Core Insights - Hardman Johnston Global Equity Strategy reported a return of 2.91% for Q4 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - The performance was supported by the Financials and Consumer Staples sectors, while the Industrials and Consumer Discretionary sectors negatively impacted relative performance [1] T-Mobile US, Inc. Overview - T-Mobile US, Inc. (NASDAQ:TMUS) is a wireless communications services provider with a market capitalization of $207.629 billion [2] - Over the past 52 weeks, T-Mobile's stock traded between $181.36 and $276.49, closing at $184.49 on January 27, 2026 [2] - The stock experienced a one-month return of -9.14% and a three-month decline of 14.19% [2] Investment Strategy Changes - Hardman Johnston exited its position in T-Mobile US, Inc. due to a shift in the risk/reward profile, despite the company beating EPS expectations and showing subscriber growth [3] - Concerns arose regarding ARPU stability due to competitive pricing pressures, and management's 2026 guidance indicated slower profit and cash flow growth [3] - The announced $14.6 billion shareholder return program was below market expectations, leading to downward revisions in earnings estimates [3] - The decision to liquidate T-Mobile was influenced by sector rotation towards defensive peers and a lack of near-term catalysts [3] Hedge Fund Interest - T-Mobile US, Inc. was held by 81 hedge fund portfolios at the end of Q3 2025, an increase from 76 in the previous quarter [4] - Despite its potential, the company is not considered among the top 30 most popular stocks among hedge funds, with certain AI stocks being viewed as offering greater upside potential and lower downside risk [4]

Core Insights - Hardman Johnston Global Advisors reported underperformance in its portfolio for Q3 2025, with a return of 5.02% net of fees, compared to 7.62% for the MSCI AC World Net Index [1] Company Overview - Boston Scientific Corporation (NYSE:BSX) is highlighted as a key stock in the investor letter, operating in the MedSurg and Cardiovascular segments of the medical device industry [2] - As of December 24, 2025, Boston Scientific's stock closed at $96.13 per share, with a market capitalization of $142.51 billion [2] Performance Analysis - Boston Scientific experienced a one-month return of -4.78% but gained 5.56% over the last 52 weeks [2] - The company was identified as a significant driver of underperformance within the healthcare sector, alongside Vertex Pharmaceuticals [3] Market Context - The Trump administration's Section 232 tariff investigation into medical devices has increased macroeconomic uncertainty, but Boston Scientific is well-positioned to manage potential tariffs due to its diverse supply chain and increased U.S. manufacturing footprint post-COVID [3] - The company has strong pricing power and has largely mitigated tariff impacts thus far [3] - The market is witnessing a rotation from medical devices to pharmaceuticals/biotech, influenced by recent deals such as the one between Pfizer and the Trump administration [3] Growth Prospects - Boston Scientific's diversified growth profile across various franchises, including cardiology, electrophysiology, endoscopy, and urology, supports a favorable outlook [3] - The introduction of Farapulse, a pulsed-field ablation technology, is expected to drive significant growth in the electrophysiology segment [3] - Management has set new long-term targets of 10% organic revenue growth, 50 basis points of annual margin expansion, and double-digit EPS growth through 2028, with a strong track record of exceeding previous targets [3]

在全球化和国内政策变动的双重影响下，中国医疗器械行业正站在转型的十字路口。国内集采政策的实施 和反腐力度的加强，使得企业面临利润压缩和传统经营模式的挑战。中国医疗器械企业必须寻求新的发展 路径，积极拥抱全球化，以全新的业务形态和战略思维走向世界。 时间： 2025年2月20日，14:00-16:00 地点： 广东省深圳市南山区学苑大道1068号，中国科学院深圳先进院技术研究院 活动对象： 医疗器械投资人，创始人及高管，海外市场负责人等，审核制，限30人 主办方： 希毅医学，思宇MedTech 报名方式： 而在国际市场的高标准和严要求下，传统的外贸模式已不再适应当前的国际市场环境，企业需要摒弃旧有 的业务形态，转型成为具有国际竞争力的跨国企业。 这一转型 不仅是产品和技术的创新，更是商业模 式、学术营销策略等多纬度的全面再开发（ReDevelopment） 。 复制以下链接到IE浏览器进行填写或点击文末 "阅读原文" 进行填写 2月20日， 希毅医学 携手 思宇MedTech ，并得到 深圳先进技术研究院 的大力支持，联合举办 "ReDe for 2025：医疗器械海外增长新范式"研讨会 。 https://d ...