Overview
- The investor letter, released Thursday, reported Q4 returns of 3.70% gross and 3.45% net versus 1.22% for the Russell 2000 Growth and full‑year gains of 6.91% gross and 5.85% net versus 13.01% for the index.
- Security demand after a recent NPM software supply chain attack lifted JFrog, which TimesSquare said rallied 32% as customers adopted the company’s add‑on that scans open‑source packages before use.
- MACOM beat revenue and earnings expectations, guided higher for the next quarter, and rose 38%, prompting the fund to trim the position after the run‑up.
- Portfolio changes included adding to Stevanato after a 22% pullback that followed conservative guidance despite better‑than‑expected results and trimming Legence after a 40% climb, with Boot Barn reduced and then exited on worries about slower near‑term growth.
- The team exited Tetra Tech due to an expected slowdown in Australian infrastructure spending and closed Soleno after a 34% slide and growth concerns, while continuing to build Uranium Energy despite a 12% quarterly drop tied to volatile uranium prices.