Business ❯ Finance ❯ Investor Relations ❯ Investor Letters

Q3 2025

Meridian’s Q3 Letter Highlights FIGR’s Marketplace Scale and J&J’s Pipeline Progress

The fund stresses stock-specific catalysts as its hedged approach lagged a policy-driven rally.

Small-Cap Managers Lag Q3 Rally, Detail Quality Tilt and AI-Linked Standouts

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

Diamond Hill’s Q3 Letter Shows Fund Lagging as New Stakes Include FedEx, Thermo Fisher, Zoetis and Equitable