Core Viewpoint - The fourth quarter of 2025 experienced a sharp 5% sell-off followed by a quick recovery, with global stocks reaching all-time highs, influenced by concerns over a potential AI bubble and subsequent strong earnings from NVIDIA [4][5]. Portfolio Performance & Attribution - The Polen Global Growth Composite Portfolio returned -2.5% gross of fees and -2.7% net of fees in Q4 2025, underperforming the MSCI All Country World Index, which returned +3.3% [7]. - Top relative contributors included Eli Lilly, Alphabet, and Shopify, while Oracle, Paycom Software, and CoStar Group were the largest detractors [7][8]. - Eli Lilly's stock rallied over 40% in Q4 due to strong financial results and a favorable agreement on drug pricing, despite earlier concerns [8]. - Oracle's performance reversed from the previous quarter, primarily due to skepticism regarding its future revenue tied to OpenAI, impacting its stock negatively [9]. Portfolio Activity - New positions were initiated in Tencent Holdings and Spotify, while positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday were eliminated to fund these investments [10][11]. - Tencent has shown consistent earnings growth of over 30% annually for the past three years, and its valuation is considered reasonable for sustainable revenue growth [11]. - Spotify is viewed as a leading streaming network with significant growth potential, expecting over 20% annual free cash flow growth for the next five years [12]. Outlook - The datacenter capital expenditure cycle is expected to continue, driven by increasing demand and supportive government policies, suggesting a favorable environment for growth in revenues and earnings for key players [17]. - The portfolio is positioned to deliver above-average earnings growth, with a focus on sectors outside of the AI and datacenter themes, ensuring resilience regardless of market drivers [18].

Key Takeaways FDA grants Breakthrough Therapy tag to LLY's sofetabart mipitecan for certain ovarian cancer patients.Phase III FRAmework-01 study is testing LLY's candidate alone in platinum-resistant ovarian cancer.LLY says early results across all expression levels are promising and could support a new treatment option.Eli Lilly and Company (LLY) announced that the FDA has granted a Breakthrough Therapy designation to its novel folate receptor alpha (FRα) antibody-drug conjugate (ADC), sofetabart mipitecan ...

If you are interested in keeping up to date with stocks making moves within the biotech, pharma and healthcare industries, and understanding the key trends and catalysts driving valuations ahead of the market, why not subscribe to my weekly newsletter via my Investing Group, Haggerston BioHealth ?Edmund Ingham is a biotech consultant. He has been covering biotech, healthcare, and pharma for over 5 years, and has put together detailed reports of over 1,000 companies. He leads the investing group Haggerston B ...

All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are references in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the and â"¢ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not ...

JR Research is an opportunistic investor. I was recognized by TipRanks as a Top Analyst, and also by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. I identify attractive risk/reward opportunities supported by robust price action to potentially generate alpha well above the S&P 500. My picks have consistently demonstrated market outperformance over time. My approach combines timely and sharp price action analysis with fundamentals as my foun ...

Now you can get access to the latest and highest-quality analysis of recent Wall Street buying and selling ideas with just one subscription to Beyond the Wall Investing ! There is a free trial and a special discount of 10% for you. Join us today!I have noticed that these days, Eli Lilly ( LLY ) does not get the same level of attention it used to before everyone startedDaniel Sereda is chief investment analyst at a family office whose investments span continents and diverse asset classes. This requires him t ...

The board will oversee decision-making across the group's core brands that could unlock around $1.2 billion in production savings alone. ...

GLP-1类药物的边界，正在被进一步推向代谢疾病最顽固、也最具临床价值的领域。1月21日，国家药品监督管理局药品审评中心官网 显示，礼来 旗下GIP/GLP-1双受体激动剂 替尔泊肽 拟被纳入突破性疗法程序，用于治疗代谢相关性脂肪性肝病。这一动态意味着，在 中国监管体系下，替尔泊肽被正式认可为在该适应症上具有显著临床潜力的创新治疗候选，研发与审评节奏有望明显加快。 此次拟纳入突破性疗法的关键依据，来自礼来在2024年公布的II期SYNERGY-NASH研究。该研究共纳入190例经肝活检明确诊断为代 谢性功能障碍相关性脂肪性肝病的患者，受试者可伴或不伴2型糖尿病，且均合并2期或3期肝纤维化。这类患者正处于疾病进展的关键 窗口期，既存在明显的代谢紊乱，又面临向肝硬化甚至肝癌演变的高风险，是MASH药物研发中最具挑战性、也是最具临床意义的人 群。 | 突破性治疗申请公示详细信息 | | | | | --- | --- | --- | --- | | 受理号 JXHL2500275 | | 药品名称 | 替尔泊肽注射液 | | 药品类型 | 化药 | 注册分类 | 2.4 | | 申请日期 | 2025-12-02 ...

FDA此次授予突破性疗法认定是基于LY4170156的Ia/b期研究的积极初步数据。研究结果显示，该药物 在各剂量水平下均能产生疗效，且不受患者FRα表达水平的限制，即便是既往接受索米妥昔单抗治疗后 疾病进展的患者，也能从中获益。初步数据还表明，该药物具有良好的耐受性，间质性肺病、周围神经 病变、脱发等不良反应发生率较低，且未观察到显著的眼部毒性。 智通财经APP获悉，1月20日，礼来(LLY.US)宣布FDA已授予sofetabart mipitecan(LY4170156)突破性疗法 资格，用于治疗既往接受过贝伐珠单抗治疗、且符合用药条件的患者在接受过索米妥昔单抗治疗后的成 人铂耐药上皮性卵巢癌、输卵管癌或原发性腹膜癌患者。LY4170156是Mablink Bioscience(已被礼来收 购)开发的一款FRα ADC药物，采用自主研发的连接子技术，搭载依沙替康作为有效载荷，DAR值为 8。 ...

Market Overview - U.S. equity markets ended the fourth quarter positively, with the S&P 500 and Nasdaq 100 rising 2.4% and 2.6% respectively, while the Dow Jones Industrial Average led with a 3.6% return [2] - The Russell 1000 Growth Index lagged, increasing only 1.1% as investors shifted from high-growth technology stocks to more defensive sectors [2] - The quarter was marked by significant volatility, influenced by a 43-day government shutdown that affected market transparency and risk appetite [2] Economic and Monetary Policy - Approximately 83% of S&P 500 companies reported positive earnings surprises, indicating a broadening economic recovery beyond the "Magnificent Seven" [4] - The Federal Reserve implemented two 25-basis point cuts, bringing the federal funds rate to a range of 3.50% to 3.75% by year-end, and concluded its quantitative tightening program [4] - The Fed's balance sheet expanded by approximately $100 billion to $6.6 trillion, reflecting a shift from "abundant" to "ample" bank reserves [4] Sector Performance - Ithaka's portfolio underperformed the Russell 1000 Growth Index by 700 basis points, with stock selection detracting 740 basis points from relative performance [6] - Positive relative returns were generated in the Materials and Processing sector, while Technology and Consumer Discretionary sectors were significant sources of underperformance [7] - Weakness in Technology was attributed to fears of AI disintermediating software stocks, while Consumer Discretionary faced pressures from consumer spending concerns [7] Top Contributors and Detractors - Top contributors included Intuitive Surgical (26.6% return), Advanced Micro Devices (32.4%), and Alphabet (28.9%), driven by strong earnings and positive investor sentiment [9][10][12] - Major detractors were ServiceNow (-16.8%), Netflix (-21.8%), and Veeva Systems (-25.1%), with concerns over AI impacts and unexpected financial disclosures affecting stock performance [9][15][16] Investment Strategy and Outlook - Ithaka initiated three new positions and eliminated four during the quarter, with a trailing 12-month turnover of 22.1% [17] - The investment approach focuses on long-term wealth creation through concentrated positions in high-quality companies with strong management and favorable market conditions [4][19] - The narrative around AI is shifting towards tangible productivity gains, suggesting that the economic opportunities from AI will continue to expand [18]