Core Viewpoint - Artisan Mid Cap Value Fund's performance in Q3 2025 was below the benchmark, with returns of approximately 0.97% compared to the Russell Midcap Value Index's 6.18% return, attributed to broader market conditions and specific sector challenges [1] Fund Performance - The Investor Class fund ARTQX returned 0.97%, Advisor Class fund APDQX returned 0.98%, and Institutional Class fund APHQX returned 0.97% in Q3 2025 [1] - The overall equity markets rallied, driven by strong corporate earnings, rising AI capital expenditures, and expectations of economic support from US fiscal policy and lower interest rates [1] Company Focus: Align Technology, Inc. - Align Technology, Inc. (NASDAQ:ALGN) experienced a one-month return of -1.05% and a 52-week loss of 28.71%, with a market capitalization of $11.31 billion as of January 2, 2026 [2] - The company is recognized for its Invisalign clear aligners and iTero intraoral scanners, but faced underperformance in Q3 due to high expectations and disappointing quarterly results [3] Sector Analysis - The health care sector was a significant source of underperformance for the fund, with Align Technology being one of the major detractors alongside Centene and Baxter International [3] - The health care sector has struggled due to policy uncertainty, leading to reduced investor interest [3] Investment Strategy - The fund initiated a position in Align Technology at $150 per share, following a market sell-off due to tariff concerns, viewing it as a high-quality business with long-term potential [3] - Despite recent challenges, the company is seen as a market leader in clear aligners, with expectations that it can continue to capture market share in the orthodontics space [3]

Core Viewpoint - Align Technology, Inc. will report its fourth quarter and full year 2025 financial results on February 4, 2026, after market close [1] Company Information - Align Technology is a leading global medical device company specializing in the design, manufacture, and sale of the Invisalign® System of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry [1]

Core Viewpoint - California is contemplating a "wealth tax," a concept that has historically failed in other regions, which may further drive businesses and individuals out of the state [2][5]. Economic Context - California boasts a GDP of approximately $4 trillion, positioning it among the world's largest economies, alongside Germany and Japan [2]. - The state is home to major tech firms like Apple, Google, and Meta, contributing to its innovation-driven economy [2]. Taxation Landscape - California imposes a 13.3% income tax on high-income residents, with capital gains taxed similarly to personal income [3]. - The state sales tax is 7.25%, which can increase to 11.25% when local taxes are included, ranking California as the 48th worst state for taxes in the US [3]. Migration Trends - A significant number of firms and individuals are relocating from California to states like Florida, Texas, and Tennessee due to high taxes and political issues [5]. - The proposed wealth tax is expected to exacerbate this trend, as highlighted by venture capitalist Chamath Palihapitiya, who argues it could harm entrepreneurship [6][5]. Impact on Startups and Innovation - Taxing unrealized gains is criticized for being detrimental to entrepreneurs, as many hold shares in illiquid firms whose valuations fluctuate [7]. - The proposal is seen as an "anti-unicorn law," potentially forcing startup founders to sell assets to pay taxes, which could hinder their ability to fundraise and compete [11][10]. Corporate Exodus - A list of companies that have left California includes major names, taking over $1.3 trillion in revenue with them, indicating a significant economic impact [12]. - Once firms leave, it is challenging to attract them back, which could lead to a decline in California's innovation ecosystem [13]. Political Commentary - Congressman Ro Khanna's remarks suggest a dismissive attitude towards the departure of innovators and wealth creators from California [9]. - The proposal has drawn criticism from various venture capitalists and entrepreneurs, who argue it undermines job creation and economic growth [14][10]. Comparative Analysis - The article draws parallels with European countries that have implemented similar taxes, noting that such policies have led to wealth flight and economic decline [11][17]. - The ongoing decline of Europe is referenced as a cautionary tale for California, suggesting that prioritizing public services over innovation could lead to broader economic issues [17].

Core Viewpoint - Align Technology (ALGN) shares are currently perceived as oversold and are trading at a discount compared to historical averages [1] Group 1: Company Analysis - Align Technology's stock is trading at multiples that indicate a clear discount to its historical averages [1] - The current market sentiment suggests that there may be potential for recovery in Align Technology's stock price [1] Group 2: Market Context - The analysis indicates a broader trend of undervaluation in certain stocks, with Align Technology being a notable example [1]

Core Viewpoint - Align Technology (ALGN) shares are currently perceived as oversold and are trading at a discount compared to historical averages [1] Company Analysis - Align Technology's stock is noted to be trading at multiples that are significantly lower than its historical averages, indicating potential undervaluation [1] Market Context - The analysis suggests that the current market conditions may not reflect the intrinsic value of Align Technology, presenting a potential investment opportunity [1]

Company Overview - Align Technology, Inc. (ALGN) is based in Tempe, Arizona, and specializes in designing, manufacturing, and marketing Invisalign clear aligners and iTero intraoral scanners for orthodontists and general practitioners [1] - The company has a market capitalization of $11.4 billion, categorizing it as a large-cap stock, which reflects its significant size and influence in the medical instruments and supplies industry [2] Market Performance - ALGN's stock has experienced a decline of 33.1% from its 52-week high of $246.19, reached on December 11, 2024 [3] - Over the past three months, ALGN stock has gained 23.8%, outperforming the S&P 500 Index, which saw a gain of 5.4% during the same period [3] - In the longer term, ALGN shares have fallen 12.5% over six months and 30.6% over the past 52 weeks, significantly underperforming the S&P 500's six-month gains of 14% and 14.1% over the last year [4] Recent Financial Results - On October 29, ALGN reported its Q3 results, with an adjusted EPS of $2.61, exceeding Wall Street expectations of $2.37 [5] - The company's revenue for the quarter was $995.7 million, surpassing forecasts of $971.5 million [5] Competitive Landscape - ALGN's main competitor, DENTSPLY SIRONA Inc. (XRAY), has underperformed, with a 29% decline over six months and a 40.4% drop over the past 52 weeks [5] Analyst Sentiment - Wall Street analysts maintain a reasonably bullish outlook on ALGN, with a consensus "Moderate Buy" rating from 15 analysts [6] - The mean price target for ALGN is $174.54, indicating a potential upside of 6.1% from current price levels [6]

Core Insights - Align Technology, Inc. (ALGN) has launched the Invisalign System with mandibular advancement featuring occlusal blocks (MAOB) in Thailand, expanding its Class II treatment portfolio for growing patients [1][8] - The launch is part of Align Technology's strategy to capture the growing malocclusion market, which affects approximately 600 million people globally, representing 60% to 75% of the global population [2][8] - The company anticipates that this new product will enhance its market share in orthodontic case starts, particularly among teens and adults, and expects a positive impact on ALGN stock in the near future [3] Company Overview - Align Technology currently has a market capitalization of $11.28 billion and an estimated long-term earnings growth rate of 10.1%, surpassing the industry average of 9.7% [4] - The company has demonstrated a trailing four-quarter average earnings surprise of 3.8% [4] Product Details - The Invisalign System with MAOB is designed for growing patients aged 10-16, utilizing integrated solid occlusal blocks for predictable mandibular advancement and effective correction of Class II malocclusions [5][9] - This system minimizes the need for multiple appliances and is made from patented SmartTrack material, enhancing patient comfort and compliance [9] Market Potential - The malocclusion market is projected to grow from $27.58 billion in 2025 to $55.65 billion by 2035, with a compound annual growth rate (CAGR) of 7.27% during this period [10] - Class II malocclusion accounts for approximately 30-45% of malocclusions globally, highlighting the significance of Align Technology's new product in addressing a common orthodontic issue [7]

Investment Rating - The report indicates a positive investment outlook for the invisible orthodontics industry in China, projecting a compound annual growth rate (CAGR) of 13.9% from 2024 to 2030, with the market size expected to grow from 145 billion yuan in 2024 to 316 billion yuan by 2030 [8][9]. Core Insights - The invisible orthodontics market in China is characterized by a large patient population suffering from malocclusion, with a higher prevalence of complex cases compared to Western countries. The market is currently dominated by two major players, Angelalign and Invisalign, while local brands are emerging [5][6]. - The industry is experiencing rapid growth driven by technological advancements, increased consumer awareness, and a shift towards personalized treatment options. The competition is intensifying, but the overall market is expected to maintain a high growth trajectory [5][6][9]. Market Background - The invisible orthodontics industry in China has evolved over the past 20 years, transitioning from technology introduction to local innovation. Key milestones include the establishment of the first 3D printing production line for invisible aligners in 2007 and the introduction of regulatory frameworks to standardize the market [6][7]. - The demand for invisible orthodontics is significantly increasing due to rising aesthetic standards and the preference for less visible treatment options among consumers [5][8]. Market Status - The market size for invisible orthodontics in China is projected to reach 145 billion yuan in 2024, with a CAGR of 13.9% expected until 2030. The demand is driven by a high prevalence of malocclusion and the advantages of invisible aligners over traditional braces [8][9]. - The supply side is seeing advancements in materials technology, particularly in the development of heat-pressed film materials that enhance the performance of aligners [10]. Market Competition - The competitive landscape is marked by a "dual oligopoly" structure, with Angelalign and Invisalign leading the market. These companies leverage continuous technological innovation and extensive clinical data to build competitive advantages [16][17]. - The report identifies ten recommended brands in the market, highlighting their unique strengths and market positioning, such as Angelalign's extensive clinical database and Invisalign's patented technology [18][19][20]. Development Trends - The report outlines several key trends shaping the future of the invisible orthodontics industry, including enhanced control capabilities, increased predictability through AI and big data, reduced chairside time due to smart manufacturing, and expanded application flexibility through digital integration [31][32][33][34].

Core Insights - Align Technology, Inc. showcased its latest innovations in digital dentistry at the Greater New York Dental Meeting (GNYDM) 2025, emphasizing its commitment to enhancing treatment planning and patient experiences through advanced technology [1] Company Innovations - Align Technology presented the Align™ Digital Platform, which integrates software, systems, and services for a seamless workflow among doctors, labs, patients, and consumers [1] - The iTero Lumina™ scanner was highlighted for its 3x larger field of view and ability to scan 2x faster, improving efficiency in capturing complex dental cases [1] - The Align™ Oral Health Suite was introduced, featuring tools for personalized oral health reports to enhance patient engagement [1] - Invisalign Smile Architect™ software now includes Multiple Treatment Plans, allowing for side-by-side comparison of orthodontic and restorative options [1] - The iTero™ Design Suite aims to improve practice efficiency and patient experiences by streamlining the design process for in-practice 3D printing [1] - ClinCheck® Signature experience offers a faster, tailored approach to treatment planning, enhancing the overall workflow for dental professionals [1] Educational Initiatives - Align Technology sponsored clinical education sessions led by industry experts, focusing on practice productivity, diagnosis simplification, and modern patient education [1]

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