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A copy of the letter can be downloaded here. US small-cap equities rallied strongly in the third quarter. The Fed Reserve’s interest rate cut supported the rally. However, the fund-Investor Class struggled to keep up with the rally and ended the period down -3.17% vs. 12.19% gain for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2025.In its third-quarter 2025 investor letter, Wasatch Small Cap Growth Strategy highlighted stocks such as BellRing Brands, Inc. (NYSE:BRBR). Headquartered in Saint Louis, Missouri, BellRing Brands, Inc. (NYSE:BRBR) provides various nutrition products. The one-month return of BellRing Brands, Inc. (NYSE:BRBR) was 24.71%, and its shares lost 59.00% of their value over the last 52 weeks. On December 12, 2025, BellRing Brands, Inc. (NYSE:BRBR) stock closed at $31.95 per share, with a market capitalization of $4.025 billion.Wasatch Small Cap Growth Strategy stated the following regarding BellRing Brands, Inc. (NYSE:BRBR) in its third quarter 2025 investor letter:"BellRing Brands, Inc. (NYSE:BRBR) was the largest detractor from Fund performance during the quarter. BellRing is a consumer-staples company known for its Premier Protein line and other convenient-nutrition products. What’s weighed on the stock most is that one of BellRing’s club channel partners is expanding the floor space of the protein shake category and giving some space to other competitors. We spoke with management after that news and reevaluated the business. We came out of that work with continued conviction in the company. We believe BellRing has maintained its leadership position, and that this floor space expansion reflects the health of the category. Looking ahead, we continue to believe BellRing has headroom to double its business, supported by category growth, sourcing share from incumbent brands, and remaining a category leader in its space."Is Bellring Brands, Inc. (BRBR) the High Growth Food Stock to Buy?BellRing Brands, Inc. (NYSE:BRBR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held BellRing Brands, Inc. (NYSE:BRBR) at the end of the third quarter, the same as in the previous quarter. While we acknowledge the potential of BellRing Brands, Inc. (NYSE:BRBR) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. 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