Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2025 investor letter. A copy of the same can be downloaded here. The Portfolio returned 0.01% compared to 2.66% for the S&P 500. YTD, the fund returned 12.58% compared to 17.88% for the Index. The firm faced a challenging fourth quarter and calendar year, despite solid appreciation. The outperformance of a few large technology companies has negatively impacted performance, given the portfolio's und ...

DUBLIN--(BUSINESS WIRE)--ICON plc (NASDAQ: ICLR) today announced a significant expansion of oncology research capabilities within its Accellacare Site Network through the opening of the Brian Moran Cancer Institute at Duly Health and Care in Illinois. The new institute strengthens Accellacare's ability to support oncology clinical trials and broaden access to innovative cancer treatments for patients. The Brian Moran Cancer Institute includes: 14 medical oncologists Three radiation oncologi. ...

Core Viewpoint - The investment strategies have shown positive returns for the year, with a focus on long-term performance over short-term results [2][5]. Performance Summary - Large Cap Composite (Gross) returned -1.4% QTD, 8.5% YTD, and 10.4% annualized since inception [3][22]. - Small Cap Composite (Gross) returned 3.4% QTD, 10.3% YTD, and 8.3% annualized since inception [3][31]. - Focus Composite (Gross) returned 0.2% QTD, 7.5% YTD, and 14.3% annualized since inception [3][36]. - All Cap Composite (Gross) returned 1.5% QTD, 11.5% YTD, and 11.1% annualized since inception [3][53]. Market Environment - The current market resembles the late 1990s, with concerns about overvaluation and a focus on AI-related stocks [5][6][7]. - AI is seen as a transformative technology, similar to the Internet, but caution is advised regarding valuations [7][9]. Investment Strategy - The company emphasizes buying only those companies with stable values, often waiting for them to become discounted enough for investment [10][12]. - The portfolio has shifted towards more healthcare and insurance-related businesses, with a focus on smaller companies outside the top 10 largest market capitalizations [11][12]. Notable Holdings - Medpace (MEDP) has shown significant growth, with a stock price increase of over 73% for the year, driven by strong free cash flow and share repurchases [13][14]. - Ryan Specialty Holdings Inc. is highlighted for its robust growth and stable margins, despite facing a short-term pricing cycle [24][25][38]. - TransUnion is recognized for its strong operating margins and successful diversification beyond credit reports [26][38]. Performance Contributors and Detractors - Alphabet Inc. and Salesforce Inc. were significant contributors to performance, while CoStar Group and Microsoft Corporation were notable detractors [37][46]. - Fiserv Inc. was a material detractor due to downward guidance and strategic shifts in its business model [30][46]. Market Trends - The small-cap sector has lagged behind large-cap returns, presenting potential opportunities for investment as it is often overlooked [15]. - The dominance of large-cap stocks in market returns continues, with the top 10 S&P 500 stocks accounting for over 50% of its return in 2025 [16].

Group 1 - GreensKeeper Asset Management's Value Fund achieved a +4.0% gain in Q3 2025, with a year-to-date return of +0.2% net of fees and expenses [1] - The US dollar negatively impacted performance by -3.7% year-to-date [1] - The market rally in 2025 was primarily driven by AI, cryptocurrency, and speculative investments [1] Group 2 - ICON Public Limited Company (NASDAQ:ICLR) was highlighted as a significant stock, with a one-month return of 14.89% and a 52-week loss of 10.74% [2] - As of December 16, 2025, ICON's stock closed at $182.45 per share, with a market capitalization of $14.19 billion [2] - ICON was the second top contributor to the fund's performance in Q3 2025, with a return of +20.3% [3] - The company was initially purchased due to concerns over tariff exposures and potential reductions in pharmaceutical R&D investment, but the market's reaction was deemed excessively punitive [3] - Despite uncertainties regarding ICON's 2025 earnings, the company's strong execution track record and its role in pharmaceutical R&D were expected to help it navigate challenging conditions [3]

Group 1 - Giverny Capital Asset Management reported a third-quarter 2025 return of 6.78%, underperforming the S&P 500 which returned 8.12% [1] - Year-to-date, the fund's return is 12.57%, compared to 14.83% for the S&P 500 index [1] - The fund's top 5 holdings were highlighted as key investment picks for 2025 [1] Group 2 - Medpace Holdings, Inc. (NASDAQ:MEDP) is identified as a significant investment, with a one-month return of -8.89% and a 52-week gain of 60.60% [2] - As of December 08, 2025, Medpace's stock closed at $549.17 per share, with a market capitalization of $15.47 billion [2] - The company specializes in clinical research and provides services for early-stage biopharmaceutical companies conducting clinical trials [3] Group 3 - Giverny Capital Asset Management acquired shares in Medpace Holdings, Inc. at approximately $381 last year, indicating confidence in the company's growth potential [3] - The investment decision was supported by insights from partners in Montreal who had a deep understanding of Medpace [3] - The company plays a crucial role in helping start-ups with promising drug compounds conduct trials to demonstrate efficacy [3]

Core Thesis - Medpace Holdings, Inc. is positioned as a strong investment opportunity due to its operational execution, strategic capital allocation, and market share growth, which the market has not fully recognized yet [1][2][5] Financial Performance - In Q2 2025, Medpace reported revenue of $603.3 million, reflecting a year-over-year increase of 14.2%, and EBITDA of $130.5 million with a margin of 21.6% [2] - The company has engaged in significant share repurchases, deploying $518.5 million to buy back 1.75 million shares, leaving only $46 million in cash [2][5] - Year-to-date buybacks total $913 million, showcasing the company's commitment to returning cash to shareholders [5] Competitive Advantage - Medpace offers a fully integrated suite of clinical research services, which enhances trial execution speed and reliability while reducing risk, distinguishing it from competitors that rely on acquisitions or outsourcing [3] - The company has achieved a 12.6% increase in net new business awards, indicating growing market share despite a challenging biotech funding environment [3] - Medpace's focus on risk mitigation and execution certainty makes it particularly appealing to mid-cap biotech clients [4] Future Outlook - Guidance for 2025 projects revenue between $2.42 billion and $2.52 billion, with EBITDA expected to be between $515 million and $545 million, indicating sustainable growth [4] - Continued investment in AI-driven patient recruitment and analytics is expected to create barriers to entry and enhance client retention [4] Market Recognition - The stock has appreciated approximately 93.62% since previous bullish coverage, driven by operational execution and client retention [6] - Recent aggressive buybacks and strong Q2 performance are emphasized as key factors in the company's positive outlook [6]

Core Insights - Caidya has invested in Medidata's Clinical Trial Management System (CTMS) and Clinical Data Studio to enhance its service offerings and improve data-driven decision-making across various therapeutic areas [1][2] Company Overview - Caidya is a global, full-service contract research organization (CRO) specializing in complex, multi-regional trials across oncology, hematology, rare diseases, pediatrics, cell and gene therapy, cardiovascular, and dermatology [6][3] - The organization operates in over 50 countries and regions, emphasizing a superior customer experience through personalized solutions throughout the clinical development lifecycle [6][3] Partnership and Technology Integration - The partnership with Medidata positions Caidya to leverage AI-powered insights within CTMS, leading to improved execution and patient outcomes [2][3] - Clinical Data Studio will enable sponsors to optimize data aggregation and management workflows, potentially reducing review cycles by up to 80% [2] Industry Positioning - Caidya is recognized as a frontrunner in the mid-sized CRO segment, setting a new standard for modern CROs through its investment in advanced solutions [3] - The collaboration with Medidata reflects a broader industry shift towards digital transformation, characterized by speed, agility, and trust [3]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with Medpace (MEDP) identified as a strong candidate due to its favorable growth metrics and Zacks Rank [2][10] Group 1: Earnings Growth - Medpace has a historical EPS growth rate of 32%, with projected EPS growth of 17.1% for the current year, surpassing the industry average of 15.7% [4] - The importance of double-digit earnings growth is emphasized as a key indicator of strong company prospects and potential stock price gains [3] Group 2: Cash Flow Growth - Medpace's year-over-year cash flow growth stands at 40.3%, significantly higher than the industry average of -1.2%, indicating robust financial health [5] - The company's annualized cash flow growth rate over the past 3-5 years is 26%, compared to the industry average of 7.7%, showcasing its superior performance [6] Group 3: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Medpace, with the Zacks Consensus Estimate for the current year increasing by 5.3% over the past month [8] - The correlation between earnings estimate revisions and near-term stock price movements supports the stock's potential for growth [7]

Summary of IQVIA Holdings Conference Call Company Overview - **Company**: IQVIA Holdings (NYSE:IQV) - **Industry**: Healthcare, specifically focused on clinical research and data analytics for the pharmaceutical sector Key Financial Highlights - **Third-Quarter Results**: Reported financial numbers at the high end of guidance, with over 5% revenue growth expected for the year [2][30] - **New Business Bookings**: $2.6 billion in new business booked in the clinical segment, with a book-to-bill ratio of 1.15 [2][3] - **Request for Proposals (RFPs)**: Increased by 20% year-over-year, indicating strong demand [2][14] Industry Dynamics - **Market Recovery**: The period of uncertainty in the pharmaceutical industry is lifting, with decision timelines returning to normal [3][9] - **Impact of COVID-19**: The industry experienced overspending and overinvestment during the pandemic, leading to a subsequent decline in capital availability for emerging biotech [5][6] - **Cancellations of Clinical Trials**: Elevated cancellations due to economic reasons and uncertainty have largely subsided [6][7] Macro Environment - **Regulatory Changes**: The Inflation Reduction Act (IRA) and other macro events created uncertainty, affecting large pharma's investment decisions [6][9] - **FDA Changes**: Leadership changes and unclear policies at the FDA contributed to a difficult environment for investment [7][9] Business Segments and Trends - **R&D Spend Growth**: Long-term growth forecast for the top 15 pharma companies is around 3% annually, while the Emerging Biopharma (EBP) segment is expected to grow 8-10% per year [21][22] - **TADs Business**: Comprises three main parts: data business (low growth), real-world evidence (double-digit growth), and analytics/consulting (mid-single digits) [26][27] - **Pricing Environment**: Stabilized after a period of volatility, with no significant pricing pressures currently reported [20] Strategic Partnerships - **Agreement with Veeva**: Resolved long-standing disputes to enhance collaboration, reflecting the need for integration between data and technology applications in the pharma ecosystem [28][29] Future Outlook - **2026 Growth Expectations**: Anticipated to deliver at least 5% growth, with a long-term growth target of 6-9% [30][32] - **EBITDA Margins**: Expected to remain flat with a potential for 30 basis points of expansion annually, influenced by business mix and operational efficiencies [32][36] Additional Insights - **Client Relationships**: Strong relationships with clients across the biopharma industry, contributing to confidence in future bookings and demand [12][36] - **Market Segmentation**: The market for EBP is larger than perceived, with opportunities in segments previously overlooked by IQVIA [18] This summary encapsulates the key points discussed during the IQVIA Holdings conference call, highlighting the company's performance, industry trends, and future outlook.

Core Viewpoint - Medpace (MEDP) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][2]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of changing earnings estimates in determining stock price movements, making it a valuable tool for investors [2][3]. - A strong correlation exists between earnings estimate revisions and near-term stock movements, with institutional investors playing a role in this relationship by adjusting their valuations based on earnings estimates [3]. Medpace's Earnings Outlook - Medpace is projected to earn $14.79 per share for the fiscal year ending December 2025, with no year-over-year change expected [7]. - Over the past three months, the Zacks Consensus Estimate for Medpace has increased by 5.7%, reflecting analysts' positive revisions [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - Medpace's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].