Group 1 - BellRing Brands, Inc. (BRBR) was the largest detractor from the Fund's performance during the quarter [4]

Core Insights - U.S. stocks experienced a rally in Q3, supported by the Federal Reserve's interest rate cut and steady economic data, with the Russell Midcap® Growth Index increasing by 2.78% [3][17] - The Wasatch U.S. Select Fund underperformed, declining by -1.93%, primarily due to concentrated holdings in stocks that faced slower revenue growth [3][4][17] Fund Performance Analysis - The Fund's performance was negatively impacted by a few concentrated stock holdings that reported slower revenue growth, leading to significant declines in their stock prices [4][6] - The investment strategy focuses on high-quality, long-duration growth companies, which faced headwinds as low-quality stocks gained favor in the market [7] Key Detractors - BellRing Brands, Inc. (BRBR) was the largest detractor, with concerns over competition in the protein shake category; however, the long-term outlook remains positive due to category growth potential [8] - Shift4 Payments, Inc. (FOUR) faced stock price declines despite solid organic revenue growth, attributed to macroeconomic concerns and investor sentiment following its acquisition of Global Blue [9] - Inspire Medical Systems, Inc. (INSP) was sold during the quarter after management downgraded guidance due to delays in product rollout, raising execution concerns [10] Top Contributors - Medpace Holdings, Inc. (MEDP) was the top contributor, with strong revenue and earnings growth, raising full-year guidance despite a slowdown in biotech funding [11] - Fabrinet (FN) benefited from strong product adoption, particularly in data centers linked to AI, although the investment is not solely based on AI themes [12] - Nova Ltd. (NVMI) also contributed positively, with a strong track record in semiconductor manufacturing, benefiting from increasing complexity in the industry [13] Future Outlook - The Fund remains committed to its investment philosophy, focusing on high-quality growth companies despite recent underperformance [14] - The fundamentals of the companies within the Fund are encouraging, with strong earnings growth expected to drive return potential over a three- to five-year horizon [15]

Core Insights - BellRing Brands (BRBR) stock has decreased by 19.97% over the past month, underperforming the Consumer Staples sector and the S&P 500 [1] - The upcoming earnings report on November 18, 2025, is anticipated to show an EPS of $0.54, a 5.88% increase year-over-year, and revenue of $631.33 million, reflecting a 13.59% increase [2] - For the full year, earnings are projected at $2.2 per share, a 13.99% increase, while revenue is expected to remain at $2.3 billion [3] - Recent analyst estimate adjustments indicate a shift in business dynamics, with positive changes suggesting optimism about profitability [3][4] - The Zacks Rank for BellRing Brands is currently 4 (Sell), with a recent decline of 3.24% in the EPS estimate [5] - The company has a Forward P/E ratio of 12.31, which is lower than the industry average of 16.51 [6] - BellRing Brands has a PEG ratio of 1.61, compared to the industry average of 1.64, indicating a similar valuation relative to growth expectations [7] - The Food - Miscellaneous industry, part of the Consumer Staples sector, ranks in the bottom 26% of all industries according to the Zacks Industry Rank [7][8]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Insights - Hapag-Lloyd reported a 50% decrease in nine-month net profit, amounting to 846 million euros ($986.61 million) [1] - The company has revised its full-year earnings outlook, lowering the top end of its forecast [1] Financial Performance - The nine-month net profit of 846 million euros represents a significant decline compared to previous periods [1] - The reported profit decline indicates challenges in the container shipping industry, reflecting broader market conditions [1] Earnings Outlook - Hapag-Lloyd has adjusted its full-year earnings forecast, indicating a more conservative outlook for the remainder of the year [1] - The revision suggests potential ongoing pressures in the shipping sector that may affect profitability [1]

Core Viewpoint - Delivery Hero anticipates accelerated growth in the current quarter, primarily due to a recovery in its Asian market, resulting in an 8% increase in its share price [1] Company Summary - Delivery Hero is a German online takeaway food company [1] - The company is experiencing a positive market response, with shares rising by 8% following the announcement of expected growth [1] Industry Summary - The Asian market is showing signs of recovery, which is expected to drive growth for companies in the online food delivery sector [1]

Core Viewpoint - BellRing Brands, Inc. is under investigation for potential violations of federal securities laws, with concerns that the company's reported sales growth may not reflect sustainable consumer demand but rather temporary inventory loading at retailers [1][3]. Company Overview - BellRing Brands operates in the convenient nutrition category, primarily known for its brands Premier Protein and Dymatize, which offer ready-to-drink protein shakes and powders [3]. Sales Performance - The company claimed that Premier Protein achieved an all-time high in household penetration and strong growth across all channels, attributed to distribution expansion and promotional activities [3]. - However, the actual sales growth may have been artificially inflated due to temporary trade inventory loading at key retailers [3]. Stock Price Reaction - Following the announcement on May 5, 2025, regarding reduced inventory levels at retailers, BellRing's stock price dropped by $13.96, or over 18%, from $77.34 to $63.38 per share [4]. - On August 4, 2025, after reporting disappointing quarterly consumption figures for Premier Protein RTD Shakes, the stock fell by $17.46, nearly 33%, from $53.64 to $36.18 per share [5].

Core Viewpoint - BellRing Brands, Inc. is under investigation for potential violations of federal securities laws, with concerns regarding the sustainability of its sales growth driven by temporary trade inventory loading rather than genuine consumer demand [1][2]. Company Overview - BellRing Brands operates in the convenient nutrition category, primarily known for its brands Premier Protein and Dymatize, which offer ready-to-drink protein shakes and powders [2]. Sales Performance - The company reported that Premier Protein achieved an all-time high in household penetration and strong demand across all channels, attributed to distribution expansion and promotional activities [2]. - However, the actual sales growth may have been artificially inflated due to temporary inventory loading at key retailers, raising questions about the sustainability of this growth [2]. Stock Market Reaction - On May 5, 2025, BellRing disclosed that several key retailers reduced their inventory levels, which would negatively impact growth in Q3 2025. Following this announcement, the stock price dropped by $13.96, or over 18%, from $77.34 to $63.38 per share [3]. - On August 4, 2025, the company announced disappointing quarterly consumption figures for Premier Protein RTD Shakes, leading to a further decline in stock price by $17.46, or nearly 33%, from $53.64 to $36.18 per share [4].

Company Performance - BellRing Brands (BRBR) closed at $29.00, reflecting a -3.81% change from the previous day, underperforming the S&P 500's 1.12% loss [1] - Over the past month, shares of BellRing Brands have decreased by 13.34%, contrasting with the Consumer Staples sector's loss of 1.69% and the S&P 500's gain of 1.26% [1] Upcoming Earnings - The company is set to release its earnings report on November 18, 2025, with projected EPS of $0.54, indicating a 5.88% increase year-over-year [2] - Revenue is expected to reach $631.33 million, representing a 13.59% increase compared to the same quarter last year [2] Full Year Estimates - For the full year, earnings are projected at $2.2 per share, showing a +13.99% change from the previous year, while revenue is estimated at $2.3 billion, indicating no change [3] - Recent adjustments to analyst estimates reflect near-term business trends, with positive revisions suggesting confidence in business performance [3] Valuation Metrics - BellRing Brands has a Forward P/E ratio of 13.1, which is lower than its industry's Forward P/E of 15.86 [6] - The PEG ratio for BRBR is currently 1.71, aligning with the average PEG ratio of the Food - Miscellaneous industry [6] Industry Context - The Food - Miscellaneous industry, part of the Consumer Staples sector, holds a Zacks Industry Rank of 172, placing it in the bottom 31% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - BellRing Brands, Inc. is under investigation for potential violations of federal securities laws, with concerns regarding the sustainability of its sales growth driven by temporary trade inventory loading rather than genuine consumer demand [1][2]. Group 1: Company Overview - BellRing Brands operates in the convenient nutrition category, primarily known for its brands Premier Protein and Dymatize, which offer ready-to-drink protein shakes and powders [2]. - The company reported that Premier Protein achieved an all-time high in household penetration, with strong demand and growth across all channels attributed to distribution expansion and promotional activities [2]. Group 2: Sales Growth Concerns - The sales growth during the relevant period may not be sustainable, as it could have been influenced by temporary trade inventory loading at key retailers rather than lasting consumer demand [2]. - On May 5, 2025, BellRing disclosed that several key retailers reduced their weeks of supply, which would negatively impact growth in Q3 2025, leading to a significant stock price drop of over 18% [3]. - Following disappointing quarterly consumption results for Premier Protein RTD Shakes on August 4, 2025, the stock price fell nearly 33%, indicating a misalignment between expected and actual sales performance [4].