Overview
- The fund returned 0.19% in Q4 and 10.96% for 2025, below the Russell 2000 Growth Index’s 13.01% annual gain.
- Top 10 holdings accounted for 26.7% of assets with cash at 3.3%, and management expressed optimism for a high-growth, low-inflation 2026.
- M&A events lifted holdings as Abbott agreed to acquire Exact Sciences for $23 billion at a premium and a private equity consortium signaled intent to buy Clearwater Analytics after strong Q3 results.
- Execution and transition issues weighed on results with Varonis planning to sunset on‑premise software by end‑2026, creating near‑term revenue uncertainty, and Primo experiencing delivery disruptions tied to integration and technology changes.
- New positions included JFrog, Waystar, and GCI Liberty, Waystar’s July Iodine acquisition expanded AI‑driven claims automation, and an early‑2025 SiTime purchase more than doubled by year‑end.