Spheria Global Opportunities Fund’s Q4 2025 Investor Letter

Spheria Asset Management, an investment management company, released its December 2025 “Spheria Global Opportunities Fund” investor letter. The fund returned -3.0% in the fourth quarter, underperforming the 2.2% return of the MSCI World Small Cap Accumulation Index (Net Return) AUD. In December, the fund returned -1.5% underperforming the index by -0.7%. By sector, Healthcare continued its recovery, and the Materials sector was also strong, while Consumer Staples and Consumer Discretionary were weak. By region, the UK’s performance lagged by approximately 2%, while other regions’ results were aligned with one another. Small caps have failed to close the value gap that emerged before the interest rate cycle began in early 2022. 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 Q4 2025 investor letter can be downloaded here.