Group 1 - The Technology Innovators Fund experienced mixed performance in Q4 2025, with top ten holdings making up approximately 59% of assets, while facing challenges from high-valuation innovation names due to slowing momentum and investor risk aversion [1] - The fund's portfolio declined by 6.3% quarter-to-date, but achieved a 14.7% return over the year, indicating stock-specific challenges rather than broad macroeconomic issues [1] - Management highlighted a long-term investment strategy with an average annual portfolio turnover of 21%, noting that many companies in the portfolio continued to show solid earnings growth in 2025, driven by revenue models linked to AI, cloud computing, and digital transformation [1] Group 2 - Cloudflare, Inc. (NYSE:NET) was highlighted as a key stock in the fund's Q4 2025 investor letter, with a one-month return of 6.34% and a market capitalization of approximately $68.92 billion [2] - The stock traded between $89.42 and $260.00 over the last 52 weeks, closing at around $195.85 per share on February 13, 2026 [2] - The increasing frequency and sophistication of cyberattacks have made security a core operational requirement for enterprises, governments, and individuals, emphasizing the importance of cybersecurity in the current landscape [3]