Alphyn Capital Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Master Account of the fund returned 3.0% net in the third quarter compared to 8.1% for the S&P 500 Index. As of the third quarter of 2025, the top ten holdings accounted for approximately 68% of the portfolio, and approximately 17% of the portfolio was held in cash. The market narrative was dominated by AI advancements, credit cycles, and geopolitical uncertainty in the quarter. The firm focuses on compound value through disciplined reinvestment and operational excellence. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Alphyn Capital Management highlighted stocks such as Cogent Communications Holdings, Inc. (NASDAQ:CCOI). Cogent Communications Holdings, Inc. (NASDAQ:CCOI) provides high-speed Internet access, private network, and data center colocation space services. The one-month return of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was 15.10%, and its shares lost 45.99% of their value over the last 52 weeks. On October 27, 2025, Cogent Communications Holdings, Inc. (NASDAQ:CCOI) stock closed at $44.14 per share, with a market capitalization of $2.171 billion.
Alphyn Capital Management stated the following regarding Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in its third quarter 2025 investor letter:
“The investment thesis for Cogent Communications Holdings, Inc. (NASDAQ:CCOI) still hinges on substantial revenue growth from wavelength services. The company is targeting approximately 500 installations per month, with an average monthly revenue per wave of $2,000, implying a potential revenue run rate of roughly $144 million (500 installations x 12 months x $24k/year) at a very high contribution margin of over 90%.
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