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A Combination of Factors Lifted Amazon (AMZN) in Q4

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...