iMGP Small Company Fund’s Q4 2025 Investor Letter

iMGP Global Partner, an investment management company, released its fourth quarter 2025 investor letter for the "iMGP Small Company Fund”. The Fund returned 1.33% in the fourth quarter compared to the Russell 2000 Index’s 2.19% return. The Fund’s returns were flat at 0.01% in 2025, compared to a 12.81% return for the Index. In many respects, the market situation returned to normal in the fourth quarter. The Fund's poor performance in the fourth quarter was caused by the biotech businesses' impressive performance, which increased by more than 25%. The Fund generally avoids biotech...