For the third quarter of 2025 was another exciting period for investors. Most earnings reports in the quarter surprised to the upside and contributed to rising expectations for the balance of the year. And in September, uh the US Federal Reserve lowered its target rate. The first adjustment this year, which further fueled the global equity rally for the quarter ending September 30th, 2025, the global equity fund series O returned 7.8%.
Year-to-date, the fund is up 12.5% and in the last year the fund has gained 15.1%. Looking back a little bit longer term, in the last 3 years, the fund has returned an annualized 18.9% and in the last 5 years 13.6%.
During the quarter, our activities continue to focus on some of our highest conviction names. For example, we chose to exit a position in CSX after excitement about railroad mergers pushed the CSX stock price well above where we thought the fundamentals would justify. We also added to a position in Thermal Fisher Scientific, a healthcare services company that stands to benefit from further research and development spending uh in the healthcare space.
We also initiated a new position in a company called SAP, a leading multinational enterprise resource planning software vendor. Given their integration with their customers operations, we believe that they have a wide economic moat and attractive fundamentals and are positioned well to continue to grow within their business.
These activities are just some examples to demonstrate how we choose to invest and where we believe there's an attractive balance between value and growth in the market today. For monthly commentary on investment market developments, you can subscribe to a world of opportunity which is published on LinkedIn.
And if you're interested in learning more, feel free to reach out and book a meeting. Thank you.
