What Made Thermo Fisher Scientific (TMO) a Solid Performer in Q3?

Group 1 - Harding Loevner's Global Equity Strategy reported a gross return of 2.62% and a net return of 2.52% for Q3 2025, underperforming the MSCI All Country World Index and MSCI World Index, which returned 7.74% and 7.36% respectively [1] - Year-to-date, the strategy has risen 10.61% net, compared to 18.86% and 17.83% for the respective indexes [1] - The last six months have been characterized as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points, largely driven by advancements in AI [1] Group 2 - Thermo Fisher Scientific Inc. (NYSE:TMO) was highlighted as a key stock, with a one-month return of 2.56% and a 52-week gain of 11.44% [2] - As of December 3, 2025, Thermo Fisher's stock closed at $580.45 per share, with a market capitalization of $218.08 billion [2] Group 3 - The investor letter indicated that the Health Care sector is showing signs of recovery despite previous sales declines attributed to pandemic-inflated levels [3] - Operating fundamentals in key end markets are stabilizing, with improved hospital finances in early 2025 as volumes normalized and revenue growth outpaced expenses [3] - Medical technology and services companies are expected to gain better pricing power and a favorable sales mix if patient utilization stabilizes, while life sciences tools may benefit from improved capital budgets [3] - Thermo Fisher's management forecasted 3-6% organic revenue growth for the next year and 7% beyond 2027, which was better than investor expectations, leading to a positive stock performance [3]