Overview
- The fund returned 8.80%–8.83% in Q3 2025 versus 2.78% for the Russell Midcap Growth Index.
- Top contributors included Argenx and Insmed, supported by VYVGART’s subcutaneous launch and FDA approval of Insmed’s once-daily Brinsupri for non‑cystic fibrosis bronchiectasis.
- Lattice Semiconductor remained a positive contributor despite an inventory overhang, with management indicating destocking could conclude by early 2026 and growth opportunities in AI data centers and robotics.
- New positions in Teledyne, Woodward and ServiceTitan increased exposure to aerospace, defense spending and recovering industrial end markets.
- The managers added to RBC Bearings and trimmed Arista Networks after a strong rally and market-cap drift beyond the fund’s mid-cap mandate.