Improved Efficiency in the Auto Platform Division Boosted Cleveland-Cliffs’ (CLF) Performance
Voya Investment Management, an investment management company, released its third-quarter 2025 investor letter for its “Voya MI Dynamic Small Cap Fund.” A copy of the letter can be downloaded here. It is an actively managed US Small Cap core equity strategy. Equity markets showed a strong recovery during the quarter, bouncing back from the volatility caused by tariffs in April and finishing significantly higher than mid-year levels. Growth outperformed value in the quarter, with strong results from technology and communication services, while consumer staples lagged. Against this backdrop, the fund underperformed the index in the quarter, on a NAV basis, driven by the negative impact from stock selection. Additionally, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-quarter 2025 investor letter, Voya MI Dynamic Small Cap Fund highlighted stocks such as Cleveland-Cliffs Inc. (NYSE:CLF). Cleveland-Cliffs Inc. (NYSE:CLF) is a flat-rolled steel producer. The one-month return for Cleveland-Cliffs Inc. (NYSE:CLF) was 21.27%, and its shares gained 1.23% over the last 52 weeks. On December 08, 2025, Cleveland-Cliffs Inc. (NYSE:CLF) stock closed at $12.37 per share, with a market capitalization of $7.047 billion.
Voya MI Dynamic Small Cap Fund stated the following regarding Cleveland-Cliffs Inc. (NYSE:CLF) in its third quarter 2025 investor letter:
"The main individual contributors to performance were Primoris Services Corp., Uranium Energy Corp., and Cleveland-Cliffs Inc. (NYSE:CLF). The non-benchmark position in Cleveland-Cliffs Inc. (CLF) was a contributor to performance. The ML model’s have a favorable view of the stock due to its strong valuation (book to price, operating cash flow to price and sales to price) features. The price increase in the stock was due to efficiency improvements in its auto platform division."
Cleveland-Cliffs Inc. (NYSE:CLF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Cleveland-Cliffs Inc. (NYSE:CLF) at the end of the third quarter, which was 42 in the previous quarter. While we acknowledge the potential of Cleveland-Cliffs Inc. (NYSE:CLF) 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 thebest short-term AI stock.
In another article, we covered Cleveland-Cliffs Inc. (NYSE:CLF) and shared the list of stocks defying the odds. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.
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