Here are Palm Valley Capital Fund’s Thoughts on Forrester Research (FORR)

Core Insights - Palm Valley Capital Fund experienced a 0.66% appreciation in Q4 2025, underperforming compared to the S&P SmallCap 600's 1.70% gain and the Morningstar Small Cap Total Return Index's 3.12% rise [1] - The Fund increased its allocation to Treasury bills from 74.1% to 76.3% during the quarter, while equity holdings rose by 1.12% [1] - Investments in precious metals, particularly silver, positively influenced equity performance, with silver being the Fund's largest allocation for several years [1] Company Focus: Forrester Research, Inc. - Forrester Research, Inc. (NASDAQ:FORR) had a one-month return of 14.47%, but its shares declined by 44.86% over the past 52 weeks, closing at $8.15 per share on January 5, 2026, with a market capitalization of $155.526 million [2] - The Fund sold its position in Forrester Research in Q4 2025, citing that sales typically occur when share prices reach valuations, and sometimes at a loss when confidence in valuation diminishes [3] - Forrester's revenue challenges were deemed self-inflicted, especially as larger competitor Gartner continued to grow, leading to the decision to divest from Forrester [3]