Brasada Capital Management, an investment management company, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. In the letter, the firm noted that the market entered the fourth quarter with equities near all-time highs and monetary policy easing. The firm also believes that this momentum could persist even though there are indications that a capital expenditure bubble exists. Further, the firm continues to invest selectively in companies with solid moats and cash flows, while steering clear of balance-sheet risks. In addition, you can check the fund’s top 5 holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Brasada Capital Management highlighted stocks such as NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) offers graphics, compute, and networking solutions. The one-month return for NVIDIA Corporation (NASDAQ:NVDA) was -3.29%, and its shares gained 32.59% over the last 52 weeks. On December 15, 2025, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $175.76 per share, with a market capitalization of $4.279 trillion.

Brasada Capital Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its third quarter 2025 investor letter:

"To understand OpenAI's current position, the best historical analogy is not a recent mobile platform like iOS, but rather Microsoft Windows in the PC era. Just as Microsoft leveraged DOS, and the applications built for it to become the default operating system for the enterprise and then consumers, OpenAI has leveraged ChatGPT to aggregate hundreds of millions of users. This massive user base is the ultimate source of power, allowing OpenAI to exert gravitational pull on the entire AI value chain, from the chipmakers up to the cloud providers. This leverage is now being used to orchestrate the buildout of the AI ecosystem on OpenAI's terms. Consider the chip layer.