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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Value Equity strategy generated solid absolute and relative performance in Q3 2025, outperforming its value benchmark."
During Q3 2025, the Schafer Cullen Value Equity strategy returned 6.9% gross (6.8% net), underperforming the growth-led S&P 500 (+8.1%) but outperforming the Russell 1000 Value Index (+5.3%). Broad market returns remained highly concentrated and driven by speculation, as the top 10 stocks in the S&P 500 reached a multi-decade high index weight of 39%. The fund took advantage of these extreme market conditions to initiate positions in high-quality value ideas with strong defensive profiles, specifically UnitedHealth Group (UNH), Becton Dickinson (BDX), Mercedes-Benz Group (MBGYY), and NextEra Energy (NEE). Concurrently, the fund exited Kenvue (KVUE) and Sempra (SRE) due to less attractive valuations and regional/market-specific headwinds, and trimmed highly-appreciated positions in Oracle, JPMorgan Chase, and Morgan Stanley. Management asserts that historically extreme valuation spreads (Growth trading at a 110% premium to Value) and high hyperscaler capex-to-cash flow levels (72%) point to an impending, durable rotation toward value and dividend strategies.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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Growth Outlook
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