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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund finished its transition to the Global Opportunities Strategy, underperforming its benchmark in Q3 due to a speculative market rally and now-liquidated detractors."
During the September quarter of 2025, the Magellan Global Opportunities Fund No. 2 - Class A delivered a negative return of -1.2%, lagging the MSCI World NTR Index benchmark which rose 6.1%. Underperformance was driven by a market environment that heavily favored speculative companies and key detractors in holdings that have now been fully exited (Chipotle, Novo Nordisk, and Mercado Libre) as the fund completed its transition to the Global Opportunities Strategy. The fund initiated a key position in Adidas, capitalized on recent valuation pullbacks, noting its durable brand moat, global football dominance, and strong reinvestment capability. Moving forward, the portfolio managers maintain a cautious posture due to fully priced markets, macro risks (softening jobs market and high government deficits), and speculative AI monetization structures, prioritizing high-quality businesses with strong earnings resilience.
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