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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Soumya EswaranMon, December 8, 2025 at 2:34 PM GMT+1 3 min readInvestment management company First Pacific Advisors recently released its third-quarter 2025 investor letter for the “FPA Source Capital.” A copy of the letter can be downloaded here. In the third quarter, the net asset value of the fund gained 4.59% and 13.76% for the trailing 12 months. Regarding the Fund's recent performance, over the past twelve months, Source’s top five equity performers added 4.82% to its return, whereas its bottom five detractors reduced it by 2.03%. Additionally, you can check the fund’s top 5 holdings to determine its best picks for 2025.In its third-quarter 2025 investor letter, FPA Source Capital highlighted stocks such as Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was 10.77%, and its shares gained 81.75% of their value over the last 52 weeks. On December 03, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $322.09 per share, with a market capitalization of $3.888 trillion.FPA Source Capital stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its third quarter 2025 investor letter:"Despite anxiety about Alphabet Inc.'s (NASDAQ:GOOG) future that has colored investors' views of the company, its stock price has risen five-fold since our initial purchases from the time your current PM team assumed management of the Fund. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe. Additionally, there is an open question about the likely return on the billions spent on moonshot investments, among other issues. Its stock has risen 28% year-to-date and 57% since the end of Q1, when it was one of the Fund's larger performance detractors in the trailing-twelve-month period, mainly due to a judge's Q3 ruling that declined to force a breakup of Chrome and Android. While legal and competitive challenges persist, Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Meanwhile, YouTube is now the most-watched media outlet on the planet, with more than one trillion hours of video viewed, and arguably remains under monetized. We expect its cloud offering to continue to grow and eventually achieve the higher margins of its larger peers. Furthermore, the value of Waymo's leading self driving technology is evident to those of us at FPA who have experienced its autonomous ride share service, and its bright future is likely not fully reflected in its stock price. The Fund therefore continues to maintain a position in Alphabet, although we have sold some shares over time."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,840.51 -6.00 (-0.09%)Dow 3047,560.29 -179.03 (-0.38%)Nasdaq23,576.49 +30.58 (+0.13%)Russell 20002,526.24 +5.26 (+0.21%)VIX16.93 +0.27 (+1.62%)Gold4,237.70 +20.00 (+0.47%)Trending tickersJPM JPMorgan Chase & Co. 300.51 -14.70 (-4.66%)BTC-USD Bitcoin USD 92,697.72 +1,318.57 (+1.44%)ETH-USD Ethereum USD 3,302.55 +153.56 (+4.88%)NCPL Netcapital Inc. 1.4000 +0.7411 (+112.48%)SI=F Silver Dec 25 61.14 +2.74 (+4.68%)PortfolioSign in to access your portfolioSign inTop gainersWVE Wave Life Sciences Ltd. 21.31 +2.79 (+15.06%)GLXY Galaxy Digital 29.45 +3.36 (+12.88%)PAAS Pan American Silver Corp. 48.41 +4.86 (+11.16%)NP Neptune Insurance Holdings Inc. 26.70 +2.39 (+9.83%)TFX Teleflex Incorporated 131.25 +11.43 (+9.54%)Top losersDYN Dyne Therapeutics, Inc. 18.44 -3.76 (-16.94%)SLM SLM Corporation 26.24 -4.61 (-14.96%)KTB Kontoor Brands, Inc. 67.15 -7.02 (-9.46%)AAP Advance Auto Parts, Inc. 46.31 -4.77 (-9.34%)GPK Graphic Packaging Holding Company 14.23 -1.35 (-8.66%)Most activeNVDA NVIDIA Corporation 184.97 -0.60 (-0.33%)HBI HanesBrands Inc. 6.47 0.00 (0.00%)WBD Warner Bros. 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