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13D Activist Fund’s Q4 2025 Investor Letter

13D Activist Fund is a mutual fund that focuses on companies that are targeted by shareholder activists. The Fund released its Q4 2025 investor letter. In Q4 2025, the I share (DDDIX) returned 0.40%, net of fees and expenses, versus 2.19% for the Russell 2000 Index. YTD, the Fund returned 3.06% vs. the Index's 12.81% return. It is extremely challenging for active funds to beat market-weighted indexes in a market dominated by large-cap firms. However, the level of shareholder activism continues to improve despite the challenges. Please review the Fund’s top five holdings to gain insights...