Bio-Rad (BIO) Surged as the Earnings Exceeded Expectations

Core Insights - Longleaf Partners Fund reported a return of -0.33% in Q3 2025, underperforming the S&P 500's 8.12% and the Russell 1000 Value's 5.33% [1] - The fund focuses on investments in real assets and brands that generate growing free cash flow (FCF) per share, with an expectation that the FCF multiple could rise from ~10x to the mid-teens [1] Company Highlights - Bio-Rad Laboratories, Inc. (NYSE:BIO) had a one-month return of 24.80% and a 52-week gain of 5.76%, closing at $338.67 with a market capitalization of $8.893 billion on October 23, 2025 [2] - Bio-Rad was noted as a positive contributor to the fund's performance due to steadier earnings than expected, positioning the company for earnings growth in 2026 and beyond [3] - The company's investment in Sartorius is showing encouraging year-over-year trends, and Bio-Rad is actively repurchasing shares with a nearly net cash balance sheet [3]