Core Insights - The BBH Select Series – Mid Cap ETF decreased by 3.9% in Q4 2025, underperforming the Russell Midcap Index which returned 0.2% [1] - The year saw unprofitable and highly volatile companies outperforming, with healthcare and materials being the top sectors while communication services and real estate declined [1] - The firm anticipates a market shift back to financial fundamentals like profitability and cash flow [1] Company Focus: Shift4 Payments, Inc. - Shift4 Payments, Inc. (NYSE:FOUR) experienced a stock price of $46.88 on March 10, 2026, with a one-month return of -20.19% and a 52-week loss of 48.10% [2] - The company has a market capitalization of $4.789 billion [2] - Despite strong fundamental performance, Shift4 Payments was a significant detractor in Q4 2025, declining by 18.6% and holding a weight of 3.8% in the fund [3] - Shift4 specializes in integrated payment processing for the hospitality sector and reported strong quarterly results, beating both top and bottom line expectations [3] - The company announced a $1 billion share buyback authorization, although it slightly lowered its volume guidance due to modestly worse same-store sales and foreign exchange headwinds [3] - Concerns arose from Fiserv's earnings miss and guidance cut, impacting sentiment in the payments sector, but the outlook for Shift4 is considered sustainable [3]