Group 1 - Long Cast Advisers reported a cumulative net return increase of 1% in Q4 2025, with a flat cumulative portfolio return for the year, and a total cumulative return of 271% net of fees since inception in November 2015 [1] - The firm managed 28 SMA accounts with an AUM of $12 million by year-end 2025, focusing on small companies and showing varied returns relative to the broader market over a 10-year performance history [1] - The portfolio's top five holdings are highlighted for insights into key selections for 2025 [1] Group 2 - National Research Corporation (NASDAQ:NRC) is noted for providing analytics and insights to enhance patient and employee experiences in U.S. healthcare organizations, with a market capitalization of $373.847 million [2] - NRC stock closed at $16.50 per share on March 12, 2026, with a one-month return of 36.59% and a 52-week gain of 11.26% [2] - NRC is a new position for Long Cast Advisers, trading at a 13x multiple against $40 million of annualized EBITDA, with a current market price of $19 and an enterprise value of approximately $500 million [3]