Increased Investor Optimism Lifted Alphabet (GOOGL) in Q4

Hotchkis & Wiley, an investment management company, released its fourth-quarter 2025 investor letter for the “Hotchkis & Wiley Global Value Fund.” A copy of the letter can be downloaded here. The Fund outperformed the MSCI World Value Index in the fourth quarter, returning 3.80% vs. 3.34% for the Index. The Fund returned 23.77% YTD compared to 20.79% for the Index. Positive stock selection led the Fund’s performance both in Q4 and for the calendar year. In 2025, stocks outside the US significantly outperformed those within, yet the valuation gap remained largely unchanged, and the...