Core Insights - Madison Mid Cap Fund's Class I returned 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - Information Technology was the leading sector in performance for both the quarter and year-to-date [1] Company Performance - Medpace Holdings, Inc. (NASDAQ:MEDP) had a one-month return of -3.15% but gained 73.55% over the last 52 weeks, closing at $586.16 per share with a market capitalization of $17.047 billion on November 20, 2025 [2] - Medpace reported revenue of $659.9 million in Q3 2025, marking a year-over-year increase of 23.7% [4] Investment Insights - Medpace was one of the top five contributors to the Madison Mid Cap Fund's performance in Q3 2025, with shares rising due to better-than-expected Q2 results and strong revenue and bookings growth [3] - Despite the potential of Medpace as an investment, the company is not among the 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding its shares at the end of Q2 2025, unchanged from the previous quarter [4]

SHANGHAI, MIDDLETOWN, Del. and MUNICH, Nov. 19, 2025 /PRNewswire/ -- WuXi AppTec, a leading global pharmaceutical CRDMO (Contract Research, Development, and Manufacturing Organization), has been recognized by Frost & Sullivan with the 2025 Global Company of the Year Award in the CRDMO industry. This marks the ninth consecutive year that WuXi AppTec has received this distinguished honor, underscoring the company's ongoing achievements in enabling innovation and operational excellence for its customers. Frost ...

Durham, North Carolina-based IQVIA Holdings Inc. (IQV) provides healthcare research services. Valued at $37.6 billion by market cap, the company offers analytics, technology solutions, and clinical research services to the life sciences industry, which helps them in the clinical development and commercialization of medical treatments that improve healthcare outcomes for patients. Shares of this contract research giant have underperformed the broader market over the past year. IQV has gained 12.2% over thi ...

Core Insights - U.S. stocks experienced a rally in Q3, supported by the Federal Reserve's interest rate cut and steady economic data, with the Russell Midcap® Growth Index increasing by 2.78% [3][17] - The Wasatch U.S. Select Fund underperformed, declining by -1.93%, primarily due to concentrated holdings in stocks that faced slower revenue growth [3][4][17] Fund Performance Analysis - The Fund's performance was negatively impacted by a few concentrated stock holdings that reported slower revenue growth, leading to significant declines in their stock prices [4][6] - The investment strategy focuses on high-quality, long-duration growth companies, which faced headwinds as low-quality stocks gained favor in the market [7] Key Detractors - BellRing Brands, Inc. (BRBR) was the largest detractor, with concerns over competition in the protein shake category; however, the long-term outlook remains positive due to category growth potential [8] - Shift4 Payments, Inc. (FOUR) faced stock price declines despite solid organic revenue growth, attributed to macroeconomic concerns and investor sentiment following its acquisition of Global Blue [9] - Inspire Medical Systems, Inc. (INSP) was sold during the quarter after management downgraded guidance due to delays in product rollout, raising execution concerns [10] Top Contributors - Medpace Holdings, Inc. (MEDP) was the top contributor, with strong revenue and earnings growth, raising full-year guidance despite a slowdown in biotech funding [11] - Fabrinet (FN) benefited from strong product adoption, particularly in data centers linked to AI, although the investment is not solely based on AI themes [12] - Nova Ltd. (NVMI) also contributed positively, with a strong track record in semiconductor manufacturing, benefiting from increasing complexity in the industry [13] Future Outlook - The Fund remains committed to its investment philosophy, focusing on high-quality growth companies despite recent underperformance [14] - The fundamentals of the companies within the Fund are encouraging, with strong earnings growth expected to drive return potential over a three- to five-year horizon [15]

Core Insights - Curia Global, Inc. has released its third Environmental, Social, and Governance (ESG) report, emphasizing its "C.U.R.I.A. Way" values: curiosity, urgency, respect, integrity, and accountability [1] - The CEO, Philip Macnabb, highlighted the company's progress as an industry leader in reducing environmental impact and fostering a culture of safety, integrity, and accountability [1] Company Overview - Curia is a contract research, development, and manufacturing organization (CDMO) with over 30 years of experience, operating in more than 20 locations globally and employing 3,200 staff [2] - The company offers a comprehensive range of services from small molecules to biologics, covering the entire process from discovery to commercialization, with capabilities in regulatory compliance, analysis, and sterile filling and packaging [2] ESG Commitments and Achievements - In 2024, Curia committed to setting near- and long-term greenhouse gas reduction targets in line with climate science through the Science Based Targets initiative (SBTi) and joined the UN's "Race to Zero" campaign [3] - Curia's facilities in France have received ISO 9001, 45001, and 14001 certifications, while its Italian facilities have achieved ISO 45001 and 14001 certifications [3] - 85% of Curia's facilities have reported no recordable injury incidents for over a year, with nine facilities achieving safety records of over two years [3] - Employees have voluntarily logged over 10,000 hours of learning on the iLearn platform, which is supported by Skillsoft's Percipio technology [3] - The Diversity, Equity, and Inclusion (DE&I) committee at Curia is actively expanding to create communication platforms and advancement opportunities for all employees [3]

Core Insights - Curia Global, Inc. has completed a $4 million investment to upgrade two sterile Active Pharmaceutical Ingredient (API) production lines in Valladolid, Spain, aligning with the latest EU GMP standards [1][2] - The investment focuses on modernizing infrastructure and technology, including the installation of new isolation devices and upgrades to HVAC, automation, and sterilization systems, aiming for a fully enclosed system to enhance product safety and prevent contamination [2][3] - Curia's commitment to quality and compliance is emphasized by CEO Philip Macnabb, highlighting the importance of reliability and precision in meeting customer needs [2][3] Investment Details - The investment primarily funds facility equipment updates and aims to support increasingly complex manufacturing projects [2][3] - Ergonomic improvements for operators and enhanced automation controls are key measures to ensure operational safety and compliance with stricter data integrity policies [2] Company Background - Curia is a contract research, development, and manufacturing organization (CDMO) with over 30 years of experience, operating a network of 20 global facilities and employing 3,200 staff [4] - The company provides comprehensive services from discovery to commercialization in small molecule drugs, generic APIs, sterile formulations, and biologics, focusing on regulatory integration and analytical testing [4]

Core Insights - The Giverny Capital Asset Management ("GCAM") model portfolio showed a net return of 6.79% for Q3 2025, underperforming the S&P 500 TR which returned 8.12% during the same period [2][4] - Significant declines in key holdings, particularly Constellation Software, which dropped 18% in September due to the sudden retirement of its CEO, Mark Leonard, impacted overall portfolio performance [4][5] - The investment landscape is characterized by a mix of economic uncertainty and stock market exuberance, with concerns about tariffs and the agricultural sector, yet enthusiasm for AI investments remains high [6][7] Performance Overview - The portfolio's year-to-date return stands at 12.57%, trailing the S&P 500's 14.83% [2] - Over the past three years, the portfolio has achieved an annualized return of 24.05%, while the S&P 500 has returned 24.94% [2] - The portfolio's largest holdings include Arista Networks, Alphabet, and Meta Platforms, which collectively represent a significant portion of the total assets [30] Key Holdings and Transactions - The portfolio initiated a 3.5% position in Taiwan Semiconductor (TSM), which is positioned as a leading manufacturer in the semiconductor industry, capitalizing on the growing demand for high-performance chips [19][21] - Medpace Holdings, a contract research organization, saw a substantial increase in stock value, rising over 50% in one day following a strong earnings report [11][12] - The portfolio has trimmed positions in several strong performers, including Alphabet and Meta, while fully exiting Credit Acceptance due to concerns over its competitive position [25] Market Context - The semiconductor industry is experiencing rapid advancements, with TSMC leading in manufacturing capabilities, particularly in producing chips at smaller nanometer specifications [20][22] - The market is currently focused on AI-related stocks, which have significantly contributed to S&P 500 returns since the launch of ChatGPT in November 2022 [13][14] - Concerns about geopolitical risks, particularly regarding Taiwan, are prevalent, as TSMC is a critical supplier for major tech companies [22][24] Investment Philosophy - The portfolio emphasizes investments in companies with founder involvement in management, which is believed to align interests and foster strong corporate cultures [8] - The management team expresses confidence in the quality of their holdings and the leadership of companies like Medpace and TSMC, despite broader market uncertainties [7][12] - The approach remains cautious regarding the sustainability of the current market rally, with a focus on long-term value creation rather than short-term speculation [7][26]

Market Overview - SMID cap growth equities saw significant gains in Q3 2025, with the Russell 2500 Growth Index increasing by 10.7% [2] - The supportive policy backdrop included a Federal Reserve rate cut, a reconciliation/tax bill, and trade deals that reduced tariffs compared to April levels [2] - The performance of SMID growth equities was comparable to large cap peers, with the Russell 1000 Growth Index rising by 10.5% and the Russell 2000 Growth Index returning 12.2% [2] Policy Environment - The policy environment became more predictable and supportive for consumers and businesses, leading to renewed confidence in capital allocation and investment decisions [3] - This shift positively impacted sectors like industrials and health care, where balance sheet strength and visible growth pipelines are key differentiators [3] Investment Landscape - Despite an improved environment, investors remained selective, particularly in consumer-sensitive industries and those facing AI disintermediation risks [4] - Many small- and mid-cap growth companies are still navigating a bottoming process, with uneven demand trends and cost pressures acting as headwinds [4] Portfolio Performance - The ClearBridge SMID Cap Growth Strategy underperformed its benchmark in Q3, with strong contributions from health care and select industrials offset by weakness in information technology and consumer discretionary sectors [5] - Notable performers included Medpace, Insmed, and Doximity in health care, while Chewy and Wingstop faced challenges in consumer discretionary [7] Portfolio Positioning - The strategy focused on adding innovative growth companies with large addressable markets, initiating positions in Avidity Biosciences and Kratos Defense [9][10] - Exited positions included Globant due to geopolitical concerns and volatility from AI adoption risks [11] Outlook - SMID cap growth stocks face near-term headwinds from consumer spending and technological advances favoring mega-cap AI beneficiaries [12] - However, Fed easing and greater policy clarity create a more constructive environment for growth execution [12] - The potential for re-acceleration in depressed subsegments of the SMID growth market is anticipated, with a focus on innovative businesses with strong balance sheets [13] Portfolio Highlights - The ClearBridge SMID Cap Growth Strategy had positive contributions from seven of the ten sectors invested, with industrials and health care being the largest contributors [14] - Stock selection in IT, consumer discretionary, and materials sectors detracted from performance, while consumer staples and health care sectors provided benefits [15] Individual Stock Performance - Key contributors to relative returns included Bloom Energy, Medpace, Comfort Systems, and Insmed, while detractors included Wingstop and Monday.com [16] New Positions - New positions initiated included CG Oncology in health care, Karman and Rocket Lab in industrials, and Credo Technology in IT [17]

Core Insights - WuXi Biologics has been awarded "CDMO of the Year – Asia Pacific", "Best Biologics CDMO Award: Bioprocessing", and "Best Biologics CDMO in Greater China Region" at the APBCEA 2025 [1][2] - The company has received multiple awards since 2017, highlighting its consistent excellence in the biomanufacturing sector [1][2] Company Achievements - WuXi Biologics has a portfolio of 864 integrated projects, including 168 bispecific and multispecific antibodies and 225 antibody-drug conjugates (ADCs) [3] - The development cycle for monoclonal antibody projects has been reduced to 6 months from DNA to Investigational New Drug (IND) application [3] - The company has achieved a 100% success rate in Pre-License Inspections (PLI) and has passed 44 inspections by global regulatory authorities, including 22 by the FDA and EMA [3] Leadership and Vision - Dr. Chris Chen, CEO of WuXi Biologics, emphasized the recognition received from clients and the industry, attributing it to the company's commitment to excellence and world-class quality standards [4] - The company aims to empower partners to accelerate the delivery of groundbreaking therapies to patients globally [4] Workforce and Global Presence - WuXi Biologics employs over 12,000 skilled professionals across China, the United States, Ireland, Germany, and Singapore [6] - The company supports 864 integrated client projects, with 24 currently in commercial manufacturing as of June 30, 2025 [6] Sustainability Commitment - WuXi Biologics prioritizes sustainability as a cornerstone for long-term growth, focusing on green technology innovations and responsible practices [7] - The company collaborates with stakeholders to create positive social and environmental impacts while promoting excellence in Environment, Social, and Governance (ESG) [7]

Core Insights - WuXi Biologics has achieved fully automated continuous drug substance production at pilot scale using its WuXiUP™ platform, enhancing efficiency and flexibility for clients [1][4][6] Production Efficiency - The WuXiUP™ platform allows for non-stop 24/7 operation, minimizing manual intervention and reducing quality risks, leading to enhanced manufacturing efficiency [2] - In upstream processes, WuXiUP™ has demonstrated a total output exceeding 110 g/L over 24 days of continuous cell culture, with a peak daily yield of 7.6 g/L [2] - The downstream purification process utilizes a two-step, high-efficiency membrane chromatography system, resulting in a 5- to 10-fold increase in productivity compared to traditional methods [2][6] Quality Control - WuXiUP™ employs advanced Process Analytical Technology (PAT) for real-time monitoring of critical parameters, significantly improving manufacturing procedure control [3] - The integration of automated closed-loop control systems with PAT allows for intelligent diversion of out-of-spec samples, enhancing overall quality control [3] Technological Advancements - The platform is designed to manufacture a variety of pharmaceutical proteins, achieving 5–20 times higher productivity compared to traditional processes [5] - Notably, when scaling to 1,000–2,000 L using single-use bioreactors, WuXiUP™ achieves productivity levels comparable to traditional 10,000–20,000 L stainless steel bioreactors [6] Regulatory Success - The WuXiUP™ platform has facilitated one molecule to receive Biologics License Application (BLA) approval and 11 others to receive Investigational New Drug (IND) approvals [6]