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'...