Montaka Global Investments, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Montaka’s December 2025 investor letter explains that while global equity markets performed strongly in 2025, driven largely by artificial intelligence (AI) and a small number of high-performing technology stocks, the fund did not outperform during the year due to significant dispersion in stock returns across its portfolio. Some holdings generated strong gains, while others declined due to short-term factors such as concerns about AI disruption, weakness in housing-related sectors, and negative sentiment toward alternative assets and enterprise software. The letter argues that these declines are likely temporary and that many of these businesses remain fundamentally strong but currently undervalued. Looking ahead, the fund maintains a positive market outlook, believing that long-term opportunities remain strong as AI adoption accelerates, driving major investments in data centres, semiconductors, energy infrastructure, and critical commodities like lithium. The managers also note that rising geopolitical competition, resource scarcity, and technological disruption are reshaping the global economy, but they believe their strategy of investing in high-quality companies benefiting from long-term structural trends will continue to deliver strong returns over time. Consequently, the portfolio has been adjusted by adding to undervalued positions, trimming holdings that rallied strongly, and initiating a new investment in a lithium producer to benefit from expected future supply shortages linked to renewable energy and battery demand. In addition, you can check the Strategy’s top 5 holdings to determine its best picks for 2025.
In its fourth-quarter 2025 investor letter, Montaka Global Investments highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a global technology and e-commerce company generating revenue through online retail, AWS cloud services, and digital subscriptions. The one-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -4.37% while its shares traded between $161.38 and $258.60 over the last 52 weeks. On March 26, 2026, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at approximately $207.54 per share, with a market capitalization of about $2.28 trillion.
Montaka Global Investments stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2025 investor letter:
In 2025, even advantaged cloud computing hyperscaler, Amazon.com, Inc. (NASDAQ:AMZN), underperformed the broader equity index. This might seem counterintuitive, given the extreme advantages of these businesses, including their favourable positioning within the AI revolution and countless meaningful growth options on the horizon. But remember: temporary underperformance relative to the market index is a feature, not a bug, of the stock price trajectories of even the most attractive investments (Click here to see the full text).
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Amazon.com, Inc. (NASDAQ:AMZN) ranks 1st on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per our database, 381 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the fourth quarter, which was 332 in the previous quarter. 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 the list of stocks that were discussed by Jim Cramer. 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.
