Group 1: Fund Performance - Summers Value Fund LP achieved a net return of 20.4% in Q3 2025, outperforming the Russell 2000 Index ETF and the Russell 2000 Value Index ETF, which returned 12.4% and 12.5% respectively [1] - Year-to-date, the fund is up 4.9% net, compared to 10.3% and 8.9% returns for the respective indexes [1] Group 2: Inspire Medical Systems, Inc. Overview - Inspire Medical Systems, Inc. focuses on minimally invasive solutions for obstructive sleep apnea, with a one-month return of 2.472% and a 52-week loss of 54.77% [2] - As of November 18, 2025, the stock closed at $83.57 per share, with a market capitalization of $2.472 billion [2] Group 3: Investment Insights on Inspire Medical Systems, Inc. - Inspire Medical Systems was identified as a key detractor in the fund's performance due to a slower-than-expected transition to its Inspire V device, leading to a full exit from the position [3] - The company reported revenue of $224.5 million in Q3 2025, marking a 10% increase from Q3 2024 [4] - Despite recognizing the potential of Inspire Medical Systems, the company believes certain AI stocks present greater upside potential and less downside risk [4]

Core Insights - Summers Value Fund LP reported a net return of -1.8% in Q2 2025, underperforming the Russell 2000 Index ETF which returned 8.5% and the Russell 2000 Value Index ETF which returned 4.9% [1] - Year-to-date, the fund is down 12.8% net, compared to -1.8% and -3.2% returns for the respective indexes [1] Company Focus: Inspire Medical Systems, Inc. - Inspire Medical Systems, Inc. (NYSE:INSP) is highlighted as a key investment, focusing on minimally invasive solutions for obstructive sleep apnea [2][3] - The stock experienced a one-month return of -14.03% and a 52-week decline of 63.14%, closing at $79.88 with a market capitalization of $2.362 billion on September 19, 2025 [2] - The fund holds eleven long positions and two short positions, recently adding Inspire Medical Systems, Inc. near five-year lows, driven by optimism regarding the launch of the Inspire V device [3] - In Q2 2025, Inspire Medical Systems, Inc. reported revenue of $217.1 million, marking an 11% increase from Q2 2024 [3] - Despite the potential of Inspire Medical Systems, the fund suggests that certain AI stocks may offer greater upside potential with less downside risk [3]