Overview
- The fund declined 1.56% in Q4 and -0.66% for 2025, lagging the Russell 2000 Growth Index by 13.67 percentage points as large‑cap growth leadership persisted.
- In a volatile year the team invested in 12 new ideas and actively added and trimmed positions, with three full exits in Q4 and detractors such as Oddity Tech and Cognex weighing on quarterly returns.
- Vertiv was a leading contributor, boosted by +29% organic revenue growth and a $1 billion accretive acquisition that the fund says enhances its data‑center services positioning.
- Neptune Insurance was added in Q4 as a newly public leader in private flood coverage, operating as a capital‑efficient MGA that competes with the government NFIP and drives significant non‑mandatory policy growth.
- Andersen Group was the quarter’s lone new purchase, with the fund citing a strong brand, a high‑touch advisory model, and expectations for low double‑digit organic revenue growth over the medium term.