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The accounts, as these things often are, revealed no immediate revenue. It is a curious thing, this pursuit of cures. Years, decades even, spent in laboratories, chasing elusive answers, and yet the immediate reward is… nothing. But Shattuck, to its credit, has been attempting to restrain its expenses. A small reduction in research and development spending. A trimming here, a consolidation there. The loss from operations narrowed, falling to just under $13.4 million, a modest improvement over the previous year’s $19.6 million. It’s a small victory, perhaps, but in this business, one learns to appreciate the small victories.

One notes, with a certain detached amusement, the composition of Kettle Hill’s portfolio. Elastic NV, Unity Software, RH… names that once promised to redefine their respective landscapes. Now, they seem to simply… exist. The rankings shift, the percentages fluctuate, and the underlying narrative remains stubbornly unchanged: the market, like life, rarely delivers on its initial promises.

The particulars, as revealed by a filing with the Securities and Exchange Commission, indicate the sale of 189,819 shares of AppFolio during the last quarter. A considerable sum, to be sure, though one must remember that fortunes are made and unmade on such ventures, and a prudent manager is ever mindful of the shifting winds of the market. The overall value of Brown Capital’s position in AppFolio experienced a decline of $58.87 million, a figure encompassing both the reduction in shares and the vagaries of the stock’s performance. One cannot help but wonder if this signals a deeper assessment of the company’s prospects, or merely a rebalancing of the estate, as it were.

The filing with the SEC reveals a gradual accumulation, a bolstering of an existing position. The stake now comprises 6.0% of the fund’s reportable assets – a significant sum, certainly, but one that feels… contained. As if even with this investment, the fund retains a certain distance, a quiet skepticism. The value of the stake rose by $64.9 million, a figure inflated, no doubt, by both actual purchases and the capricious whims of the market. One suspects the latter played a larger role.

Broadcom – the name itself carries a weight, a solidity. And the recent figures… they are not simply ‘growth,’ but an unfolding, a revelation. Revenue, rising with the tide, reaching a new peak. Earnings, a deep wellspring, reflecting not just profit, but the sheer force of innovation. Hock Tan, the architect of this ascent, has orchestrated a symphony of silicon and software, perfectly attuned to the demands of this new age. He understands, as a gardener understands the soil, that nurturing the roots is the key to a bountiful harvest.

Now they’re fiddling with stablecoins. These are supposed to be cryptocurrencies that don’t… fluctuate. Tied to real money, or something. A new federal law, the Genius Act, gives them a framework. Because everything needs a framework. Last July, 27% of Americans had bought something with these digital pennies. Millennials were higher, at 34%. They like the speed, apparently. 60% said they’d use them for shopping. As if shopping is the answer to anything.

Fourth quarter net sales were down 1.5% year-over-year. Full year? Down 1.7%. Look, it’s not a parade, but it was roughly in line with expectations. Which, in corporate speak, means “we knew it would be bad, but we’re pretending to be surprised.” The interesting part is the 2026 projection. They’re predicting a 2% net sales growth. Two percent! That’s like getting a participation trophy in a competitive eating contest. Still, it’s a direction, and in this market, direction is everything.

The fourth quarter of 2025 saw Gilder Gagnon’s Duolingo holdings diminish, a reduction compounded by the stock’s own independent decline. The fund’s total exposure to this purveyor of digital tongues decreased by a rather substantial $95.44 million – a figure encompassing both the sale and the stock’s rather precipitous tumble. One might almost suspect the algorithms themselves are staging a revolt.

This foray into golf-related equities constitutes 2.14% of Claar Advisors’ U.S. holdings, a figure which, while not negligible, hardly signals a seismic shift in investment strategy. Their more substantial commitments remain, predictably, to the ubiquitous index trackers (ITOT, at a rather imposing $147.89 million), and the tech behemoths – Google, Amazon, Microsoft – those reliable purveyors of modern distraction. One imagines the golf shares are intended to provide a touch of colour, a whimsical counterpoint to the relentless march of algorithmic trading.