Spheria Asset Management, a renowned investment management company, recently published its October 2025 investor letter for the “Spheria Global Opportunities Fund.” The letter, which can be downloaded from the Insider Monkey website, provides insights into the fund’s performance in the third quarter and October 2025.
According to the letter, the Spheria Global Opportunities Fund recorded a return of -1.7% in the third quarter, underperforming the benchmark MSCI World Small Cap Accumulation Index, which posted a 5.6% return. In October 2025, the fund returned -1.6%, while the benchmark saw a 1.4% increase. The market is currently displaying speculative characteristics, with high price-to-earnings multiples and a trend of loss-making companies outperforming fundamentally strong businesses.
One of the highlighted stocks in the October 2025 investor letter is LPL Financial Holdings Inc. (NASDAQ:LPLA). Headquartered in San Diego, California, LPL Financial Holdings Inc. offers a comprehensive platform of brokerage and investment advisory services. The stock of LPL Financial Holdings Inc. saw a one-month return of -2.47% and a 13.72% increase in share value over the past 52 weeks. As of December 8, 2025, the stock closed at $368.50 per share, with a market capitalization of $29.49 billion.
In the investor letter, Spheria Asset Management provided insights on LPL Financial Holdings Inc. (NASDAQ:LPLA), stating, “Over the month, the largest contributors were owning Ferguson Enterprises, owning LPL Financial Holdings Inc. (NASDAQ:LPLA), and owning Swatch Group. LPL Financial provides independent financial advisors and institutions with a comprehensive platform to run their businesses, combining brokerage, advisory, and custodial services with integrated technology, compliance, research, and practice management support.”
The letter further elaborated on LPL Financial’s business model, highlighting its ability to empower advisors to operate under their own brand while accessing LPL’s investment products, portfolio management tools, and back-office operations. With a vast network of 32,100 independent financial advisors in the US and overseeing US$2.3 trillion of funds under administration, LPL Financial Holdings Inc. plays a significant role in the financial services industry.
Overall, the October 2025 investor letter from Spheria Asset Management provides valuable insights into the performance of the Spheria Global Opportunities Fund and showcases LPL Financial Holdings Inc. as a key holding in the fund’s portfolio. Investors can gain a deeper understanding of the fund’s investment strategy and top picks by accessing the full letter on the Insider Monkey website.
