Core Insights - The Technology Innovators Fund experienced mixed performance in Q4 2025, with a portfolio decline of 6.3% quarter-to-date and a 14.7% return over the year, driven by a narrow group of large-cap growth stocks [1] - The fund's top ten holdings represented approximately 59% of assets, indicating a concentration in a few key stocks [1] - Stock-specific challenges were noted, particularly in emerging technology holdings, while select platform and infrastructure businesses showed strength [1] Fund Performance - The fund's results were attributed to stock-specific challenges rather than broad macroeconomic shocks, with certain high-valuation innovation names facing pressure from slowing momentum and investor risk aversion [1] - The average annual portfolio turnover was reported at 21%, reflecting a long-term investment strategy [1] - Many portfolio companies continued to show solid full-year earnings growth in 2025, supported by durable revenue models related to artificial intelligence, cloud computing, and digital transformation [1] Klaviyo, Inc. Insights - Klaviyo, Inc. (NYSE:KVYO) was highlighted as a key stock, with a one-month return of -21.91% and a market capitalization of approximately $5.669 billion as of February 13, 2026 [2] - The company reported a 32% sequential revenue growth in Q3 2025, with net revenue expansion improving for the first time since Q3 2021 [3] - Management emphasized strong performance metrics, including international acceleration and record mid-market customer wins, while the stock price has not yet reflected the company's underlying momentum [3]