Group 1: Fund Performance - Third Avenue Small-Cap Value Fund returned 4.62% in Q4 2025, outperforming the MSCI USA Small-Cap Value Index which gained 3.13% [1] - For the full year 2025, the Fund delivered a 14.04% return, surpassing the index's return of 10.80% [1] - The Fund primarily invests in publicly traded companies with independent management teams [1] Group 2: Collegium Pharmaceutical, Inc. Performance - Collegium Pharmaceutical, Inc. (NASDAQ:COLL) was highlighted as a leading contributor to the Fund's performance [2][3] - The stock closed at $37.27 per share on March 09, 2026, with a one-month return of -20.28% and a 52-week gain of 24.27% [2] - Collegium Pharmaceutical reported record quarterly revenue and improved operating income guidance, along with a new share repurchase authorization [3] Group 3: Hedge Fund Interest - Collegium Pharmaceutical, Inc. was held by 34 hedge fund portfolios at the end of Q4 2025, an increase from 27 in the previous quarter [5] - Despite its potential, the company is not among the 40 most popular stocks among hedge funds heading into 2026 [5] - The analysis suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Collegium Pharmaceutical [5]