Market Overview - U.S. equity markets continued to rise in Q3, with the Russell 1000 Growth Index increasing by 10.5% and achieving 24 new all-time highs [3] - The S&P 500 rose by 8.1%, the Nasdaq 100 advanced by 11.2%, and the Dow Jones Industrial Average increased by 5.2% [3] - The rally was largely driven by significant infrastructure investments in the AI sector, including a $90 billion plan announced by President Trump and various multi-billion dollar partnerships among major AI companies [3] Economic Impact - Deutsche Bank estimates that tech spending, primarily in AI, will contribute approximately 1-1.5 percentage points to U.S. GDP growth in 2025 [3] - The U.S. government has been running around $2 trillion in fiscal deficits for the first 11 months of FY-2025, which, along with easing monetary policy, has supported equity market performance [3][6] Monetary Policy - The Federal Reserve cut the Federal Funds rate by 25 basis points to a range of 4.00%-4.25% in mid-September, with a more accommodative policy outlook for the coming years [6] - The Fed's median projection for the fed funds rate in 2025 has decreased to 3.6% from 3.9% [6] Sector Performance - Ithaka's portfolio underperformed the Russell 1000 Growth Index by 940 basis points in Q3, with stock selection and sector allocation negatively impacting performance [8] - Positive relative returns were generated in the Financial Services sector, while Technology and Consumer Discretionary sectors were the largest sources of underperformance [9] Key Contributors and Detractors - Top contributors included NVIDIA (18.0% return impact), Robinhood Markets (52.9%), and Shopify (28.8%) [10] - Major detractors were ServiceNow (-10.5%), Chipotle Mexican Grill (-24.6%), and Intuitive Surgical (-17.7%) [10] AI Investment Landscape - The AI infrastructure buildout is projected to reach $400 billion to $600 billion in 2025, with U.S. hyperscalers expected to account for $300 billion to $350 billion of this total [18] - The current wave of AI-driven capital expenditures is compared to historical infrastructure projects, indicating a significant shift in technology investment [18] Future Outlook - The ongoing AI buildout may redefine human interaction across various sectors, with companies viewing this as a once-in-a-generation opportunity [18][21] - Early productivity gains from AI implementations have shown efficiency improvements of 20%-50% in key business operations [20]

Core Insights - Medtronic plc (NYSE:MDT) is recognized as one of the Top 15 Growth Stocks for Long-Term Investors [1] - The company is the largest producer of biomedical devices and implantable technologies globally, operating through four main segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes [2] Growth Strategy - Medtronic pursues growth through internal innovation and strategic acquisitions, with a strong focus on research and development (R&D) driving organic expansion [3] - The company has established a significant presence in emerging markets such as China, India, and Africa, which are characterized by large populations and rapidly expanding economies [3] Financial Performance - Revenue from emerging markets has been growing at a double-digit pace, outpacing growth in the United States, which contributes just over half of Medtronic's total revenue [4] - In fiscal Q2 2025, Medtronic recorded $4.2 billion in revenue from US operations and $4.3 billion from international markets [4] Acquisitions and R&D Investment - Since 2021, Medtronic has completed nine tuck-in acquisitions worth over $3.3 billion, reflecting its commitment to expanding capabilities and product offerings [5] - The company consistently spends over $2 billion annually on R&D, which is central to its continuous product innovation and leadership in the medical technology space [5] Dividend Performance - Medtronic has increased its dividend for 48 consecutive years, highlighting its financial stability and shareholder-focused approach [6] - The current quarterly dividend is $0.71 per share, with a dividend yield of 2.98% as of October 12 [6]

Core Insights - Nexalin Technology, Inc. has appointed Dr. Robert Rothstein to its Scientific Advisory Board, enhancing its focus on addressing the global mental healthcare crisis, particularly in Alzheimer's disease and Traumatic Brain Injury (TBI) [1][3] Company Developments - Dr. Rothstein brings over 40 years of experience in emergency medicine and mental health, having held senior roles at institutions like the University of Chicago and Johns Hopkins Medicine, which positions him well to support Nexalin's neuropsychiatric therapeutic initiatives [2][4] - The expansion of the Scientific Advisory Board follows a reconstitution in May 2025, aligning with Nexalin's intensified focus on Alzheimer's disease and TBI, with plans to initiate Alzheimer's-specific trials in Q4 2025 [3][5] Strategic Focus - Nexalin's DIFS™ technology is believed to stimulate deep brain regions linked to memory and executive function, with ongoing research suggesting its potential benefits for TBI recovery, especially in military populations [3][5] - The company aims to leverage robust imaging biomarkers and MEG-guided protocols to support its clinical trials, ensuring rigorous oversight from the Scientific Advisory Board [5] Industry Context - The company is positioned at the intersection of bioelectronic medicine and unmet neuropsychiatric needs, with Dr. Rothstein expressing enthusiasm for the non-invasive nature of Nexalin's technology in treating Alzheimer's and TBI [4]

Core Insights - GE HealthCare announced findings from the largest real-world evidence study on End-tidal Control anesthesia delivery software conducted at the University of Michigan [1] - The results highlighted both environmental and clinical benefits of the End-tidal Control software [1] - The findings were presented at the ANESTHESIOLOGY® 2025 conference held from October 10-14 in San Antonio, Texas [1] Company Summary - GE HealthCare is focusing on innovative anesthesia delivery solutions, as evidenced by the presentation of their study results [1] - The End-tidal Control software is designed to assist clinicians in maintaining optimal anesthesia delivery [1]

Group 1 - ENDRA Life Sciences Inc. announced an aggregate of $4.9 million in commitments for a private placement led by institutional and cryptocurrency investors [1] - The proceeds from the offering will be utilized to launch a diagnostic tool for monitoring metabolic dysfunction associated liver disease (MASLD) and metabolic dysfunction associated steatohepatitis (MASH) [1]

CHEYENNE, WYOMING / ACCESS Newswire / October 13, 2025 / CS Diagnostics Corp. (OTCQB:CSDX) today announced the official launch of its Regulation D, Rule 506(c) investment offering (the "Offering"), marking an important milestone in the company's ongoing mission to enhance patient safety and health outcomes through advanced medical technologies. CS Diagnostics Corp. is a global medical technology company dedicated to innovation in healthcare safety and performance. ...

Core Insights - ONWARD Medical N.V. has reported strong execution in Q3 2025, with the ARC-EX System now available in over 50 US clinics, indicating accelerating adoption of its neurotechnology solutions [1][4] - The company will provide a comprehensive business and financial update on November 11, 2025 [1] Company Overview - ONWARD Medical is a leading neurotechnology company focused on therapies to restore movement and independence for individuals with spinal cord injuries and other movement disabilities [2] - The company has developed ARC Therapy, receiving 10 Breakthrough Device Designations from the FDA, and its ARC-EX System is cleared for commercial sale in the US and Europe [2] Commercial Performance - In Q3 2025, ONWARD Medical sold 40 ARC-EX Systems, demonstrating strong commercial traction [4] - The company has surpassed EUR 1 million in quarterly revenue for the first time [4] Regulatory Milestones - The ARC-EX System received CE Mark certification for improving hand strength and sensation after spinal cord injury [4] - The FDA approved an investigational device exemption for the ARC-IM System, allowing the initiation of the Empower BP global pivotal study [4] Scientific Contributions - The company announced the publication of two articles in Nature and Nature Medicine, highlighting advances in blood pressure regulation after spinal cord injury [4]

Company Adjustments - Jefferies has lowered its price target for Paycom Software Inc. (PAYC) to $225 from $250, reflecting a revised outlook for the payroll software provider [2][8] - Other analysts have price targets for Paycom ranging from $220.00 to $290.00, with an average around $252.00 to $257.27 [2] - Jefferies initiated coverage on TransMedics Group Inc. (TMDX) with a Buy rating and a price target of $145, aligning with other analysts' positive assessments [3][8] - Piper Sandler also maintains a Buy rating and a $145 target for TransMedics, having recently raised it from $105 [3] - Oppenheimer raised its price target for TransMedics to $150 from $130, maintaining an Outperform rating [3] Market Overview - The Indian Rupee opened weaker at 88.75 against the US Dollar, continuing a trend of depreciation influenced by foreign fund outflows and trade tensions [4][8] - India's 10-year benchmark government bond yield saw a slight decrease, opening at 6.5241% against a previous close of 6.5370% [5][8] - Asia-Pacific markets showed mixed performance, with some indices gaining while others experienced declines amid ongoing geopolitical and economic developments [6][8]

Core Insights - The Fund underperformed the MSCI World ex USA Index for the quarter but has outperformed the benchmark since inception [5] - Consumer discretionary and materials sectors were the largest contributors to performance, while industrials and communication services were the largest detractors [5] - Geographically, the portfolio is heavily weighted towards Europe ex U.K. (68.4%), followed by the U.K. (11.5%) and Asia ex Japan (9.3%) [5] Performance Analysis - Kering was the top contributor during the quarter, driven by leadership changes and improving revenue trends [7] - CNH Industrial was the top detractor, facing weak results and soft demand, particularly in the U.S., but management expects a rebound in 2025 [8] Portfolio Activity - Six new positions were added to the Fund, while nine were exited during the quarter [9] - New purchases included Bunzl, which is expected to return to stable growth despite recent execution issues [10] - Dassault Systèmes, a leader in virtual twin technology, is viewed as a high-quality investment opportunity despite a nearly 40% decline in share price [11] Company Highlights - FEMSA, a diversified Latin American conglomerate, is well-positioned for growth through strategic divestments and share buybacks [12] - Hexagon has upgraded its management team and is expected to see improvements in return on capital employed and cash flow [13] - Siemens Healthineers is positioned for profitable growth in medical technology, with a favorable product cycle and turnaround in its diagnostics business [16] Investment Returns - The Fund's average annualized total returns show strong performance across various time frames, with the Institutional Class returning 26.51% year-to-date [18]

Company Overview - Intuitive Surgical specializes in robotic surgery equipment, with over 16 million procedures performed and more than 9,900 machines installed globally across 72 countries [2] - The company has averaged annual gains of nearly 24% over the past decade, indicating strong historical performance [2] Financial Performance - In the second quarter, Intuitive Surgical's procedure volume grew by 17% year over year, while revenue increased by 21% [3] - A significant portion of revenue, 84%, comes from servicing, supplies, and accessories rather than the systems themselves, suggesting a stable revenue stream [3] Market Challenges - The stock is currently down 15.5% year to date, attributed to uncertainties from tariffs imposed by the Trump administration and competition from Medtronic's new robotic urologic surgery system [4] - Despite the current stock price decline, the forward-looking price-to-earnings (P/E) ratio of 48 is below its five-year average of 56, indicating potential for future growth [5]