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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underweight US mega-cap growth and heavily overweight financials, resources, emerging markets, and Japan."
Hosking Partners delivered exceptional performance in Q4 2025 (+7.2% net vs. +3.3% for the MSCI AC World Index) and for the full year 2025 (+33.5% net vs. +22.3% for the index), outperforming the benchmark by some 1,114 bps. This success validates the firm's contrarian, diversified Capital Cycle approach. Throughout the year, the strategy maintained key underweights in the US and the technology sector (8% IT exposure vs. 27% benchmark) while holding significant overweights in emerging markets, Japan, and the UK. Individual stock picking added material value across multiple sectors, including metals and mining (benefiting from South African platinum exposure and base metals), financials (Saga, Citigroup, Barclays), and IT supply-chain players (Micron, Seagate, SK hynix). Looking forward, the manager is highly confident in a multi-year mean reversion theme, driven by the 'AI capital paradox' where massive capex requirements will compress return on assets for tech giants and push capital back toward value-oriented sectors.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Growth Outlook
Market outlook remains above average conviction: Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Risk Appetite
Risk appetite posture is above average conviction: Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Forward Guidance
Forward guidance signal: Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Language Signal
Tone analysis indicates high conviction language: Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
Time Horizon
Investment time horizon reflects a high conviction orientation. Hosking Partners delivered stellar outperformance in 2025 (+33.5% net vs. +22.3% MSCI ACWI) by executing a highly differentiated, contrarian Capital Cycle strategy that was underwe...
