Our theme-based Fund advanced 11.9% in 2025, trailing its benchmark, Russell 2000 Value Index, which was up 12.6% for the same period. Read more here.

Our top contributor at the holdings level was nLIGHT, whose shares have outperformed due to upward revisions to the outlook for its aerospace & defense customers. Read more here.

When US President Donald Trump told reporters on Monday that the war with Iran would be “ended soon,” promising it was a “short-term excursion” and declaring “we’ve already won in many ways,” Iran’s ...