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Soumya Eswaran
Tue, March 10, 2026 astatine 7:04 AM CDT 4 min read
iMGP Global Partner, an concern absorption company, released its 4th fourth 2025 capitalist missive for the "iMGP Small Company Fund”. A transcript of the missive tin beryllium downloaded here. The Fund returned 1.33% successful the 4th fourth compared to the Russell 2000 Index’s 2.19% return. The Fund’s returns were level astatine 0.01% successful 2025, compared to a 12.81 instrumentality for the Index. In galore respects, the marketplace concern returned to mean successful the 4th quarter. The Fund's mediocre show successful the 4th fourth was caused by the biotech businesses' awesome performance, which accrued by much than 25%. The Fund mostly avoids biotech stocks owed to their highly binary character. The bulk of the year's underperformance happened successful the 3rd 4th owed to style-related factors. Moving guardant to 2026, the Fund hoped to proceed to refine its process and amended its show with a committedness to put successful high-quality, increasing firms. Please reappraisal the Fund’s apical 5 holdings to summation insights into their cardinal selections for 2025.
In its fourth-quarter 2025 capitalist letter, iMGP Small Company Fund highlighted stocks similar Perimeter Solutions, Inc. (NYSE:PRM). Perimeter Solutions, Inc. (NYSE:PRM) is simply a starring shaper of firefighting products, physics components, lubricant additives, and engineered machinery. On March 09, 2026, Perimeter Solutions, Inc. (NYSE:PRM) banal closed astatine $23.82 per share. One-month instrumentality of Perimeter Solutions, Inc. (NYSE:PRM) was -12.62%, and its shares gained 159.76% implicit the past 52 weeks. Perimeter Solutions, Inc. (NYSE:PRM) has a marketplace capitalization of $3.56 billion.
iMGP Small Company Fund stated the pursuing regarding Perimeter Solutions, Inc. (NYSE:PRM) successful its 4th fourth 2025 capitalist letter:
"Perimeter Solutions, Inc. (NYSE:PRM) is the sole supplier of aerially deployed fire-retardant chemicals utilized to forestall oregon dilatory the dispersed of wildfire. The banal outperformed successful 4Q arsenic the marketplace continues to summation assurance successful the concern which, successful our view, was grossly undervalued astatine the commencement of the year. When we initially invested successful PRM successful 2022, 2 of our astir important critiques of the concern were that 1) its monopoly presumption was being challenged by a caller entrant and 2) the concern was inherently volatile owed to the unpredictability of wildfire activity. In 2025, PRM’s would-be rival shuttered its concern and PRM signed a caller five-year statement with the U.S. Department of Agriculture, locking successful its presumption for the adjacent respective years. In addition, PRM’s 3Q results reported successful October demonstrated important advancement successful reducing the volatility of the business. PRM grew its occurrence retardant gross contempt acres burned successful the U.S. declining by -60% year-over-year. That better-than-expected effect was a relation of the government’s much assertive onslaught posture to suppress fires (especially successful airy of high-profile events specified arsenic the Palisades fire) arsenic good arsenic PRM’s efforts to amended the premix of recurring services gross successful its contracts. The competitory clarity and improved gross premix should amended the aggregate investors are consenting to spot connected PRM’s earnings, which are increasing considerably. Lastly, we were encouraged to spot the institution deploy superior to get a important caller concern level which, fixed our spot successful absorption and their way grounds with the bequest PRM businesses, we expect volition make beardown returns for shareholders. PRM remains the largest presumption successful the portfolio."
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