iMGP Global Partners, an investment management firm, has issued a 2025 fourth quarter investor letter for “iMGP Small Company Fund”. A copy of the letter can be downloaded here. The fund returned 1.33% in the fourth quarter, compared to the Russell 2000 Index’s 2.19% return. The fund’s return was flat at 0.01% in 2025, compared to a return of 12.81 for the index. In most areas, market conditions returned to normal in the fourth quarter. The fund’s poor performance in the fourth quarter was driven by the impressive performance of the biotech business, which rose more than 25%. Funds generally avoid biotech stocks because of their highly binary nature. Most of the year’s shortfalls occurred in the third quarter due to style-related factors. Moving into 2026, the fund hoped to continue its process and improve its performance by committing to investing in high-quality, growing companies. Please review the fund’s top five holdings for 2025 to gain insight into their key picks.
In a Q4 2025 investor letter, iMGP Small Company Fund Perimeter Solutions, Inc. (NYSE:PRM) highlighted stocks like Perimeter Solutions Inc. (NYSE:PRM) is a leading manufacturer of fire protection products, electronic components, lubricant additives, and engineering machinery. On March 09, 2026, Perimeter Solutions, Inc. (NYSE:PRM) stock closed at $23.82 per share. Perimeter Solutions Inc. (NYSE:PRM)’s one-month return was -12.62%, and its shares have moved 159.76% over the past 52 weeks. Perimeter Solutions Inc. (NYSE:PRM) has a market capitalization of $3.56 billion.
iMGP Small Company Fund in its 4th Quarter 2025 Investor Letter on Perimeter Solutions, Inc. (NYSE:PRM) said the following:
“Perimeter Solutions, Inc.” (NYSE:PRM) is the sole supplier of fire retardant chemicals used to prevent or slow down airborne fires. The stock performed well in 4Q as the market continues to regain confidence in businesses that, in our view, were severely undervalued at the start of the year. When we initially invested in PRM in 2022, the two most important criticisms of our business were that 1) its monopoly status was being challenged by new entrants and 2) the business was inherently volatile due to the unpredictability of wildfire activity. In 2025, PRM’s competitor closed its business and PRM signed a new five-year contract with the United States Department of Agriculture, locking in its position for the next several years. In addition, PRM 3Q results reported in October showed significant progress in reducing trade volatility. PRM grew its fire revenue despite acres burned in the US declining -60% year-over-year. This better-than-expected result was a function of the government’s more aggressive stance on fire prevention (especially in light of high-profile incidents such as the Palisades fire) as well as PRM’s efforts to improve the mix of recurring service revenues in its contracts. A mix of competitive clarity and improved earnings should improve the willingness of many investors to place in PRM earnings, which are growing significantly. Finally, we are encouraged that the company is deploying capital to acquire a significant new business platform which, given our confidence in management and their track record with the legacy PRM business, we expect will generate strong returns for shareholders. PRM remains the largest position in the portfolio.”
Small Company Fund
