WHG Global LB Fund Up 43% In 2025, With Gains On SK Hynix And SpaceX Rival

WHG Global LB Fund's commentary for the month ended December 31, 2025.

Dear Investor,

Below is a summary of the key themes that influenced this month's results.

Performance

December: +2.4%

YTD: +42.9%

ITD: +118.4%

Monthly Commentary

December closed with equity indices largely unchanged, despite pronounced dispersion across sectors and stocks. Market action was dominated by repeated failed rallies, with upside attempts consistently stalling, particularly within the artificial intelligence theme. In the absence of a new macro catalyst, market behavior was driven by positioning and year-end flows. Fed communication pushed back against expectations for near-term easing, while incoming data failed to clarify the broader macro backdrop.

Positive Highlights:

Consumer Discretionary: A strong start to holiday sales and more positive expectations for 2026, supported by resilient consumer spending and fiscal stimulus in the first half of the year, contributed to sector outperformance. SharkNinja signaled a constructive outlook for 2026 due to its exposure to middle- and upper-income consumers. Deckers stood out with stronger sales at Hoka and Ugg, driven by Hoka's gradual recovery and colder weather conditions that favored Ugg sales.