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 based on company fundamentals, which showed strong revenue and earnings growth in 2025 [1] Company Focus: Veeva Systems Inc. - Veeva Systems Inc. (NYSE:VEEV) is a technology company providing a cloud-based software platform for the life sciences industry, with a market capitalization of $29.64 billion [2] - The stock of Veeva Systems Inc. experienced a one-month return of -19.57% and a 52-week decline of 20.26% [2] - Veeva Systems was identified as a detractor from the Fund's performance in Q4 2025, despite its strong market position and innovative solutions in the life sciences sector [3] - The company's offerings include Veeva Customer Relationship Management (CRM) and Veeva Vault, which have established a dominant market position and present opportunities for growth in clinical applications [3] - Veeva's client base includes major global pharmaceutical companies such as GlaxoSmithKline, AstraZeneca, Eli Lilly, Merck, and Novartis [3]