Overview
- Media recaps published Wednesday said the Loomis Sayles Small Cap Growth Fund returned 0.51% in Q4 2025, trailing the Russell 2000 Growth’s 1.22%.
- Commvault, which tripped the fund’s stop loss after its Q2 report showed weak term‑license sales as customers prepared to move to the cloud, was a top detractor.
- Varonis missed its targets and said it would end its on‑premises product that made up about 15% of revenue, which drove sharp swings and an exit under the fund’s rules.
- Establishment Labs led contributors as U.S. sales rose, and the fund cited a projected 20% share in breast aesthetics.
- The letter said small‑cap earnings picked up in 2025, called the rebound low quality, and struck a positive tone for 2026 on the economy and profits.