 billion, up 22% year over year, though the position is trimmed due to rich valuation.
• The Lululemon stake was reduced due to tariff pressures tied to de minimis application, rising competition from Alo and Vuori, and weaker-than-expected international growth, and the letter also floated Tripadvisor’s user content as a potential AI asset.