Munro Partners, an investment management firm, has released the investor letter for its Munro Global Growth Fund covering the fourth quarter of 2025. The fund reported a return of -0.7% for the December quarter. Long positions added to the performance, while short positions, hedging, and currency effects reduced it.
Global equity markets showed solid performance in 2025. U.S. markets recorded strong gains in the quarter, with the S&P 500 rising 2.4% and the Nasdaq increasing 2.3%. Europe and Japan were among the regions contributing to stronger performance.
In the letter, the Munro Global Growth Fund highlighted stocks including Alphabet Inc. (NASDAQ:GOOG). Alphabet was noted as the leading performer for the strategy during the quarter. Alphabet, the parent company of Google, operates through segments such as Google Services, Google Cloud, and Other Bets.
On January 13, 2026, Alphabet stock closed at $336.31 per share. Its one-month return was 12.83%, and over the last 52 weeks, its shares gained 70.73% in value. Alphabet has a market capitalization of $4.06 trillion.
The fund stated in the letter regarding Alphabet Inc.: "Alphabet Inc. (NASDAQ:GOOG) was the top contributor during the quarter. The U.S.-headquartered technology conglomerate’s stock price jumped after it delivered impressive third-quarter earnings. Search revenue growth beat consensus expectations as Google continues to see strong user engagement trends. Results were also ahead of expectations in the Cloud segment, and the outlook for this business remains robust given accelerating demand for AI compute. We continue to believe Alphabet is undervalued on a sum-of-the-parts basis and see potential for the company’s AI leadership to drive further upside across the portfolio."
Alphabet Inc. is in the 7th position on a list of 30 Most Popular Stocks Among Hedge Funds. According to a database, 186 hedge fund portfolios held Alphabet at the end of the third quarter, up from 178 in the previous quarter. In the third quarter of 2025, Alphabet achieved its first-ever $100 billion in revenue.