Mar Vista Investment Partners, LLC has issued its investor letter for the fourth quarter of 2025. The document covers the performance of the firm's U.S. Quality Premier Strategy.
U.S. equities showed strong momentum throughout 2025, recording a third straight year of double-digit gains. The market recovered quickly after a dip into bear territory in April. Leadership remained concentrated among mega-cap and AI-driven companies.
Against this backdrop, the Mar Vista U.S. Quality Premier Strategy returned +1.80% net of fees for the quarter. This compares to a +2.41% return for the Russell 1000 Index and a +2.65% return for the S&P 500 Index.
The letter observed that gradual changes began to appear in the fourth quarter. Market participation started to expand beyond mega-caps into other sectors and asset classes. The letter stated that 2026 may therefore differ from the past three years.
It also shared a view that markets in 2026 will need to balance strong fundamentals with rising economic uncertainties.
The letter highlighted Apple Inc. (NASDAQ:AAPL) among its stock discussions. Apple is an American multinational company that designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories.
Apple's one-month return was -5.70%. Its shares gained 11.11% in value over the last 52 weeks. On January 16, 2026, Apple stock closed at $255.52 per share, giving it a market capitalization of $3.76 trillion.
Regarding Apple, Mar Vista U.S. Quality Premier Strategy stated in the letter: "Apple Inc. (NASDAQ:AAPL) shares continued to rebound in calendar Q4 2025 as investor concerns waned around tariffs and the lack of traction with Apple Intelligence, its new generative AI offering, and investor attention shifted to strong demand for Apple’s iPhone and Services offerings. Calendar Q3 results exceeded street expectations and calendar Q4 guidance calls for low double-digit top-line growth as strong demand for the new iPhone 17 series phones, a rebound in China, and sustained services demand drive top-line growth and resilient margins."