Q3 2025 Commentary: TimesSquare U.S. Small Cap Growth Strategy

In Q3 2025, most major asset classes saw positive returns, except for fixed income outside the US. Global economic activity measures shifted into expansion territory and remained there, with US metrics lagging behind.

In Q3 2025, most major asset classes experienced positive returns, except for fixed income securities outside the United States. Global economic activity measures shifted into expansion territory and remained there, with the United States lagging behind.

Triple Flag Precious Metals (TFPM.TO, NYSE: TFPM) reported a strong revenue of $93.5 million for the third quarter of 2025, driven by its Northparkes operation and the start of production at Johnson Camp Mine and Tres Quebradas, according to Yahoo Finance. The company's CEO, Sheldon Vanderkooy, highlighted the benefits of record gold prices, which reached an average of approximately $3,457 per ounce during the quarter.

Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) also reported robust performance in Q3 2025, with unaudited group revenue of approximately $206 million, up 53% year-over-year, according to BioSpace. The company's CEO, Dr. Christian Behrenbruch, noted the impact of reimbursement dynamics and a growing customer base on the quarter's results.

Despite these positive developments, fixed income securities outside the United States saw negative returns during the quarter. This trend was likely influenced by global economic factors and the relative performance of the United States compared to other major economies.

Overall, the Q3 2025 financial landscape was characterized by mixed performance across asset classes, with significant variations depending on the specific market and economic conditions.