Contrarius Investment Management, an investment management company, released its third-quarter investor letter for the “Contrarius Global Equity Fund”. A copy of the letter can be downloaded here. The fund’s investor class returned 30.9% in the September quarter compared to 7.3% for the benchmark MSCI World Index, including reinvested net income, and 5.5% for the Average Global Equity Fund. The fund’s investment philosophy is independent of benchmark considerations, so the portfolios typically deviate from the benchmark World Index. Additionally, please review the fund’s top five holdings to see its leading picks in 2025.
In its third-quarter 2025 investor letter, Contrarius Global Equity Fund highlighted stocks such as Intellia Therapeutics, Inc. (NASDAQ:NTLA). Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a clinical-stage gene editing company. The one-month return of Intellia Therapeutics, Inc. (NASDAQ:NTLA) was 12.84%, and its shares lost 21.61% of their value over the last 52 weeks. On December 29, 2025, Intellia Therapeutics, Inc. (NASDAQ:NTLA) stock closed at $9.14 per share, with a market capitalization of $1.059 billion.
Contrarius Global Equity Fund stated the following regarding Intellia Therapeutics, Inc. (NASDAQ:NTLA) in its third quarter 2025 investor letter:
“Intellia Therapeutics, Inc. (NASDAQ:NTLA): Casgevy, despite being a functional cure, has some drawbacks, as one would expect from a novel technology. One drawback is the method of delivery. The treatment process involves extracting stem cells from the patient’s blood. These stem cells are then sent to a lab to be edited. Once the stem cells are ready—a month or two later—the patient undergoes a high dose of chemotherapy (called busulfan). This is done to destroy existing diseased cells, create space for modified cells, and suppress the immune system to reduce the chance of the body rejecting the edited cells. This phase is intense and has serious side effects. The patient then receives an intravenous infusion of modified cells and recovers in hospital for several weeks. The whole process is physically demanding, emotionally taxing, costly, and time consuming, taking many months from start to finish. (It’s important to point out that, in our view the upside of the treatment still materially outweighs the downside.)
