YCG LLC, an asset management company, released its fourth quarter 2025 investor letter. A copy of the letter can be downloaded here. In the quarter, the S&P 500 Index returned 2.66%, and the S&P Global Broad Market Index returned 3.22%. The global stock market currently favors speculative and high-risk investor behavior, driven by a concentration of AI-themed stocks, a trend in which nonprofits are outperforming for-profits, a shortage of high-quality stocks, a momentum-driven market, and alpha generation from over-shorted stocks. As a long-term investor, the portfolio consists of dominant and resilient high-quality stocks. High-quality companies have historically rebounded strongly after severe relative declines, supporting the company’s patience. The firm strongly believes that focusing on high-quality companies that, with periodic, opportunistic rebalancing, built on sustainable behavioral interests, are expected to deliver good risk-adjusted returns over the long term. Please review the company’s top five properties to gain insight into their key choices for 2025.
In its fourth quarter 2025 investor letter, YCG Investments highlighted stocks like Lind plc (NASDAQ: LIN ). Linde plc (NASDAQ: LIN ) is a chemical company and a leading supplier of industrial gases. On March 06, 2026, Linde plc (NASDAQ:LIN) stock closed at $484.74 per share. The one-month return of Linde plc (NASDAQ: LIN ) was 6.22%, and its shares have grown 4.91% over the past 52 weeks. Linde plc (NASDAQ: LIN ) has a market capitalization of $224.626 billion.
YCG Investments made the following comments about Linde plc (NASDAQ: LIN ) in its fourth quarter 2025 investor letter:
“Linde plc (NASDAQ:LIN) is the world’s largest industrial gas company with operations in 80 countries. Companies in the industrial gas business capture air and separate it into its components (oxygen, nitrogen, argon, hydrogen, helium, and carbon dioxide). These gases reach virtually all industries, with revenues continuing to grow as they perform mission-critical functions in a variety of industries such as manufacturing, food and beverage, electronics, metals and mining, chemicals, refining, clean energy, and healthcare. For example, hospitals require medical oxygen for their patients, clean energy production processes require hydrogen, and semiconductor chip manufacturing requires a wide range of ultra-high purity gases.
