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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Outperforming its benchmark. Constructive on small-cap quality growth, supported by rate cuts and cheap relative valuations."
Next Century Growth Investors discusses 4Q25 results and market dynamics, noting that 2025 was a highly challenging environment for active managers due to a pronounced market preference for speculative, low-quality factors. Despite these headwinds, the NCG SMID Cap Growth Composite posted a 3.61% net-of-fees return in 4Q25, outperforming the Russell 2500 Growth Index's 0.32%. The firm remains constructive on small-caps, citing rate cuts, accelerating earnings growth in 2026, and attractive relative valuations versus large-cap equities.
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