Core Insights - Brown Capital Management's Small Company Fund underperformed in Q4 2025, with a decline of 1.50% compared to the Russell 2000® Growth index's gain of 1.22% [1] - The Fund's performance for the entire year of 2025 was down 11.46%, significantly lagging behind the Index's return of 13.01% [1] - The Fund's investment strategy is focused on company fundamentals, which showed strong revenue and earnings growth in 2025 [1] Company Highlights - AvePoint, Inc. (NASDAQ:AVPT) was highlighted as a key stock in the Fund's Q4 2025 investor letter, closing at $10.50 per share on February 20, 2026 [2] - AvePoint's one-month return was -17.97%, and it experienced a 38.42% decline over the past 52 weeks, with a market capitalization of $2.266 billion [2] - The Fund added AvePoint, along with three other companies, to its holdings in Q4 2025 [3] - AvePoint generated $330 million in revenue for 2024, with a strong annualized revenue growth of 23% over the past five years [3] - The company has set a revenue target of $1 billion by 2029, indicating expected growth of over 20% in the near term [3] - AvePoint's product offerings include cloud-native data management solutions, with a focus on security and governance for critical information across platforms [3] - The company is GAAP profitable, with a 2.2% EBIT margin in 2024, and anticipates improving profitability [3] - AvePoint maintains a strong balance sheet with $470 million in cash and no debt [3]