Overview
- The fund returned -0.39% net in Q4 2025 versus a 0.33% gain for the Russell 2500 Growth Index.
- Early-quarter momentum from AI-driven earnings and an October Fed rate cut faded as mixed policy signals cooled sentiment.
- Exact Sciences was a top contributor, boosted after Abbott announced plans in November to acquire the company at a significant premium.
- Globus Medical outperformed on double-digit growth in its core spine business and acquisition integrations tracking ahead of expectations.
- Remitly detracted after guidance signaled slower revenue growth and immigration-related pressure on remittance volumes, as managers focus on new Fed leadership, AI valuation risks, and high-quality holdings.