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]

Investor Presentation FEBRUARY 2025 Accessible content is available upon request. Collaborate with Confidence This presentation ("Presentation") is for informational purposes only and shall not be reproduced or distributed in whole or in part without the express written consent of AvePoint, Inc. No Reliance No representations or warranties, express or implied, are given in, or in respect of, this Presentation. To the fullest extent permitted by law, under no circumstances will AvePoint, its subsidiaries, or ...