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Headwaters Capital Management’s Q3 2025 Investor Letter

Headwaters Capital Management, an investment management company, released its third-quarter 2025 investor letter. The third quarter results were mainly focused on AI. The portfolio returned -2.7% (-2.9% net) in the quarter compared to a +5.3% gain for the Russell Mid Cap Index. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

A copy of Headwaters Capital Management’s Q3 2025 investor letter can be downloaded here.