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]

Core Viewpoint - Zoetis Inc. is a leading pharmaceutical and biotech company focused on animal health, established in 1952 and headquartered in Parsippany, NJ, with an IPO in 2013 [1] Company Overview - Zoetis specializes in developing and commercializing various treatments for animals, indicating a strong position in the animal health market [1] Investment Philosophy - The investment philosophy emphasizes the importance of compounding, dividend reinvesting, and patient investing, suggesting a long-term approach to wealth creation [1] - The strategy includes a mix of steady investments in high-quality assets along with high-risk, high-reward opportunities, highlighting a balanced investment approach [1] Academic Background - The individual behind the investment insights has over 20 years of teaching experience at the college/university level and holds a PhD from Brunel University, indicating a strong academic foundation [1]

Core Insights - Zoetis Inc. is a pharmaceutical and biotech company focused on developing and commercializing treatments for animals, founded in 1952 and headquartered in Parsippany, NJ [1] - The company went public in 2013, indicating a significant milestone in its growth trajectory [1] Company Overview - Zoetis specializes in animal health products, which positions it uniquely within the pharmaceutical sector [1] - The company has a long history and has established itself as a leader in the animal health market [1] Investment Perspective - The article reflects a positive sentiment towards long-term investment strategies, emphasizing the importance of high-quality assets and the potential for high-risk, high-reward opportunities [1] - The author advocates for a patient investment approach, suggesting that this can yield substantial rewards over time [1]