RGA Investment Advisors, an investment management company, has released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the market extended its recovery from the crash following Liberation Day. However, the market has been dominated by a handful of mega-cap stocks. The letter discussed the stock market concentration and where the firm sees potential in a concentrated environment. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-quarter 2025 investor letter, RGA Investment Advisors highlighted stocks such as Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return for Alphabet Inc. (NASDAQ:GOOG) was -3.80%, and its shares gained 57.58% over the last 52 weeks. On December 22, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $311.33 per share, with a market capitalization of $3.758 trillion.
RGA Investment Advisors stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its third quarter 2025 investor letter:
“Our largest holding is Alphabet Inc. (NASDAQ:GOOG) (formerly known as Google) and is in the Mag7, but jokingly has been called the “Lag7” at times. We have owned shares in Google (now Alphabet) since the very first day of 2012. At the time, the perceived threat from the mobile app world caused its P/E ratio to fall to a historic low. The current AI saga feels like “deja vu all over again”, with Alphabet’s trailing-twelve-month (TTM) P/E setting a new all-time low, even below the 2012 level.
