Overview
- The letter reports the S&P 500 rose 17.9% in 2025, including 2.7% in Q4, crediting earnings growth, AI investment, policy clarity and Fed rate cuts.
- For AstraZeneca, the fund cites a Q3 beat, a reiterated 2026 margin-improvement outlook, a reported drug-pricing agreement with the Trump administration, and hypertension trial results the company expects to bring to market by mid‑2026.
- Investor interest in AstraZeneca was reflected in 54 hedge funds holding the stock at end‑Q3, up from 48, with shares closing at $204.76 on Feb. 11, 2026 for a one‑month gain of 8.43% and a 52‑week gain of 37.48%.
- For Home Depot, the fund notes shares fell after weaker‑than‑expected comparable sales in the prior quarter, while recent acquisitions are performing well and viewed as a potential tailwind as conditions improve.
- Home Depot drew holdings from 104 hedge funds at end‑Q3, up from 93, with the stock closing at $390.68 on Feb. 11, 2026 for a one‑month gain of 3.04% and a 52‑week decline of 5.27%.