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Micro Cap – Q3 2025
Table of contents
When
September 30, 2025
Who
Matthew Malgari
Dr. Sanjeev Bhojraj
Nathan Przybylo
Q3 2025 STRATEGY PERFORMANCE:
The L2 Micro Strategy rose 10.9% in Q3 2025 while the benchmark Russell Micro-Cap ETF rose 17.1%.
MARKET COMMENTARY
Market Indices have climbed a “wall of worry” this quarter as numerous experts from Jeff Bezos to Paul Tudor Jones have recently made comments about an AI bubble. While valuation concerns center on Mag7 stocks and other AI “beneficiaries”, elevated risk for disappointing future returns is not limited to these businesses. Price risk is more universally applicable to great businesses in general.