Hayden Capital, an investment management firm, released its fourth-quarter 2025 investment letter. A copy of the letter can be downloaded here. 2025 proved how unpredictable markets can be in the short term. Markets displayed broad strength, highlighting their resilience. U.S. equities saw double-digit gains, while international markets performed even better. Remarkably, international stocks outpaced their U.S. counterparts for the first time since 2017. The firm had a productive 2025, especially as investor capital focused on anything related to AI, while other sectors were labeled as “AI losers.” In Q4 2025, the portfolio returned -12.9% compared to the S&P 500’s +2.7% and MSCI World’s +3.3%. The portfolio had returned +14.8% annualized after fees, since inception, compared to the S&P 500’s +13.5% and MSCI World’s +10.3% return. Approximately 42% of the portfolio is invested in Asia, ~41% in North America, ~16% in Latin America, and the rest in cash. Due to the influence of AI, the market is responding more to fear and rising uncertainty about the future rather than to facts. In addition, please check the firm’s top five holdings to know its best picks in 2025.
In its fourth-quarter 2025 investor letter, Hayden Capital highlighted stocks such as Sea Limited (NYSE:SE). Sea Limited (NYSE:SE) is a technology company headquartered in Singapore that operates through e-commerce, digital financial services, and digital entertainment segments. On February 25, 2026, Sea Limited (NYSE:SE) stock closed at $104.47 per share. One-month return of Sea Limited (NYSE:SE) was -12.34%, and its shares lost 15.48% over the past 52 weeks. Sea Limited (NYSE:SE) has a market capitalization of $63.1451 billion.
Hayden Capital stated the following regarding Sea Limited (NYSE:SE) in its fourth quarter 2025 investor letter:
“Sea Limited (NYSE:SE): Sea Limited shares have declined ~-45% over the past few months. The magnitude of the decline these last few months is surprising, especially since not much has changed with their fundamentals.
