GMO, an investment management company, released its year-end letter for 2025. A copy of the letter is available to download here. As a market-neutral strategy that seeks to exploit the significant disparity between the valuations of value and growth stocks, the strategy is satisfied with its long-term performance. The Strategy returned 15.8% gross (13.4% net) for 2025. Since its inception, it has achieved a cumulative gross return of 69.3% (50.6% net), without any substantial reduction in the valuation gap. This was fueled by strong stock selection efforts, supported by a proprietary...
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