Core Insights - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500's 2.66% return, and year-to-date returns were 12.58% compared to the index's 17.88% [1] - The firm faced challenges due to the outperformance of large technology companies, which negatively impacted the portfolio's performance due to its underweight in large tech and overweight in smaller niche leaders [1] - Despite strong earnings growth and capital returns from portfolio companies, the market's focus on AI investments has created uncertainty regarding actual benefits [1] Company Highlights - Hawkins, Inc. (NASDAQ:HWKN) was highlighted as a new holding in Giverny Capital Asset Management's Q4 2025 investor letter [2] - Hawkins, Inc. specializes in manufacturing ingredients for water treatment, food and health applications, and industrial use, with a market capitalization of approximately $2.722 billion [2] - The stock closed at $130.25 per share on January 30, 2026, with a one-month return of 13.20% and a twelve-month gain of 15.77% [2] - The company was closely monitored by Giverny Capital, with management visits conducted in the summer of 2024, and a price correction in fall 2025 provided an opportunity for investment [3]

Group 1 - Balchem Corporation will present at Baird's 55th Annual Global Industrial Conference on November 12, 2025, with key executives including the Chairman, CEO, and CFO participating [1] - The company operates in three business segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products [2] - The Human Nutrition & Health segment focuses on customized food and beverage ingredient systems and key nutrients for food, supplement, and pharmaceutical applications [2] Group 2 - The Animal Nutrition & Health segment supplies products to various animal health markets [2] - Through its Specialty Products segment, Balchem provides specialty-packaged chemicals for healthcare and other industries, as well as chelated minerals for the agricultural market [2]

Company Overview - Hawkins, Inc. is a leading water treatment and specialty ingredients company founded in 1938, headquartered in Roseville, Minnesota [4] - The company formulates, manufactures, distributes, and blends products for Water Treatment, Food & Health Sciences, and Industrial Solutions customers [4] - Hawkins, Inc. generated $974 million in revenue for fiscal 2025 and employs approximately 1,100 people [4] Upcoming Conference Participation - Patrick Hawkins, CEO, and Jeff Oldenkamp, CFO, will participate in Sidoti & Company's small cap virtual investor conference on September 17, 2025 [1] - The conference is attended by nearly 500 North American institutional investment firms interested in small-cap companies [2] - Hawkins management will be available for individual one-on-one virtual meetings during the conference [2]