Magellan Asset Management, an investment management company, released the fourth quarter 2025 investor letter for “Magellan Global Fund”. A copy of the letter can be downloaded here. The fund focuses on investing in outstanding companies at attractive prices and, at the same time, leverages a deep understanding of the macroeconomic landscape to manage risk. As measured by the MSCI World Index in USD, the global equities rose 3.1% in the December quarter and 2.5% in AUD terms. The portfolio underperformed the benchmark this quarter, returning 0.1%, amid choppy trading and market rotation. The leadership began to shift from AI Mega Cap stocks to sectors with stronger fundamentals and better valuations. In addition, please check the Fund’s top five holdings to know its best picks in 2025.
In its fourth-quarter 2025 investor letter, Magellan Global Fund highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology and retail company known for its leading online marketplace and cloud platform. On April 02, 2026, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $209.77 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -1.61%, and its shares gained 22.67% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $2.25 trillion.
Magellan Global Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2025 investor letter:
“The largest contributors to the portfolio’s performance over the quarter were Alphabet, Amazon.com, Inc. (NASDAQ:AMZN) and Taiwan Semiconductor Manufacturing Co (TSMC). Amazon outperformed on a combination of better-than-feared US consumption trends in the December quarter and an acceleration in growth and margin expansion for the AWS cloud business. The cloud operations are beginning to see benefits from increased capex spend, with notable deals to provide computing to OpenAI delivered during the quarter. We continue to view Amazon as well-positioned to benefit from structural growth in e-commerce and cloud computing.”
Amazon.com, Inc. (NASDAQ:AMZN) is in top position on our list of 40 Most Popular Stocks Among Hedge Funds. According to our database, 381 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the fourth quarter, up from 332 in the previous quarter. Amazon.com, Inc. (NASDAQ:AMZN) delivered $213.4 billion in revenue for the fourth quarter of fiscal 2025, an increase of 12% year over year, excluding the impact from foreign exchange rates. While we acknowledge the risk and potential of Amazon.com, Inc. (NASDAQ:AMZN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Amazon.com, Inc. (NASDAQ:AMZN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Amazon.com, Inc. (NASDAQ:AMZN) and shared best blue chip AI stocks to buy. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
