| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 0% |
| 2025 |
|---|
| 23.0% |
GROW Funds delivered strong 2025 performance with returns of +7% to +23% net across managed portfolios, outperforming relevant benchmarks. The fund has strategically rotated from technology and industrials to an overweight position in healthcare, viewing it as both offensive through new products addressing large markets and defensive through nondiscretionary characteristics. Key holdings include Mama's Creations, which expanded nationally and targets $1 billion revenue by 2030, and Axsome Therapeutics, positioned for FDA approval of Alzheimer's treatment. The manager expresses skepticism about AI infrastructure investments by tech giants, comparing current partnerships to the dot-com era bubble. With Federal Reserve rate cuts expected through 2026, small companies are positioned to benefit historically. Despite elevated market valuations reminiscent of 2000 and 2021, the manager sees tremendous investment opportunities through active stock selection, focusing on companies with high revenue growth and strong margins rather than passive index investing.
Focus on small-cap growth companies with new products addressing large market opportunities, emphasizing healthcare as both offensive and defensive positioning while maintaining conviction in active stock selection over passive investing.
The manager remains optimistic that portfolio companies can continue delivering positive fundamentals regardless of economic backdrop. They believe market noise will ultimately be eclipsed by revenue and earnings growth from their companies. The current environment is viewed as providing opportunities for stock selection and active management versus passive index investing.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 15 2026 | 2025 Q4 | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation |
MAMA AXSM MDXH |
GROW Funds rotated to healthcare overweight positioning while delivering strong 2025 returns. Manager sees opportunities in small-cap growth companies with new products despite elevated market valuations. Skeptical of AI infrastructure bubble but optimistic about Fed rate cuts benefiting small companies. Focus remains on active stock selection over passive investing. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Small CapsThe fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio. |
Microcap Small Cap Concentration |
QualityManager has pivoted the portfolio more towards quality names, a shift first called out in Q1-2025 letter. This represents an evolution in investment approach while maintaining core philosophy. |
Quality Evolution Investment Philosophy |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 15, 2026 | Fund Letters | Mike Collins | MAMA | Mama’s Creations, Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | Branding, Distribution, Food, growth, Margins | Login |
| Jan 15, 2026 | Fund Letters | Mike Collins | AXSM | Axsome Therapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, CNS, Druglaunch, FDA, Optionality | Login |
| Jan 15, 2026 | Fund Letters | Mike Collins | MDXH | MDxHealth S.A. | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, Genomics, growth, Oncology, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | Companies like Microsoft, Meta, Amazon, and Google have invested hundreds of billions of dollars into these projects with the hopes of "winning" the AI race. The outcome of these investments is still unknown, and we have yet to see the "killer app" that demonstrates a high return on investment. |
| AXSM | Axsome Therapeutics Inc. (AXSM) was a new addition to investor portfolios in January of 2025 and has been a positive contributor since. Axsome is a biopharmaceutical company focused on central nervous system conditions such as Alzheimer's Disease Agitation, Major Depressive Disorder, Migraines, and Fibromyalgia. Their products target a broad range of serious conditions that impact over 150 million people in the United States. Axsome has 4 products commercially available today with 2 others in late stages of approval. These products have the potential to provide over $16 billion in peak sales in comparison to Asxome's $630 million of revenue in 2025. Auvelity is an oral drug used for the treatment of major depressive disorder (MDD). It was approved by the FDA in August of 2022 and has quickly ramped to over $500 million in sales in 2025. Axsome has filed for a label expansion to Alzheimer's Disease Agitation on Auvelity during Q4 2025. The FDA responded by giving Axsome accelerated review for their submission, a rare feat in the pharmaceutical industry. This happened on December 31st. We believed that Auvelity could reach $2 billion in peak sales for Alzheimer's Disease Agitation alone. We expect an approval for this indication by mid-year, providing an upcoming catalyst for the stock. The company could also be an attractive acquisition candidate for a larger pharmaceutical company. We continue to hold AXSM stock in investor portfolios. |
| CSCO | Recent partnerships like the one signed by Oracle, Nvidia and OpenAI remind us of the telecom boom and the dot com era in which Cisco started to provide vendor financing to its customers. This practice created a false sense of revenue growth which ultimately unraveled. |
| FENC | Pharmaceuticals, in particular, are an area we are positioned in to take advantage of novel therapies that address large market opportunities (see holding of AXSM highlighted below, and others include XERS, INDV, FENC). |
| GENI | Over 2025, we recognized capital gains by trimming when price targets were achieved or selling completely when our thesis changed. As the year progressed, we tried to offset any gains with losses as best we could but still had some taxable gains at year end. On balance, this turned out to be the right decision as many of the companies saw declines after we sold (Examples: XERS, GENI, NPCE, NTNX, SEMR). |
| GOOGL | Companies like Microsoft, Meta, Amazon, and Google have invested hundreds of billions of dollars into these projects with the hopes of "winning" the AI race. The outcome of these investments is still unknown, and we have yet to see the "killer app" that demonstrates a high return on investment. |
| INDV | Pharmaceuticals, in particular, are an area we are positioned in to take advantage of novel therapies that address large market opportunities (see holding of AXSM highlighted below, and others include XERS, INDV, FENC). |
| MAMA | Mama's Creations (MAMA) was a strong performer for the portfolio throughout 2025. MAMA markets, manufactures, and distributes ready-to-eat deli style packaged food products. Their products include beef meatballs, turkey meatballs, beef meat loaf, sausage and peppers, chicken parmesan, and other similar meats and sauces. Shoppers are increasingly looking for ready-to-eat food options at grocery and convenience stores with a focus on cleaner, protein items with simple ingredients. We originally purchased Mama shares at $2.50 and $3.50 and added more at $7.00 and $11.00 per share. The company has a new CEO, Adam Michaels, who has previously worked at Mondelez International, one of the largest food companies in the world. Since Adam joined the company in September of 2022, the management has improved multiple operational processes within the business, driving margins, and growth. Mama's has over 45,000 product placements in Whole Foods, Costco, Sam's Club, Albertsons, and Safeway. Mama's has historically focused on the Eastern U.S. grocers for their products but now sells nationwide and recently won national product placements in Walmart, Target, and Costco, all of which could be $100 million customers over time. The company's management thinks they can achieve their $1 billion revenue goal in 2030, up from the $170 million in revenue expected in 2025. Mama currently has revenue capacity of $400 million. This figure increased in November when they acquired a company called Crown I Enterprises, located only 10 miles from Mama's current manufacturing facilities. Crown was acquired from Sysco and sells similar chicken/beef products to grocers nationally. We believe the acquisition of Crown gets Mama's in the door with retailers such as Trader Joes and may present a cross-sell opportunity for Mama's other products. In December, Mama's Meatballs were advertised in the national mailer for Costco for the first time. We expect this to drive accelerating revenue growth in Q4 and beyond as new consumers try Mama's products for the first time. We continue to hold Mama's in investor portfolios. |
| MDXH | MDxHealth (MDXH) is a prostate cancer diagnostics screening company we initially purchased at around $2 per share a year ago. Prostate is the second most diagnosed cancer type overall and the most common in men. Their portfolio includes Exo DX, Confirm mdx, Genomic Prostate Score (GPS), and the hereditary prostate cancer test. The company has a network of over 7 thousand physicians and has completed over 250 thousand tests in total. With their series of non-invasive tests, they offer physicians and patients additional guidance when making treatment decisions. MDXH had grown revenue each of the last 12 quarters at over 20% through Q2 2025. We believe this trend will likely continue and may actually accelerate that rate as they recently acquired an additional prostate test. The stock drop in November was due to confusion around their 2026 growth expectations which we believe was overdone. Despite the positive momentum the stock only trades at 2x EV/Revenues vs. peers at 5-9x for similar growth and margin profiles. |
| META | Companies like Microsoft, Meta, Amazon, and Google have invested hundreds of billions of dollars into these projects with the hopes of "winning" the AI race. The outcome of these investments is still unknown, and we have yet to see the "killer app" that demonstrates a high return on investment. |
| MSFT | Companies like Microsoft, Meta, Amazon, and Google have invested hundreds of billions of dollars into these projects with the hopes of "winning" the AI race. The outcome of these investments is still unknown, and we have yet to see the "killer app" that demonstrates a high return on investment. |
| NPCE | Over 2025, we recognized capital gains by trimming when price targets were achieved or selling completely when our thesis changed. As the year progressed, we tried to offset any gains with losses as best we could but still had some taxable gains at year end. On balance, this turned out to be the right decision as many of the companies saw declines after we sold (Examples: XERS, GENI, NPCE, NTNX, SEMR). |
| NTNX | Over 2025, we recognized capital gains by trimming when price targets were achieved or selling completely when our thesis changed. As the year progressed, we tried to offset any gains with losses as best we could but still had some taxable gains at year end. On balance, this turned out to be the right decision as many of the companies saw declines after we sold (Examples: XERS, GENI, NPCE, NTNX, SEMR). |
| NVDA | Recent partnerships like the one signed by Oracle, Nvidia and OpenAI remind us of the telecom boom and the dot com era in which Cisco started to provide vendor financing to its customers. This practice created a false sense of revenue growth which ultimately unraveled. |
| ORCL | Recent partnerships like the one signed by Oracle, Nvidia and OpenAI remind us of the telecom boom and the dot com era in which Cisco started to provide vendor financing to its customers. This practice created a false sense of revenue growth which ultimately unraveled. |
| SEMR | Over 2025, we recognized capital gains by trimming when price targets were achieved or selling completely when our thesis changed. As the year progressed, we tried to offset any gains with losses as best we could but still had some taxable gains at year end. On balance, this turned out to be the right decision as many of the companies saw declines after we sold (Examples: XERS, GENI, NPCE, NTNX, SEMR). |
| XERS | Over 2025, we recognized capital gains by trimming when price targets were achieved or selling completely when our thesis changed. As the year progressed, we tried to offset any gains with losses as best we could but still had some taxable gains at year end. On balance, this turned out to be the right decision as many of the companies saw declines after we sold (Examples: XERS, GENI, NPCE, NTNX, SEMR). Pharmaceuticals, in particular, are an area we are positioned in to take advantage of novel therapies that address large market opportunities (see holding of AXSM highlighted below, and others include XERS, INDV, FENC). |
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