Broyhill Asset Management, an investment advisor, released its fourth-quarter 2025 investor letter. 2025 witnessed extreme market concentration and a strong focus on artificial intelligence, leaving many sectors behind. The Portfolio, which has been significantly reshaped, now trades at a substantial discount relative to the broader market. The firm strongly believes it will benefit as market fundamentals improve. For the year, the portfolio declined by 1.4%, net of management fees, underperforming the MSCI ACWI's 22.9% return. Momentum has dominated equity markets, with performance driven...
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