Fund down 20% in Q4 but outperformed broader crypto selloff through defensive positioning. Shifting to Bitcoin-only strategy based on data showing 1-in-70 odds for altcoins beating Bitcoin. Manager believes cycle correction may have begun in October, positioning with two-thirds Bitcoin, one-third cash for potential year-long reset period.

Olesen Value Fund targets neglected micro and small cap securities trading below intrinsic value through bottom-up fundamental analysis. The concentrated portfolio of 10-20 positions has delivered 13.1% annualized returns since 2008 inception versus 11.8% for global markets, capitalizing on systematic mispricings where institutional competition is limited.

AVI delivered +2.9% in Q4 2025 through discount arbitrage in investment trusts. Energy storage leader GRID and capital allocation champion Georgia Capital drove performance. Private equity funds offer compelling arbitrage opportunities selling underlying assets at tight discounts to fund wide-discount buybacks. Renewable investments faced regulatory headwinds but present selective opportunities at distressed valuations.

LHC Capital returned 3.1% in 2025, outperforming Australian tech despite sector headwinds from AI concerns and policy rotation. Strong contributors MA Financial and HUB24 offset weakness in Pro Medicus and REA Group. Underlying business fundamentals improved significantly while valuations compressed, creating attractive prospective returns. Managers expect quality businesses to lead recovery similar to 2022-2025 period.

Small cap value fund underperformed in Q4 due to healthcare underweight and materials positioning. Strong stock selection in technology, particularly Amkor Technology benefiting from AI packaging trends. Maintains overweight positions in banks, consumer discretionary, and industrials. Managers remain constructive on banking sector fundamentals and seek undervalued companies where quality exceeds current valuations.

Brandes International Equity delivered exceptional 39% annual returns in 2025, outperforming benchmarks through strong emerging market stock selection and value rotation. Despite the rally, international value stocks remain historically cheap versus growth. The portfolio added UK utilities and packaging exposure while maintaining overweights in defensive sectors and emerging markets positioning.

Alluvium's concentrated value fund struggled in Q4 2025 with -1.1% returns despite Alphabet's AI-driven surge. Major positions Charter Communications and Liberty Broadband declined sharply on competitive pressures while Ryanair delivered strong performance as the largest holding. The managers maintain their disciplined value approach but acknowledge timing challenges in current market conditions.

Brandes Core Plus Fixed Income Fund maintains defensive positioning amid historically tight credit spreads and persistent inflation concerns. Despite Fed rate cuts, the manager questions economic justification given 25% cumulative inflation since COVID and emerging private credit stress. Fund favors shorter-duration corporates with strong asset coverage, managing duration 10% below benchmark while remaining optimistic about security selection opportunities.

FCL delivered 16.88% USD returns in 2025 by positioning in undervalued copper miners as indirect AI plays. The fund built diversified copper exposure expecting structural demand from data centers, EVs, and renewables against constrained supply. FCL warns Brazilian investors about false CDI safety and expensive US tech valuations while anticipating tokenization opportunities in 2026.

Kennedy Capital's value-focused Mid Cap strategy significantly underperformed in 2025 as their high-CFROI approach was out of favor during AI-driven market leadership. The firm maintains conviction in their core philosophy while making tactical adjustments, exiting rate-sensitive positions and adding underappreciated AI beneficiaries. They view current headwinds as temporary style rotation.

Angel Oak High Yield Opportunities ETF's strategy centers on consumer and corporate resilience driving economic strength despite tight credit spreads. The fund emphasizes high-quality issuers with strong fundamentals while gradually reducing securitized credit exposure. Fed rate cuts and 2026 policy changes should support continued growth, though disciplined selection remains critical given limited spread compression room.

Wasatch Micro Cap Fund underperformed in Q4 2025 and full year due to market preference for unprofitable biotechnology companies over quality holdings. Fund maintained discipline, avoiding low-quality rally while positioning in profitable microcaps with strong fundamentals. Managers expect quality focus to drive long-term outperformance as market eventually rewards profitability over speculation.

Wasatch Small Cap Growth suffered its worst year in 25+ years due to avoiding speculative biotech and AI-related stocks that led markets. Despite solid portfolio fundamentals with superior ROA/ROE metrics, quality was out of favor. Managers remain disciplined, avoiding low-quality momentum plays, positioning for eventual rotation back to fundamentally sound businesses at attractive relative valuations.

Easterly Hedged Equity Fund delivered 11.87% returns in 2025 while maintaining significantly lower volatility than the S&P 500 through systematic options hedging. The Fund captured 66% of market upside with 48% of index volatility, successfully navigating elevated valuations and policy uncertainty while positioning for continued beta management across changing market cycles.

US markets delivered strong 2025 returns led by technology despite early volatility from inflation and trade concerns. Fed cut rates three times while maintaining restrictive stance. Corporate fundamentals stayed healthy with robust AI-driven investment. 2026 outlook hinges on persistent inflation pressures, labor market divergence, and earnings growth needed to justify higher valuations amid continued selectivity requirements.

UBS recommends deploying cash as Fed cuts rates, targeting AI and transformational innovation themes with 41% expected growth. Gold provides portfolio diversification amid geopolitical risks. Favor US tech and healthcare, European quality, Asian markets. Reduce dollar exposure. Energy transition remains attractive despite policy uncertainty. Use market dips for phased entry into preferred sectors.

Eight disinflationary forces including weakened labor markets, restrictive credit conditions, and global stagnation will persist in 2026. Unit labor cost growth of 1.2% and declining inflation expectations support long-term Treasury bonds. The fund maintains positioning in long-duration Treasuries as yields appear increasingly favorable under the Fisher equation framework.

Third Avenue Value Fund delivered strong Q4 and full-year performance driven by copper miners and European banks. Mining companies benefited from growing appreciation of copper's indispensable role in electrification and data center buildouts amid persistent supply challenges. Resource conversion activity across portfolio companies created additional value through strategic transactions, asset sales, and capital returns to shareholders.

Third Avenue Real Estate Value Fund delivered 11.61% returns in 2025 through concentrated exposure to discounted real estate platforms engaging in value-surfacing activities. With portfolio companies trading at 20%+ discounts to NAV and compelling relative valuations versus broader markets, the Fund is positioned for multi-year outperformance as capital flows reverse from private to public real estate.

International Growth underperformed in Q4 despite strong earnings growth as style headwinds favored value over growth. The portfolio maintains disciplined exposure to AI, defense, robotics, energy transition, and space themes through quality businesses with clear economic models. Historically compressed valuations combined with above-benchmark earnings growth create compelling long-term opportunities despite near-term style challenges.

Resilient Asset Management advocates diversification over market timing after international markets outperformed domestic in 2025. Manager emphasizes that uncertainty is constant throughout history, not unique to today, while discussing AI's uncertain but significant market impact. With Buffett retiring from Berkshire, the focus remains on long-term investing and controllable planning factors rather than predicting 2026 market direction.

Jensen Quality Growth Fund underperformed in 2025 due to market concentration in mega-cap AI stocks, but evolved its portfolio to include AI beneficiaries meeting quality criteria like Nvidia and Meta. The manager maintains discipline in quality investing while positioning for broader market leadership beyond AI concentration, expecting relative performance to improve as fundamentals reassert themselves.

Emerging Markets Growth delivered strong 21.6% absolute returns in 2025 but lagged benchmarks due to multiple compression in quality holdings. AI-driven semiconductor strength offset ecommerce headwinds from Sea, MercadoLibre, and Coupang. Portfolio positioned for secular digitalization and AI trends with historically attractive valuations and mid-20% expected earnings growth creating compelling long-term opportunity despite near-term performance challenges.

Sands Capital Select Growth underperformed in Q4 despite strong absolute returns, as multiple compression overwhelmed benchmark-beating earnings growth. The firm maintains disciplined exposure to AI infrastructure, defense technology, robotics, energy transition, cybersecurity, and space themes while avoiding bubble excesses. Portfolio positioned for long-term value creation across transformational innovation themes at historically attractive valuations.

Global markets completed another strong year with decoupling from US dominance driving non-US outperformance, AI momentum overcoming valuation concerns, and market broadening creating active manager opportunities. Small caps varied by region with biotech and precious metals leading. Fed cuts and tariff-driven domestic themes provided catalysts while elevated valuations and political uncertainty remain risks.

Mondrian sees superior value opportunities in non-US markets with less AI concentration risk and broader stock-picking potential. Despite European banks' 77% rally, firm maintains underweight given stretched valuations. AI boom creates systemic fragility through debt-funded expansion with unproven economics. Currency tailwinds expected to support international returns while disciplined valuation approach identifies mis-priced securities globally.

Sands Capital's Global Growth strategy returned 10.2% in 2025, lagging benchmarks due to valuation compression despite strong earnings growth. The portfolio maintains disciplined AI exposure while expanding into defense technology, robotics, energy transition, cybersecurity, and space themes. Trading at historically low valuations with intact fundamentals, management sees compelling long-term opportunities ahead.

Zverev's innovation fund capitalizes on structural technology adoption beyond AI hype. Strong performance from memory semiconductors and photonics validates long-term themes. Added to quality positions during temporary weakness in machine vision, defense tech, and industrial software. New investments target data center optical transitions and Alzheimer's diagnostics leadership. Portfolio positioned for innovation frontiers with compelling fundamentals.

Square Peg delivered 24% portfolio growth over six months while positioning for unprecedented AI-driven transformation across industries. Their focus on AI-native applications at the application layer builds on 13 years of SaaS expertise, with portfolio companies spanning foundational models to enterprise applications. They view current AI adoption as early days of profound technological change.

Ameliora delivered strong 2025 performance driven by precious metals overweight as gold gained 64% and silver surged 145%. Maintains broadly neutral equity stance while reducing long-dated bond exposure due to debt concerns. Expects positive year ahead from 14-15% profit growth and falling rates, but monitoring AI bubble risks and geopolitical uncertainties including potential China-Taiwan conflict.

Pelican Bay delivered 8.5% quarterly returns driven by AI and commodities exposure, particularly 95% gains in Micron Technology. The manager maintains disciplined value investing, exiting Alphabet above fair value and initiating positions in AECOM, FactSet, and Zoetis. Despite homebuilding weakness from mortgage rate headwinds, they added to positions believing in housing shortage fundamentals and attractive valuations.

Arquitos delivered 82.1% returns in 2025 through concentrated biotech special situations. Liquidia's successful drug launch captured 25% market share while ENDI and Finch advanced operationally and legally. Manager maintains high conviction in current holdings, viewing them as still undervalued despite strong performance, with multiple catalysts ahead including potential M&A activity.

Technology Innovators delivered 14.7% returns in 2025 but lagged benchmarks due to multiple compression despite strong earnings growth. The strategy maintained disciplined AI exposure while navigating market volatility, evolving positions in semiconductors and internet platforms. Five key themes - defense, robotics, energy transition, cybersecurity, and space - position the concentrated portfolio for long-term value creation despite near-term market dislocations.

NewBridge Large Cap Growth delivered solid Q4 returns despite slight benchmark underperformance, driven by strong Technology sector results offset by Uber weakness versus Tesla strength. The portfolio maintains high-growth, high-quality positioning with 98% in growth companies. Management remains confident in fundamental-driven approach amid Fed uncertainty and Trump policy changes, believing opportunities outweigh risks for diversified growth portfolio.

Third Avenue Small-Cap Value Fund delivered strong Q4 and full-year 2025 returns through disciplined value investing focused on owner-operator companies. Kaiser Aluminum and Collegium Pharmaceutical led performance while the fund opportunistically initiated Flagstar Bank at attractive valuations. The managers prioritize governance alignment and long-term value creation, maintaining selective positioning with 5.2% cash.

GCQ delivered +2.0% in 2025 despite challenging stock-picking conditions dominated by AI momentum. Hemnet's 60% decline from highs created the primary drag, though the Swedish real estate portal maintains 90% market share. The team views current portfolio valuations as extremely attractive and remains optimistic about 2026 as market focus shifts back to quality fundamentals.

Third Avenue's international real estate fund returned 25.56% in 2025 as privatization thesis materialized with multiple takeover offers at significant premiums. Fund trades at 13x P/E with 30% NAV discount despite strong fundamentals across self-storage and residential platforms. Management expects continued privatization activity and attractive returns from earnings growth in undersupplied markets globally.

Thornburg Equity Income Builder outperformed significantly in 2025 with a 36.96% return, focusing on dividend-paying companies with resilient businesses trading at attractive 14.3x P/E versus market's 21.6x. Despite macro uncertainties around inflation and trade policies, the manager remains optimistic given the portfolio's strong market positions, sustainable cash flows, and compelling valuations relative to history.

Platinum International Fund outperformed with 13.1% annual returns despite geopolitical uncertainty and AI disruption debates. Portfolio remains concentrated in quality businesses like AerCap, Alphabet, and TSMC while avoiding consumer-exposed names. K-shaped economic recovery continues favoring affluent segments. Political wildcards and market dispersion demand disciplined bottom-up selection over speculation, with strong investment pipeline supporting near-full deployment.

Meridian Growth Fund underperformed in Q4 2025 despite strong healthcare sector allocation. The quality-focused strategy faced headwinds from lower-quality stock outperformance but demonstrated downside protection during market declines. Management maintains conviction in high-quality businesses with sustainable competitive advantages, viewing current positioning as well-suited to navigate market uncertainty and capitalize on long-term value creation opportunities.

Columbia Global Technology Growth Fund underperformed in Q4 2025 despite strong AI-driven semiconductor performance from Taiwan Semiconductor, Micron, and Lam Research. Alphabet reclaimed AI leadership with Gemini 3, while Oracle and Netflix faced headwinds. The manager maintains conviction in early-stage AI secular trends, emphasizing patient capital allocation to higher-conviction technology opportunities over the long term.

Columbia Seligman Global Technology Fund outperformed by 359bp in Q4 through selective AI infrastructure plays, overweighting semiconductor equipment companies like Lam Research while underweighting NVIDIA. The fund's out-of-benchmark Bloom Energy position addresses critical data center power constraints. Despite AI capex volatility, strong fundamentals support continued infrastructure build-out with hyperscaler commitment to GPU and memory spending.

Liberty Park Fund declined 7.36% in Q4 2025, maintaining contrarian positioning against the AI bubble. Despite trillions in AI spending, revenue generation remains minimal, creating unsustainable valuations reminiscent of dot-com excess. With Fed rate cuts nearing neutral, the manager expects inevitable market reset favoring fundamental analysis over speculation, positioning portfolios accordingly.

Platinum Global Fund delivered strong 16% annual returns in 2025 under new manager David Steinthal. The portfolio concentrates in mega-cap technology and payments leaders like Microsoft, Amazon, and Visa across global markets. Heavy technology weighting at 34% and minimal 2% cash position reflects confident deployment in established market-leading companies.

Meridian Contrarian Fund's disciplined value approach delivered 2.18% in Q4 2025, with Dollar Tree and Aritzia driving outperformance through operational improvements and growth acceleration. The concentrated 50-75 position portfolio targets turnaround situations in AI, electrification, and defense themes. Despite near-term headwinds from rate uncertainty, the fund maintains conviction in quality businesses with sustainable competitive advantages trading at attractive valuations.

Asian markets surged on AI enthusiasm, with semiconductors leading gains. Chinese financials rebounded as government signaled end to unlimited property developer support, creating re-rating opportunity. Added autonomous vehicle exposure via Pony AI on improving unit economics. Despite AI bubble fears, attractive opportunities persist across technology transformation, financial sector rebalancing, and consumer franchise turnarounds for patient capital.

Meridian Small Cap Growth Fund returned 0.90% in Q4 2025, underperforming its benchmark due to quality bias headwinds. Healthcare overweight drove performance as the sector led markets. The fund emphasizes high-quality businesses with recurring revenue and competitive advantages, prioritizing downside protection. Biotech holdings including Structure Therapeutics and Axogen contributed positively amid promising clinical developments.

Renaissance's Large Cap Growth strategy underperformed in Q4 as narrow mega-cap tech leadership continued. Portfolio benefited from AI winners Alphabet and Applied Materials but was hurt by Fiserv irregularities and Netflix's expensive Warner Bros. bid. Extreme valuation gaps between mega-cap and equal-weighted stocks suggest better relative performance ahead for reasonably priced growth companies.

Meridian Hedged Equity Fund returned 0.08% in Q4 2025, underperforming the S&P 500's 2.66% gain. The fund employs a hedged equity strategy combining quality long positions with covered calls for downside protection. Gaming and energy holdings drove performance, while food and sports betting names detracted. Management expects continued volatility but remains focused on high-quality businesses with durable competitive advantages.