Group 1: Fund Performance - Prosper Stars & Stripes achieved a net return of +9.8% in Q3 2025, outperforming its peer group which reported +3.8% [1] - Year-to-date, the fund returned +8.6%, compared to +13.6% for the HFRI and +10.4% for the Russell 2000 Index [1] - The fund's long book performed strongly, while the short book detracted from overall performance in both Q3 and year-to-date 2025 [1] Group 2: BellRing Brands, Inc. Overview - BellRing Brands, Inc. (NYSE:BRBR) provides nutrition products and had a market capitalization of $3.854 billion as of October 28, 2025 [2] - The stock experienced a one-month return of -0.81% and a significant decline of 60.36% over the last 52 weeks [2] Group 3: Competitive Landscape and Challenges - BellRing Brands was the top contributor in the short book for Prosper Stars & Stripes in Q3 2025, primarily due to its Premier Protein brand [3] - Premier Protein holds a 23% market share in the ready-to-drink protein shake market, which has been growing at double-digit rates for the past four years [3] - Rising competition from major consumer packaged goods companies like Coca-Cola and PepsiCo poses a threat, as they enter the nutrition category [3] - Concerns about competitive intensity were heightened when BellRing did not provide an outlook for FY26, leading to a stock decline of over 30% on the day of its Q2 2025 results announcement [3]