Overview

• The fund gained 8.59% in Q2 2025 versus 11.97% for the Russell 2000 Growth, with most underperformance in the closing weeks of the quarter.
• Guidewire was a key contributor after its earnings beat, as revenue rose 22% year over year and subscription and support gross margin reached 71%.
• Bio‑Techne and RxSight weighed on returns; Bio‑Techne reported mixed fiscal results and trimmed next‑quarter guidance due to macro, funding, and tariff pressures.
• RxSight preannounced on April 3 a Q1 revenue shortfall of $37.9 million versus $39.1 million consensus and reduced its FY2025 outlook to $160–$175 million.
• The portfolio recorded three exits—Helios Technologies, Enfusion, and Vicor—with Helios sold for weakened execution and Vicor exited after lost HPC business, higher legal costs, and repeated product delays.