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 like Uber Technologies, Inc. (NYSE:UBER). Uber Technologies, Inc. (NYSE:UBER) is a multinational technology company that offers ridesharing, food delivery, freight, and other services. On March 30, 2026, Uber Technologies, Inc. (NYSE:UBER) stock closed at $69.91 per share. One-month return of Uber Technologies, Inc. (NYSE:UBER) was -8.45%, and its shares lost 4.22% over the past 52 weeks. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $143.88 billion.

Platinum International Technology Fund stated the following regarding Uber Technologies, Inc. (NYSE:UBER) in its fourth quarter 2025 investor letter:

"Jacobs Solutions, Microsoft and Uber Technologies, Inc. (NYSE: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.

We would call Uber a ‘battleground’ company. It’s clearly the leader in ridesharing and meal delivery in the U.S. and many international markets. Autonomous vehicles continue to gain traction, with Waymo (Alphabet), Telsa and Zoox (Amazon.com) at the forefront and many other companies developing autonomous vehicle strategies.

Uber is working with many of these companies and is well placed to maintain its central network role in a hybrid world of human-driven and autonomous vehicles. That said, we recognise the inherent uncertainties and view Uber as a higher-risk, higher-return investment opportunity. Accordingly, Uber is a smaller position in the Fund and is not a top 10 holding."

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Ride Sharing Can Uber’s (UBER) Booking Momentum Offset Profitability Pressure? Goldman Stays Constructive

Uber Technologies, Inc. (NYSE:UBER) ranks 12th on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 147 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the fourth quarter, up from 143 in the previous quarter. While we acknowledge the potential of Uber Technologies, Inc. (NYSE:UBER) 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 Uber Technologies, Inc. (NYSE:UBER) and shared Janus Henderson Investors' views on the company. 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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