Robust Booking Growth Boosted Medpace Holdings (MEDP) in Q3

Core Insights - Headwaters Capital Management's third-quarter 2025 investor letter focused on AI and reported a portfolio return of -2.7% compared to a +5.3% gain for the Russell Mid Cap Index [1] Company Performance - Medpace Holdings, Inc. (NASDAQ:MEDP) was highlighted as a top contributor with a return of +64% in the quarter, driven by strong bookings despite a challenging biotech funding environment [3] - Medpace's stock closed at $527.40 on October 13, 2025, with a market capitalization of $14.816 billion, and it experienced a one-month return of 7.46% and a 49.28% increase over the last 52 weeks [2] - The company reported revenue of $603.3 million in the second quarter of 2025, marking a 14.2% year-over-year increase [4] Investment Strategy - Headwaters Capital Management noted that Medpace's disciplined capital allocation and market share gains make it a core long-term holding, despite the cyclical nature of its end markets [3] - The firm indicated that while Medpace has potential, certain AI stocks may offer greater upside potential with less downside risk [4]