{"id":16983,"date":"2025-10-07T15:04:40","date_gmt":"2025-10-07T12:04:40","guid":{"rendered":"https:\/\/sifterfund.com\/?p=16983"},"modified":"2025-10-07T15:04:41","modified_gmt":"2025-10-07T12:04:41","slug":"sifter-fund-quarterly-report-q3-2025","status":"publish","type":"post","link":"https:\/\/sifterfund.com\/en\/sifter-fund-quarterly-report-q3-2025\/","title":{"rendered":"Sifter Fund Quarterly Report Q3\/2025"},"content":{"rendered":"\n<p class=\"lead-p\">The third quarter brought renewed strength to global equity markets and particularly to the semiconductor sector. Sifter Fund delivered a +3.5% return in Q3, bringing the year-to-date performance to +0.3%. (PA class, 30.9.2025)<\/p>\n\n\n\n<p>While the quarterly numbers show progress, we continue to emphasize the <strong>long-term perspective<\/strong> \u2014 the cornerstone of our investment philosophy.<\/p>\n\n\n\n<p>Please note that past performance is not indicative of future results.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Alphabet &amp; Semiconductors Are Back \u2013 Q3\/25\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/bxe9bPSWLn8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">Alphabet on the rise, semiconductors gaining momentum \u2013 in the video, we walk through the key events of the third quarter.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Patience Rewards Long-Term Quality Investor<\/h2>\n\n\n\n<p>When returns are viewed through a short-term lens, frustration comes easily \u2014 and understandably so. Markets can feel unpredictable, even unfair at times.<\/p>\n\n\n\n<p>But when we zoom out, a different picture emerges.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance.png\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance-1024x576.png\" alt=\"\" class=\"wp-image-16966\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/10y-performance.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><em>Over the past decade, Sifter Fund has delivered an 11.4% annualized return, or 195% cumulative performance after all fees.<\/em> 30.9.2015\u201330.9.2025, PA class.<\/figcaption><\/figure>\n\n\n\n<p>More importantly, those numbers tell a story of perseverance of quality companies quietly growing stronger, even when markets stumble. It\u2019s a reminder that true progress in investing doesn\u2019t happen in months, but over years, and that time continues to reward patient owners.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Top Performers in Q3<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3.png\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3-1024x576.png\" alt=\"\" class=\"wp-image-16968\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-top-3.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Alphabet<\/strong><\/p>\n\n\n\n<p>Alphabet rebounded strongly after a favorable ruling in the long-running antitrust case, which turned out to be milder than expected. At the same time, Google\u2019s advertising and cloud businesses continue to grow steadily. The company remains well-positioned in AI \u2014 not as the disruptor, but as a key enabler through its massive data assets, YouTube, and cloud infrastructure.<\/p>\n\n\n\n<p><strong>Lam Research<\/strong><\/p>\n\n\n\n<p>Semiconductor companies saw a clear turnaround this quarter after a weak start to the year. Lam Research, which supplies equipment essential for chip manufacturing, benefited from recovering demand and renewed investment confidence in the U.S. semiconductor industry. Policy support and steady end-market demand have improved the outlook for the entire sector.<\/p>\n\n\n\n<p><strong>TSMC<\/strong><\/p>\n\n\n\n<p>The world\u2019s leading chip manufacturer continued to ride the global AI investment wave. Although we reduced our stake last year to manage geopolitical risks related to Taiwan, the company remains a core holding thanks to its exceptional profitability and technological leadership.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Performers in Q3<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3.png\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3-1024x576.png\" alt=\"\" class=\"wp-image-16970\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-bottom-3.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Novo Nordisk<\/strong><\/p>\n\n\n\n<p>Novo Nordisk faced a difficult quarter, issuing a profit warning and changing its CEO amid the growing challenge from U.S. compounding pharmacies producing unregulated versions of its GLP-1 drugs. While this has temporarily hurt results, we believe the issue will be resolved. Novo\u2019s valuation is now attractive, and we slightly increased our position during the correction.<\/p>\n\n\n\n<p><strong>Deutsche B\u00f6rse<\/strong><\/p>\n\n\n\n<p>After a strong first half, Deutsche B\u00f6rse\u2019s share price softened as market volatility declined and investor flows into Europe normalized. The company\u2019s long-term fundamentals remain unchanged, driven by stable service revenues and regulatory trends that could support European capital markets over time.<\/p>\n\n\n\n<p><strong>SMC<\/strong><\/p>\n\n\n\n<p>The Japanese automation company has continued to face a sluggish industrial cycle. We expect gradual recovery as industrial spending picks up, supported by onshoring and infrastructure investments in Western markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Portfolio Changes in Q3<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes-1024x576.png\" alt=\"\" class=\"wp-image-16972\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/q3-portfolio-changes.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">We made no new company additions this quarter, but we adjusted several positions to maintain balance and seize valuation opportunities.<\/figcaption><\/figure>\n\n\n\n<p>We reduced slightly positions in <strong>Disco, TSMC, Safran,<\/strong> and <strong>Lam Research <\/strong>because of their strong stock price performance and regulative reasons.<\/p>\n\n\n\n<p>We reallocated capital to <strong>Novo Nordisk, West Pharmaceutical Services, Canadian National Railway,<\/strong> and <strong>Old Dominion Freight Line <\/strong>\u2014 companies where fundamentals remain solid but recent price weakness improved expected long-term returns.<\/p>\n\n\n\n<p><strong>Santeri Korpinen<br><\/strong>CEO<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alphabet on the rise, semiconductors gaining momentum \u2013 in the video, we walk through the key events of the third quarter.<\/p>\n","protected":false},"author":6,"featured_media":16975,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-16983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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