Core Insights - Sai Life Sciences Limited released its Sustainability Report for 2024–25, focusing on "Driving climate action, deepening stakeholder trust" and aligning with GRI and SASB standards [1][2] Sustainability Strategy - The company's sustainability strategy is based on nine strategic pillars: water stewardship, climate action, circularity, biodiversity, sustainable procurement, human capital, governance and ethics, community engagement, and customer co-creation [2][3] - These pillars integrate sustainability into all operational stages, aligning with business objectives and stakeholder expectations [2] Sustainable Development Goals - Sai Life Sciences has defined Sustainable Development Goals (SDGs) to meet its sustainability commitments by March 31, 2027, with ongoing progress in greenhouse gas reduction and renewable energy usage [3][4] - The API manufacturing unit in Bidar is powered by 96% renewable energy, and the company has reduced specific water consumption across its facilities [3] Community Impact - The company exceeded its commitment to provide education and livelihood opportunities for 8,000 individuals from underprivileged communities, demonstrating significant community impact [3] Workforce Diversity - The organization has seen steady growth in diversity, with women representing 14% of the workforce [3] Long-term Vision - The 2024–25 Sustainability Report reflects the company's long-term view, emphasizing science, responsibility, and collaboration as central to its growth ambitions [4]

Core Insights - WuXi Biologics has signed a strategic Memorandum of Understanding (MoU) with the Qatar Free Zones Authority (QFZ) to expand its global network and capabilities into the Middle East [1][3]. Company Overview - WuXi Biologics is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) that provides end-to-end solutions for the discovery, development, and manufacturing of biologics [5][6]. - The company employs over 12,000 skilled professionals across various countries, including China, the United States, Ireland, Germany, and Singapore [6]. Strategic Collaboration - The MoU facilitates the establishment of WuXi Biologics' first integrated CRDMO center in the Middle East, aiming to enhance Qatar's biotechnology sector and create a robust biopharmaceutical ecosystem [3][4]. - This partnership combines WuXi Biologics' expertise in complex biologics with Qatar's strategic vision for biopharmaceutical advancement, fostering innovation and growth [3][4]. Leadership Statements - Dr. Chris Chen, CEO of WuXi Biologics, emphasized that this partnership marks a significant step in extending the company's global capabilities and contributing to the biopharmaceutical ecosystem in Qatar [4]. - H.E. Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani, CEO of QFZ, highlighted that the collaboration strengthens Qatar's position as a reliable hub for biopharmaceutical growth, leveraging WuXi Biologics' global expertise [4]. Sustainability Commitment - WuXi Biologics prioritizes sustainability as a cornerstone of its long-term growth strategy, focusing on green technology innovations and responsible practices across its operations [8].

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]

Core Insights - WuXi AppTec has been awarded the 2025 Global Company of the Year Award in the CRDMO industry by Frost & Sullivan, marking the ninth consecutive year of receiving this honor, which highlights the company's achievements in innovation and operational excellence [1][4] Company Overview - WuXi AppTec operates as a leading global pharmaceutical CRDMO, providing integrated, end-to-end services that drive scientific and technological advancement, enabling faster drug development and delivery of transformative therapies [2][5] - The company has established a robust foundation of scientific capability, quality, and customer-focused agility through a forward-looking growth strategy, which includes continuous investment in next-generation technologies such as complex peptides, oligonucleotides, and novel conjugates [3][5] Strategic Partnerships and Market Position - The integrated CRDMO model of WuXi AppTec eliminates handoffs between development stages, supporting continuity, quality, and compliance across the value chain, which helps clients reduce risk and improve efficiency [3][4] - The company serves a diverse range of clients, from emerging biotech firms to pharmaceutical multinationals, ensuring fast access to specialized expertise and a global infrastructure [3][5] Leadership and Future Focus - Dr. Ge Li, Chairman and CEO of WuXi AppTec, emphasized the commitment of the global teams to enable customers to advance medicines through the integrated CRDMO platform, with a focus on expanding global capabilities and capacity [4] - Frost & Sullivan's recognition is based on outstanding strategy development and implementation, resulting in measurable improvements in market share, customer satisfaction, and competitive positioning [4]

Core Insights - IQVIA Holdings Inc. is valued at $37.6 billion and provides healthcare research services, including analytics, technology solutions, and clinical research to the life sciences industry, aimed at improving healthcare outcomes for patients [1] Performance Overview - Over the past year, IQV shares have gained 12.2%, underperforming the S&P 500 Index, which increased by nearly 13.7% [2] - In 2025, IQV's stock rose 10%, while the S&P 500 saw a 13.4% rise on a year-to-date basis [2] - Compared to the Health Care Select Sector SPDR Fund (XLV), which gained about 7% over the past year, IQV's performance is relatively better, although the ETF's 10.3% year-to-date returns outshine IQV's gains [3] Financial Results - For Q3, IQV reported an adjusted EPS of $3, exceeding Wall Street expectations of $2.96, and revenue of $4.10 billion, beating forecasts of $4.07 billion [4] - The company expects full-year adjusted EPS to be in the range of $11.85 to $11.95 and revenue between $16.2 billion and $16.3 billion [4] Analyst Expectations - Analysts project IQV's EPS to grow by 5.1% to $10.77 for the current fiscal year ending in December [5] - Among 22 analysts covering IQV, the consensus rating is a "Strong Buy," with 16 "Strong Buy" ratings, one "Moderate Buy," and five "Holds" [5] - A month ago, the bullish sentiment increased, with 15 analysts suggesting a "Strong Buy" [6] Price Targets - BMO Capital initiated coverage of IQV with an "Outperform" rating and a price target of $260, indicating a potential upside of 20.3% from current levels [6] - The mean price target is $244.38, representing a 13.1% premium to current prices, while the highest price target of $265 suggests an upside potential of 22.6% [6]

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]