| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 3.5% | 5.9% |
| 2025 |
|---|
| 5.9% |
TimesSquare Capital Management's U.S. Small Cap Growth Strategy outperformed the Russell 2000 Growth Index in Q4 2025, returning 3.45% net after a challenging summer and fall period. The strategy focuses on companies with quality management, competitive advantages, and sustainable growth across technology, healthcare, consumer, and industrial sectors. Key contributors included JFrog, which rallied 32% on increased cybersecurity demand following supply chain attacks, and Ceribell, which surged 91% after FDA clearance for neonatal EEG applications. The portfolio emphasizes specialty retailers like Boot Barn and Ollie's, biotechnology companies including Abivax and NewAmsterdam Pharma, and nuclear energy exposure through Uranium Energy. Consumer caution amid labor market softening and low-quality market bias toward companies with poor returns on equity present ongoing risks. The manager expects increased AI adoption, higher corporate spending from tax legislation, and awaits Supreme Court decisions on tariffs. The fundamental research-driven approach targets steady management teams capable of driving economic growth.
TimesSquare Capital Management focuses on small-cap growth companies with quality management, distinct competitive advantages, and strong sustainable growth, emphasizing fundamental research-driven stock selection across technology, healthcare, consumer, and industrial sectors.
The manager remains focused on fundamentals, seeking steady management teams capable of driving economic growth at their companies, which they believe will be rewarded over time by the markets. They are awaiting the Supreme Court decision on Trump Administration tariffs and expect increased AI adoption and corporate spending from the One Big Beautiful Bill.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | ABVX.PA, AXGN, BOOT, CBLL, CWST, FROG, LGCE, MTSI, NAMS, NSKE, OLLI, SLNO, STVN, TTEK, UEC, WRBY | Biotechnology, consumer, energy, growth, healthcare, industrials, small caps, technology |
BOOT WRBY OLLI UEC AXGN FROG |
TimesSquare's small-cap growth strategy outperformed in Q4 2025, driven by cybersecurity demand benefiting JFrog and FDA approvals boosting medical device companies like Ceribell. The portfolio spans specialty retail, biotechnology, and nuclear energy with focus on quality management and competitive advantages. Consumer caution and market quality bias present risks while AI adoption and tax legislation provide potential catalysts. |
| Oct 12 2025 | 2025 Q3 | ACVA, BJ, CWST, KTOS, MIR, NVDA, PAR, SITM, UNF, VERX | AI, Biotechnology, defense, Federal Reserve, growth, M&A, small cap, software |
KRAT US SITM US |
TimesSquare's small cap growth strategy lagged in Q3 as markets favored cyclical over secular growth themes. Strong biotech and defense performance offset software weakness from delayed client spending. AI infrastructure concerns emerged with debt levels approaching dot-com peaks. The team maintains fundamental focus on quality management and sustainable growth despite market rotation toward speculative quantum computing hype. |
| Jul 15 2025 | 2025 Q2 | ADUS, BJ, BOOT, EE, GTLS, INSM, INSP, IRTC, KRYS, MGY, OLLI, PAY, PJT, STVN, VCEL, VCTR, VRNA, WH, WHD, WRBY | AI, Biotechnology, consumer, defense, growth, semiconductors, small cap, tariffs |
KRYS KTOS CWAN |
TimesSquare's small-cap growth strategy navigated tariff-driven volatility in 2Q25, delivering solid returns through selective positioning in resilient consumer retailers, innovative healthcare companies, and technology leaders. The manager balances defensive positioning against trade policy headwinds with opportunistic investments in AI, defense modernization, and specialized services, maintaining focus on companies with superior fundamentals and sustainable competitive advantages. |
| Mar 31 2025 | 2025 Q1 | ADUS, BFAM, BJ, BOOT, CBLL, CHEF, DAWN, ERJ, FRPT, HLNE, INFN, INSM, ITCI, MGY, MVBF, PAY, SLNO, VRNA, VVV, WHD | AI, Biotechnology, defense, growth, semiconductors, small cap, tariffs, Trade Policy | - | TimesSquare's small cap growth strategy outperformed in a volatile Q1 marked by trade policy uncertainty and AI infrastructure concerns. Strong performers included BJ's Wholesale Club and Embraer, while tariff fears hurt Boot Barn. The team maintains selective positioning across consumer, energy, healthcare, and technology sectors, opportunistically adding to oversold quality names while expecting continued market turbulence until policy clarity emerges. |
| Sep 30 2024 | 2024 Q3 | ADUS, BJ, BOOT, CERT, CWAN, EME, EWCZ, FORM, FROG, INSM, LOAR, MODG, MTDR, MYRG, OS, PCVX, SVV, WH, WHD, WMT | Biotechnology, consumer, energy, growth, healthcare, industrials, small cap, technology | - | TimesSquare's small cap growth strategy returned 6.24% in Q3, underperforming benchmarks despite strong individual winners like Boot Barn and Loar Holdings. The team actively rotated positions, adding biotech and hospitality names while exiting underperformers. Fed rate cuts and AI spending trends support the outlook, though election uncertainty and sector-specific headwinds require careful risk management. |
| Jun 30 2024 | 2024 Q2 | ADUS, ATRC, AZEK, BJ, BOOT, CERT, ESAB, EWCZ, HLNE, IAC, MDIA, MRUS, MVBF, RRX, SILK, SVV, TMCI, VCTR, WRBY, WSC | consumer, financials, growth, healthcare, industrials, small cap, technology | - | TimesSquare's small cap growth strategy outperformed in Q2 despite consumer spending pressures and industrial short-cycle weakness. The team actively managed positions, trimming winners and adding to quality names on weakness. Technology shows mixed signals with GenAI still early-stage but data center capex strong. Focus remains on businesses approaching positive inflection points. |
| Apr 15 2024 | 2024 Q1 | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | - | |
| Dec 31 2023 | 2023 Q4 | ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS | Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology | - | TimesSquare's small cap growth strategy underperformed in Q4 2023 but positioned for structural growth themes including cybersecurity, automation, and infrastructure spending. The team actively managed the portfolio, trimming winners and adding to quality names on weakness. Strong fundamentals across holdings support the outlook despite near-term macro uncertainties from central bank policy and global elections. |
| Sep 30 2023 | 2023 Q3 | ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, NEWR, PLNT, PRAA, RETA, TMCI, VERX | Biotechnology, consumer, growth, healthcare, industrials, small cap, technology | - | TimesSquare's small-cap growth strategy outperformed in Q3 2023 by focusing on profitable companies with pricing power amid wage inflation and consumer weakness. The manager sold struggling consumer names while adding to medical device companies hurt by GLP-1 sentiment and initiated positions in cloud infrastructure and biotech companies with strong fundamentals and competitive moats. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIManager believes AI revolution is fundamentally different from dot-com bubble, driven by current compute demand rather than future applications. Views infrastructure buildout as most secure part of AI food chain. Expects continued volatility but remains bullish on long-term prospects. |
Artificial Intelligence Data Centers Compute Infrastructure GPUs |
Data CentersThree mega-trends driving insatiable demand for accelerated computing: transition from CPU to GPU infrastructure, replacement of recommender systems, and future robotics/digital agents. Current demand exceeds available compute capacity unlike telecom overbuild in 2000. |
GPU Infrastructure Hyperscalers Cloud Computing | |
Trade PolicyTariffs were central topic throughout 2025 with over $200B collected. Supreme Court ruling on Trump tariff legality could impact markets in early 2026. Manager prefers tariffs fade as investment topic but expects continued relevance regardless of court decision. |
Tariffs IEEPA Trade Policy Volatility | |
SemiconductorsContinued investment in Nvidia and ASML reflects belief that infrastructure buildout is most secure part of AI food chain. Added Micron as new investment. Views semiconductor equipment and memory as beneficiaries of AI compute demand. |
Nvidia ASML Micron Memory Equipment | |
| 2025 Q3 |
AIAI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot-com peak levels. |
Infrastructure Semiconductors Spending Sustainability Debt |
BiotechnologyMultiple biotech holdings showed strong performance including NewAmsterdam Pharma with 57% gains on positive clinical trial data for cholesterol inhibitors, and Merus climbing 79% before being acquired. The team continues to focus on novel therapies for unmet needs that command premium pricing. |
Clinical Trials M&A Cholesterol Oncology Premium Pricing | |
DefenseKratos Defense & Security was a positive contributor, gaining 95% after announcing partnerships with German air force and U.S. Marines for its Valkyrie collaborative combat aircraft. The company exceeded expectations across all segments with several new high-probability wins. |
Unmanned Systems Combat Aircraft Satellite Communications Defense Contracts | |
Capital MarketsHelped by a more accommodative Federal Reserve, capital markets activities picked up with meaningful recoveries in the levels of M&A and IPOs in recent months. This trend supported various portfolio positions and market dynamics. |
M&A IPOs Federal Reserve Monetary Easing | |
Enterprise SoftwareSoftware companies faced headwinds as short-term market sentiment penalized secular growth areas in favor of cyclical semiconductors. Companies like Vertex and PAR Technology saw elongated sales cycles as clients delayed contracts due to macroeconomic concerns. |
Tax Compliance Hospitality Sales Cycles Macroeconomic Concerns Revenue Recognition | |
| 2025 Q2 |
Trade PolicyThe U.S.'s proposed tariff regime led to significant economic fallout with global markets whipsawing in the ensuing tariff tantrum. Many companies across most areas either scrapped or significantly reduced forward guidance as they wait to see how near-term results fare in this environment. Companies with better balance sheets increased their inventories during tariff pauses, which should provide them with opportunities for greater market share later in 2025. |
Tariffs Trade Guidance Inventories Market Share |
AIThe rebound in spending for all things AI-related had been weak in the first quarter following DeepSeek's emergence but recovered in the second quarter. One notable confirming data point for the AI megatrend was Ford Motor CEO predicting that artificial intelligence is going to replace literally half of all white-collar workers in the U.S. Warby Parker announced a partnership with Google to develop AI-powered glasses. |
Artificial Intelligence DeepSeek White-collar Technology Innovation | |
SemiconductorsAnticipation of higher prices from tariffs led to a short-term surge of orders across the semiconductor industry. Credo Technology Group experienced strong momentum in their core active electrical cable business with fiscal fourth quarter revenues and earnings well above estimates. MACOM Technology Solutions climbed 43% driven by datacenter and telecommunications demand. |
Semiconductor Orders Datacenter Telecommunications Equipment | |
Defense SpendingWhile investors were initially cautious on the potential impact of DOGE on the defense budget, we are now seeing augmented defense spending with a major shift towards next-generation priorities such as hypersonic, missile defense, UAVs, and space. Kratos Defense & Security Solutions exceeded expectations and is well placed for this shift in defense priorities. |
Defense DOGE Hypersonic UAVs Space | |
BiotechnologyChanges at the FDA slowed regulatory approvals, which combined with the Trump administration's rhetoric for lower drug prices and onshore production, have dampened enthusiasm for the biopharma industry. However, several companies showed strong results including Insmed with impressive Phase 2 trial data and Verona Pharma with Ohtuvayre drug launch exceeding expectations. |
FDA Regulatory Drug Prices Onshore Trials | |
| 2025 Q1 |
Trade PolicyGlobal trade outlook and tariff concerns are creating significant market turbulence. Companies are girding for greater turbulence before waters calm, with specific impacts on Boot Barn from tariff concerns and Cactus Inc. building Vietnam capacity to address tariff risks. |
Tariffs China Vietnam Manufacturing |
AIChina's DeepSeek AI model announcement led to concerns about reductions in massive AI infrastructure spending rates. This weighed on semiconductors and related industries, though corporate IT buyers show resilience expected for AI spending. |
DeepSeek Infrastructure Semiconductors Spending | |
BiotechnologyStrong activity in rare disease therapeutics with FDA approvals and acquisitions. Insmed advanced with Arikayce guidance, Soleno received FDA approval for Vyvkat, and Intra-Cellular was acquired by Johnson & Johnson. |
Rare Diseases FDA Acquisitions Therapeutics | |
DefenseDefense sector showing strength with Kratos establishing joint venture with Rafael for Prometheus Energetics to produce solid rocket motors. Company released two-year guidance framework calling for revenue growth and increased capital expenditures on hypersonics and Valkyrie drones. |
Hypersonics Drones Joint Venture Rocket Motors | |
| 2024 Q3 |
AIAI remains a dominant trend with many companies seeing greater risks of underspending and being left behind rivals. Companies are setting their IT budgets for 2025 with AI considerations. The technology continues to drive corporate spending decisions across sectors. |
Artificial Intelligence Technology Corporate Spending IT Budgets |
EnergyEnergy sector moves in lockstep with underlying commodity prices. The fund focuses on low-cost exploration and production companies with high yielding fields, or specialized service providers. Presidential election outcomes may bolster drilling activity. |
Oil Natural Gas Drilling Commodity Prices Energy Services | |
BiotechnologyAdded two new biotechnology companies focused on vaccines and pulmonary disease treatments. Vaxcyte's pneumococcal vaccine candidate shows potential to take share in a multi-billion-dollar market. Insmed has treatments for lung infections with expanded use potential. |
Vaccines Pulmonary Diseases Clinical Data Commercial Launch | |
HealthcarePreferences include companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. Focus on home care services and biosimulation technology for drug development. |
Novel Therapies Home Care Biosimulation Premium Pricing | |
AerospaceLoar Holdings provides niche aerospace and defense components with growth forecasted across aerospace original equipment, aftermarket, and defense markets. The company reported higher-than-anticipated revenues and boosted guidance. |
Defense Components Aerospace Equipment Aftermarket Defense Markets | |
| 2024 Q2 |
AIThe narrative for Technology and related services continues with its GenAI headlines. Enterprises remain in the early stages of determining what their GenAI uses might be, and how to implement them. Data center capital expenditures remain strong, boosting semiconductors and related companies. |
GenAI Data Centers Enterprise Implementation Semiconductors |
Consumer FinanceConsumer spending remains tight, which also affects other sectors. Personal savings rates this year are below the long-term averages, depleting the cushions many built during the pandemic. U.S. retail sales have been flat or down in recent months. |
Consumer Spending Savings Rates Retail Sales Pandemic Economic Pressure | |
OnshoringStrength persisted for longer-cycle end markets such as electrical construction, commercial aerospace, and infrastructure. Reshoring trends continue to drive capital investment among industrial companies. |
Reshoring Capital Investment Infrastructure Manufacturing Industrial | |
| 2023 Q4 |
CybersecurityCybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. |
IT Budgets SEC Rules Cyberattacks Risk Management Disclosure |
GLP1In 2023 for Health Care, market enthusiasm for GLP-1 obesity treatments nearly equaled that for artificial intelligence. Though moving into 2024, that market frenzy has waned. Market concerns emerged that anti-obesity drugs would obviate the need for cardiovascular medical devices. |
Obesity Healthcare Medical Devices Market Enthusiasm Treatment | |
AutomationIndustrial capital expenditures may continue to be a bright spot for several years as structural labor challenges are addressed with greater automation and supply chains localized, particularly away from China. Companies are investing in automation to address labor shortages and improve efficiency. |
Labor Challenges Capital Expenditures Supply Chains Efficiency Investment | |
Infrastructure SpendingThe U.S. is in the early stage of increased domestic infrastructure spending related to recent government programs. This represents a multi-year opportunity for industrial companies providing essential infrastructure services and equipment. |
Government Programs Domestic Multi-year Industrial Services | |
| 2023 Q3 |
CloudWhile cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. |
Cloud Infrastructure SaaS Enterprise Software |
GLP1Enthusiasm for new GLP-1 obesity treatments touched nearly all areas of Health Care and part of Consumer Discretionary. Some sentiment seems extreme, especially how medical technology stocks were punished, but this may create investment opportunities. |
Obesity Medical Devices Healthcare | |
Infrastructure SpendingIndustrial infrastructure benefits from increased spending as companies reassess supply chains due to geopolitical pressures and higher costs of long-distance shipments. Government support programs for infrastructure investments are causing shifts of production capacity to local regions and significant project backlogs. |
Industrial Supply Chain Government Spending | |
Trade DownConsumers have traded down with spending habits or tightened wallets, partly responding to higher expenses from rising credit costs and energy prices. This makes the manager more cautious about consumer-oriented companies. |
Consumer Spending Credit Costs Energy Prices |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Grant R. Babyak | BOOT | Boot Barn Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Margins, retail, Storegrowth, valuation, Westernwear | Login |
| Jan 21, 2026 | Fund Letters | Grant R. Babyak | WRBY | Warby Parker Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Direct toconsumer, Eye wear, innovation, Margins, smart glasses | Login |
| Jan 21, 2026 | Fund Letters | Grant R. Babyak | OLLI | Ollie’s Bargain Outlet Holdings, Inc. | Consumer Discretionary | Discount Retail | Bull | NASDAQ | Cost control, discount retail, Loyalty, Store growth, Value | Login |
| Jan 21, 2026 | Fund Letters | Grant R. Babyak | UEC | Uranium Energy Corp. | Energy | Uranium | Bull | New York Stock Exchange | Commodities, energysecurity, Nuclear, Policy, uranium | Login |
| Jan 21, 2026 | Fund Letters | Grant R. Babyak | AXGN | Axogen, Inc. | Health Care | Medical Devices | Bull | NASDAQ | FDA, Medicaldevices, Nerves, Regeneration, Trauma | Login |
| Jan 21, 2026 | Fund Letters | Grant R. Babyak | FROG | JFrog Ltd. | Information Technology | Application Software | Bull | NASDAQ | Devops, growth, Security, Software, supply chain | Login |
| Oct 12, 2025 | Fund Letters | Grant R. Babyak | KRAT US | Kratos Defense & Security Solutions Inc | Other | Aerospace & Defense | Bull | NASDAQ | Aerospace, backlog, Defense, Drones, government contracts, growth, Margins | Login |
| Oct 12, 2025 | Fund Letters | Grant R. Babyak | SITM US | SiTime Corp | Information Technology | Semiconductor Components | Bull | NASDAQ | AI, design wins, growth, Mems, Oscillators, semiconductors, technology | Login |
| Jul 15, 2025 | Fund Letters | Grant R. Babyak | KRYS | Krystal Biotech, Inc. | Health Care | Biotechnology | Bear | NASDAQ | Commercialization, Demand, gene therapy, rare disease, Salesforce, Volatility | Login |
| Jul 15, 2025 | Fund Letters | Grant R. Babyak | KTOS | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Defense, Drones, Hypersonic, margin, Missile-Defense, Space | Login |
| Jul 15, 2025 | Fund Letters | Grant R. Babyak | CWAN | Clearwater Analytics Holdings, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Accounting, Acquisitions, asset management, Dilution, Integration, SaaS | Login |
| TICKER | COMMENTARY |
|---|---|
| ABVX.PA | That includes the biopharma developer of treatments for bowel diseases, Abivax SA. We first purchased Abivax in the summer, after it reported strong clinical trial results for its obefazimod treatment to address ulcerative colitis in a longer-lasting manner with fewer side effects than current medicines. Toward the end of the year, there was speculation that Abivax was in the acquisition crosshairs of a larger pharmaceutical company, and we trimmed our position as it rose by 58%. |
| AXGN | New to the strategy was Axogen, Inc., which develops technologies for peripheral nerve regeneration and repair from injuries caused by trauma, chronic conditions, or surgical procedures. Its flagship product, Avance Nerve Graft, is a decellularized human nerve allograft that preserves native nerve microarchitecture while eliminating immune rejection risk. It is the only FDA-approved implantable biological nerve allograft on the market. |
| BOOT | Longer-term holdings such as Boot Barn increased, outperforming benchmark returns |
| CBLL | The share price of Ceribell, a leader in portable electroencephalogram (EEG) technology, surged 91% after reporting inline financial results and elevating its sales outlook for the remainder of its fiscal year. The recent FDA clearance for the company's Clarity algorithm for neonates significantly broadens Ceribell's total addressable markets and is expected to enable an earlier-than-anticipated neonatal launch. |
| CWST | The fortunes of Casella Waste Systems waxed and waned during the quarter. At the beginning of the quarter, Casella's shares slipped ahead of its fiscal quarterly report. After showing revenues and earnings higher than anticipated, along with better full-year guidance, its share price recovered and ended the quarter up 3% for this provider of solid waste collection, transfer, disposal, and recycling services for residential, commercial, municipal, and industrial customers. |
| FROG | Lastly was JFrog Ltd., the portfolio's strongest performer this quarter. JFrog manages the software supply chain and enables organizations to securely deliver software updates across their enterprises. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on—which secures open-source packages before organizations onboard them—has seen significant pipeline growth, driving a 32% rally in its shares. |
| LGCE | Gaining 40% was Legence Corp., which provides engineering, installation, and maintenance services for mission-critical systems in buildings. Purchased through its IPO in September, Legence serves high-growth sectors with technically demanding buildings, including data centers, other technology, life sciences, other health care, and education. As its shares continued to climb, we trimmed the position. |
| MTSI | Semiconductor holding MACOM Technology Solutions rose nearly +40%, as the company experienced broad-based demand, similar to many semiconductor companies in 2025. |
| NAMS | Shares in the biopharma developer of cholesterol inhibitors for cardiovascular diseases, NewAmsterdam Pharma, rose by 23%. Indications were strongly positive for the upcoming trial results for its CETP inhibitor to reduce LDL levels. |
| NSKE | A recent IPO, the cybersecurity company providing security, networking, and analytics solutions Netskope, Inc. is a leader in modern security and networking for the cloud and AI era. Shares of Netskope sold off with other software and cybersecurity names during the quarter and declined by -23%, though we continued adding to our holdings. |
| OLLI | While Ollie's Bargain Outlet saw a -15% return, we have been increasing our position in the specialty retailer for closeouts, excess inventory, and salvage merchandise. Revenues were slightly below expectations as consumers shifted to even lower-priced store inventory, though Ollie's managed costs and reported better-than-expected earnings. Membership in Ollie's Army loyalty club grew as did the number of Ollie's stores, which we believe bodes well for its 2026 results. |
| SLNO | We closed our position in biopharma developer Soleno Therapeutics, which recorded a -34% decline while held within the portfolio this quarter. Even though the company's Vykat XR stands as the sole approved therapy for hyperphagia in Prader-Willi Syndrome (PWS), investor sentiment remains subdued due to ongoing concerns regarding the growth trajectory. |
| STVN | Pulling back by -22% was Stevanato Group, which manufactures glass packaging for syringes, autoinjectors, and other pharmaceutical needs. Recent revenues and earnings each exceeded expectations, though management was conservative and merely reaffirmed its guidance for the balance of its fiscal year. There may have been some advanced purchasing from customers, though Stevanato's core business grew well, and we added to our position on the weakness. |
| TTEK | Elsewhere in the sector, we exited our position in Tetra Tech, a consulting and engineering firm focused on water and related environmental services. We expected that the slowing national infrastructure spending in Australia would limit Tetra Tech's opportunities in the near term. |
| UEC | Uranium Energy is the largest licensed uranium miner in the U.S. We believe it is well-positioned to benefit from the renewed focus on nuclear power as a long-term energy solution and from U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. However, recent volatility in uranium prices weighed on the stock, which declined -12% during the quarter. We continued to build our position in Uranium Energy after our first purchases at the end of September. |
| WRBY | It was a rollercoaster ride for shares in Warby Parker, which ended the quarter down by -22%. The online eyewear retailer's shares slid down sharply through October as the market was cautious ahead of November's fiscal quarterly report, and we added to our position. Warby reported lower-than-expected sales, though better margins led to higher earnings. After speaking with management, we believe Warby's core operations were stable, and the prevailing stock price undervalued the benefits from 2026's Google's smart glasses launch. Toward the end of the year, enthusiasm for smart glasses lifted Warby's shares, and we trimmed the position. |
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