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This report summarizes the key investment outcomes for Alphyn Capital Management's portfolio during the third quarter of 2025, drawing insights from their official investor letter. It delves into the primary factors that influenced both the best and worst-performing assets, offering a snapshot of market dynamics and specific corporate developments. The analysis covers significant stock movements, regulatory impacts, and strategic growth drivers, providing a comprehensive overview of the quarter's financial landscape.

During the third quarter of 2025, several notable events shaped Alphyn Capital Management's portfolio performance. Alphabet (GOOG) emerged as a top performer, with its shares experiencing a significant uptick. This surge was primarily attributed to the resolution of a major regulatory hurdle that had previously cast uncertainty over the tech giant. The clearance of this regulatory overhang boosted investor confidence and positively impacted the stock's valuation, showcasing the importance of legal and governmental factors in market performance.

Prosus's valuation, a significant component of the portfolio, continued to be heavily influenced by its largest holding, Tencent. The performance of Tencent, a Chinese technology and entertainment conglomerate, directly correlated with Prosus's market value. This situation highlights the inherent risks and opportunities associated with concentrated holdings within an investment portfolio, particularly when those holdings are subject to geopolitical and regional market fluctuations.

Brookfield, a diversified alternative asset manager, demonstrated its continued ability to generate intrinsic value, delivering robust results in its second quarter. The company's multifaceted platform, spanning various sectors such as real estate, infrastructure, and private equity, proved resilient and growth-oriented. This performance underscores Brookfield's strategic asset management and its capacity to sustain growth across diverse economic conditions, contributing positively to Alphyn's holdings.

Burford Capital's share price remained notably sensitive to developments surrounding the $16 billion YPF judgment against Argentina. As a leading global finance firm focused on litigation finance, Burford's performance is often tied to the outcomes of high-profile legal cases. The ongoing nature of the YPF judgment created considerable volatility but also presented potential upside, illustrating the specialized nature of investing in litigation finance and the substantial impact of specific legal rulings.

For Cogent Communications, the core investment thesis continued to hinge on the substantial revenue growth anticipated from its wavelength services. Wavelength services, which offer high-capacity data transmission, are a critical part of Cogent's business strategy. The market's assessment of Cogent's future performance is heavily reliant on the successful expansion and adoption of these services, indicating a clear, technology-driven growth narrative for the company within the Alphyn portfolio.

This quarter's investment landscape for Alphyn Capital Management was characterized by a mix of technological advancements, regulatory resolutions, and the impact of significant legal judgments. The performance drivers varied across different holdings, from Alphabet's rebound due to regulatory clarity to Prosus's dependence on Tencent's market position. Brookfield continued its steady growth through diversified assets, while Burford's fortunes were closely linked to a major legal case. Cogent's future prospects, on the other hand, were firmly rooted in the expansion of its wavelength services. These diverse elements collectively shaped the overall financial picture for the portfolio, reflecting both the opportunities and challenges present in the global markets.