Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “Emerging Markets Growth Strategy.” A copy of the letter can be downloaded here. The fourth quarter of 2025 marked strong divergence from the market. Market leadership by AI beneficiaries and revival of cyclical sectors dominated the market, while quality growth strategies faced challenges. In Q4 2025, the portfolio returned 0.8% (Gross) and 0.6% (Net) compared to the MSCI EM Net TR Index return of 4.7% and the MSCI EM Growth Net TR Index return of 3.3%. In 2025, the portfolio delivered strong returns of 23.8% (Gross) and 22.8% (Net) but lagged the 33.6% and 34.3% returns for the indexes, respectively. The portfolio projects 13% revenue growth and 16% earnings growth annually for the next three years. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, SGA Emerging Markets Growth Strategy highlighted stocks like Alcon Inc. (NYSE:ALC). Alcon Inc. (NYSE:ALC) is a Swiss-based healthcare and medical technology company focused on eye care products. The one-month return of Alcon Inc. (NYSE:ALC) was 0.25%, and its shares lost 12.05% of their value over the last 52 weeks. On February 13, 2026, Alcon Inc. (NYSE:ALC) stock closed at $79.20 per share, with a market capitalization of $39.052 billion.
SGA Emerging Markets Growth Strategy stated the following regarding Alcon Inc. (NYSE:ALC) in its fourth quarter 2025 investor letter:
“Alcon Inc. (NYSE:ALC): In December we met with several members of the leadership team at Alcon regarding two main ESG matters: compensation and sustainability.
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