Spheria Global Opportunities Fund’s Q3 2025 Investor Letter

Spheria Asset Management, an investment management company, released its October 2025 “Spheria Global Opportunities Fund” investor letter. The fund returned -1.7% in the third quarter, compared to a 5.6% return for the benchmark, MSCI World Small Cap Accumulation Index, and -1.6% in October, compared to 1.4% for the benchmark. The market is experiencing speculative characteristics, with high price-to-earnings multiples, and loss-making companies significantly outperforming fundamentally sound businesses. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Spheria Global Opportunities Fund’s investor letter can be downloaded here.