Spheria Asset Management, an investment management company, released its October 2025 “Spheria Global Opportunities Fund” investor letter. A copy of the letter can be downloaded here. The fund returned -1.7% in the third quarter, compared to a 5.6% return for the benchmark, MSCI World Small Cap Accumulation Index, and -1.6% in October, compared to 1.4% for the benchmark. The market is experiencing speculative characteristics, with high price-to-earnings multiples, and loss-making companies significantly outperforming fundamentally sound businesses. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its October 2025 investor letter, Spheria Asset Management highlighted stocks such as United States Lime & Minerals, Inc. (NASDAQ:USLM). United States Lime & Minerals, Inc. (NASDAQ:USLM) manufactures and supplies lime and limestone products. The one-month return of United States Lime & Minerals, Inc. (NASDAQ:USLM) was 1.35%, and its shares lost 15.94% of their value over the last 52 weeks. On December 08, 2025, United States Lime & Minerals, Inc. (NASDAQ:USLM) stock closed at $120.73 per share, with a market capitalization of $3.458 billion.
Spheria Asset Management stated the following regarding United States Lime & Minerals, Inc. (NASDAQ:USLM) in its October 2025 investor letter:
“The largest detractors from performance included an overweight position in Hemnet (HEM SS, -12%), an overweight position in United States Lime & Minerals, Inc. (NASDAQ:USLM) (USLM US, -10%), and an overweight position in Weis Markets (WMK US, -11%). USLM is an integrated manufacturer of lime and limestone products, extracting limestone from owned, long-life open-pit quarries and underground mines, which it then processes internally into its various end forms for use primarily in steel manufacturing and construction activities.
