Mott Capital Management, an investment research and management firm, released its “Thematic Growth Strategy” Q3 2026 investor letter. The strategy generated a 9.01% YTD return through Q3 2026, trailing the S&P 500 Total Return Index’s 12.75%. Sector rotation and weakness in technology shares shaped the market environment. Grail, Illumina, and Microsoft were among the portfolio’s strongest performers, while the manager reduced Illumina after its share-price gains and used the proceeds to buy Cboe, citing the growth potential of options trading. Despite mixed results across holdings, Mott Capital remains focused on businesses with long-term earnings potential and opportunities created when temporary concerns weigh on share prices.
In its third-quarter 2026 investor letter, Mott Thematic Growth Strategy highlighted Cboe Global Markets, Inc. (NASDAQ: CBOE). Cboe operates a global network of derivatives and securities exchanges and provides trading, clearing, and investment solutions. Its businesses include options and futures markets, U.S. equities trading, and financial market data services. Cboe shares returned 25.86% over the past month and traded between $227.15 and $371.18 over the last 52 weeks. As of November 2, 2026, the stock closed at approximately $349.22 per share, giving the company a market capitalization of about $36.43 billion.
Mott Thematic Growth Strategy included the following commentary on Cboe Global Markets in its Q3 2026 letter:
“During the quarter, I used the proceeds from Illumina to buy Cboe Global Markets, Inc. (NASDAQ:CBOE), an options exchange operator. Options trading has become a major part of financial markets in recent years, and based on my own market analysis, I believe options will become an even bigger part of the market’s future. It seems likely that this growing trend will lead to increased transaction fee revenue for Cboe and other exchanges. Shares fell sharply in the third quarter as investors worried that betting markets like Kalshi might roll out new types of derivatives. However, Cboe has listed products that will be hard to replace, and taking advantage of that sell-off seemed like the right move.”
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