iMGP Global Partner, an investment management company, released its fourth quarter 2025 investor letter for the “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 returns were flat at 0.01% in 2025, compared to a 12.81 return for the Index. In many respects, the market situation returned to normal in the fourth quarter. The Fund’s poor performance in the fourth quarter was caused by the biotech businesses’ impressive performance, which increased by more than 25%. The Fund generally avoids biotech stocks due to their extremely binary character. The majority of the year’s underperformance happened in the third quarter due to style-related factors. Moving forward to 2026, the Fund hoped to continue to refine its process and improve its performance with a commitment to invest in high-quality, growing firms. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, iMGP Small Company Fund highlighted stocks like RBC Bearings Incorporated (NYSE:RBC). RBC Bearings Incorporated (NYSE:RBC) is an industrial company that focuses on manufacturing and marketing engineered precision bearings, components, and systems for aerospace, defense, and industrial markets. On March 06, 2026, RBC Bearings Incorporated (NYSE:RBC) stock closed at $552.91 per share. One-month return of RBC Bearings Incorporated (NYSE:RBC) was -17.20%, and its shares are up 57.42% over the past twelve months. RBC Bearings Incorporated (NYSE:RBC) has a market capitalization of $17.21 billion.
iMGP Small Company Fund stated the following regarding RBC Bearings Incorporated (NYSE:RBC) in its fourth quarter 2025 investor letter:
“RBC Bearings Incorporated (NYSE:RBC) manufactures engineered precision bearings and related products for customers in the aerospace, defense, and industrial markets. It is a market leader with a strong reputation for technical capabilities, product quality, and on-time delivery. RBC outperformed in 4Q as its quarterly results beat consensus estimates on both revenue and EPS. Its Aerospace and Defense business (A&D, 44% of total revenue) was particularly strong, essentially “firing on all cylinders.” Management expects strong growth in its A&D backlog and is in the process of adding capacity to meet demand. Growth in its Industrial business (56% of total revenue) remains sluggish, but management has significantly improved the profit margins of this business and is now in the process of implementing growth initiatives. We continue to like RBC’s leadership team, well-established strategic playbook, as well as its opportunities for growth and capital deployment.”
