Alphyn Capital 在 2025 年第三季度的表现落后于标准普尔 500 指数，理由是人工智能、信贷周期和地缘政治，同时保持对 Cogent Communications 的关键押注。 Alphyn Capital underperformed the S&P 500 in Q3 2025, citing AI, credit cycles, and geopolitics, while maintaining a key bet on Cogent Communications.

Alphinn资本管理公司报告其总账户在2025年Q3的净回报率为3.0%,低于S&P 500的8.1%的收益。 Alphyn Capital Management reported a 3.0% net return for its Master Account in Q3 2025, underperforming the S&P 500's 8.1% gain. 该公司将大赦国际的进步、信贷周期和地缘政治不确定性作为关键市场驱动因素。 The firm cited AI advancements, credit cycles, and geopolitical uncertainty as key market drivers. Cogent Communications Holdings （CCOI） 仍然是一个值得注意的持股，尽管 CCOI 在过去一年中下跌了 45.99%，但 Alphyn 强调了其在波长服务方面的增长潜力。 Cogent Communications Holdings (CCOI) remained a notable holding, with Alphyn highlighting its growth potential in wavelength services, despite CCOI's 45.99% decline over the past year. 该公司的股票于2025年10月27日以44.14美元关闭,市场上限为2171亿美元。 The company’s stock closed at $44.14 on October 27, 2025, with a market cap of $2.171 billion. Alphinn的投资论文依赖于Cogent的预测收入增长:每月500个波长装置,每台2 000美元,可能达到1.44亿美元的年运行率。 Alphyn’s investment thesis relies on Cogent’s projected revenue growth from 500 monthly wavelength installations at $2,000 each, potentially reaching a $144 million annual run rate. 截至季度末,投资组合在十大股中占有68%,现金占17%。 The portfolio held 68% in top ten holdings and 17% in cash as of quarter end.