Middle Coast Investing, an investment advisor firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The third quarter was favorable for Middle Coast Investing. Its collective portfolio outperformed the S&P 500 and is ahead of benchmarks year to date. In Q3 2025, the US Portfolios returned 9.6% compared to 7.8% for the S&P 500. It’s Core U.S. portfolios returned 10% while the Russell 2000 returned 12%, the S&P 600 returned 8.7% and the Nasdaq generated 11.2% for the same period. Also, its European Portfolios appreciated by 5.5%. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Middle Coast Investing highlighted stocks such as Corpay, Inc. (NYSE:CPAY). Corpay, Inc. (NYSE:CPAY) is a payment company that helps businesses and consumers manage vehicle-related expenses. The one-month return of Corpay, Inc. (NYSE:CPAY) was -7.35%, and its shares lost 13.31% of their value over the last 52 weeks. On October 6, 2025, Corpay, Inc. (NYSE:CPAY) stock closed at $288.70 per share, with a market capitalization of $20.386 billion.

Middle Coast Investing stated the following regarding Corpay, Inc. (NYSE:CPAY) in its third quarter 2025 investor letter:

“Corpay, Inc. (NYSE:CPAY), formerly known as Fleetcor, is a payments company. I’ve always struggled with understanding payments companies as there are so many different companies taking a bite of the pie and the value proposition. Corpay’s business is easier to grasp, though. Its fastest growing business is corporate payments, where it helps companies manage their accounts payable and do cross-border transactions. It also has a classic fuel card business, allowing companies to oversee their spending on gas or electric charging; and a lodging business, which targets hotel payments when people need to stay for emergency reasons, flight delays, or other business reasons.