Platinum Asset Management, an investment management company, released its Q4 2025 investor letter for “Platinum International Technology Fund”. A copy of the letter can be downloaded here. The fund was up 3% in the fourth quarter and 13.1% for calendar 2025, surpassing the benchmark return of 2.5% and 12.4%, respectively. U.S. Dollar depreciation negatively impacted Fund and Benchmark return in Australian dollar terms in 2025. The market was ‘risk-on’, with defensive sectors like Real Estate and Consumer Staples underperforming, while discretionary consumer businesses showed mixed results. For 2026, the firm anticipates a similar investment environment as in 2025 and 2024, hoping to avoid extreme events like a Liberation Day. The firm expects ongoing macroeconomic trends and a focus on AI, while being cautious about potential adverse outcomes from unexpected areas. In addition, you can check the Portfolio’s top 5 holdings to find out its best picks for 2025.

In its fourth-quarter 2025 investor letter, Platinum International Technology Fund highlighted stocks such as Jacobs Solutions Inc. (NYSE:J). Jacobs Solutions Inc. (NYSE:J) is a leading provider of infrastructure and advanced facilities, and consulting. On March 30, 2026, Jacobs Solutions Inc. (NYSE:J) stock closed at $124.80 per share. One-month return of Jacobs Solutions Inc. (NYSE:J) was -10.14%, and its shares gained 3.37% of their value over the last 52 weeks. Jacobs Solutions Inc. (NYSE:J) has a market capitalization of $14.74 billion.

Platinum International Technology Fund stated the following regarding Jacobs Solutions Inc. (NYSE:J) in its fourth quarter 2025 investor letter:

"Jacobs Solutions Inc. (NYSE:J), Microsoft and Uber detracted from the Fund’s quarterly returns by between 0.5% and 0.8% each but we take a longer-term view and continue to view these businesses as well-placed.

Jacobs Solutions is a global leader in engineering services. Whilst the company continues to perform in line with our expectations, during the quarter a competitor held an investor event and suggested AI would disrupt the engineering services industry. As discussed on page 36 we are in an environment where every industry and company is dubbed either an ‘AI Winner’ or ‘AI Loser’. We believe this is a shallow distinction.

Almost every industry will need to incorporate and adapt AI. We think Jacobs Solutions will be a net beneficiary of the AI revolution. Management is actively investing in AI to deliver efficiencies and the company also benefits from providing engineering services to meet the massive growth in AI-centric infrastructure…” (Click here to read the full text)

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Jacobs Solutions Inc. (NYSE:J) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 36 hedge fund portfolios held Jacobs Solutions Inc. (NYSE:J) at the end of the fourth quarter, up from 34 in the previous quarter. While we acknowledge the potential of Jacobs Solutions Inc. (NYSE:J) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Jacobs Solutions Inc. (NYSE:J) and shared the list of stocks Jim Cramer discussed. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

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