Fundsmith Equity Fund Performance - Fundsmith Equity Fund's T Class Accumulation shares returned 0.8% in 2025, underperforming the MSCI World Index which returned 12.8% [1] - Since inception, the fund has outperformed the index by 1.7% per annum [1] - Underperformance in 2025 attributed to index concentration, growth of assets in Index Funds, and dollar weakness [1] Investment Focus and Strategy - Fundsmith Equity Fund highlighted Zoetis Inc. (NYSE:ZTS) as a key investment in its fourth-quarter 2025 letter [2][3] - The fund sold stakes in Brown-Forman and PepsiCo, and began purchasing Zoetis, EssilorLuxottica, Intuit, and Wolters Kluwer [3] - Zoetis is recognized as a leading veterinary pharmaceutical company, benefiting from long-term growth in pet healthcare spending [3] Zoetis Inc. Overview - Zoetis Inc. reported a market capitalization of $56.36 billion [2] - The company generated revenue of $2.4 billion in Q3 2025, reflecting a 1% increase on a reported basis and 4% on an organic operational basis [4] - Zoetis's share price faced challenges due to concerns over side effects from its drug Librela, although it remains prescribed by veterinarians [3] Hedge Fund Interest - Zoetis Inc. was held by 72 hedge fund portfolios at the end of Q3 2025, a slight decrease from 75 in the previous quarter [4] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds [4]

Core Insights - Elanco Animal Health Incorporated is recognized as one of the best pharma stocks to buy according to billionaires, highlighting its strong market position and growth potential [1] - The company focuses on improving animal health and food safety through innovation and sustainability, leveraging nearly 70 years of expertise in veterinary pharmaceuticals and biologics [2] Financial Performance - Elanco joined the S&P MidCap 400 Index in September 2025, indicating rising investor confidence and an enhanced market profile [3] - The company reported double-digit organic growth in Q2 2025, successfully ramping up new products and revising full-year guidance upwards [3] - Aggressive deleveraging of the balance sheet has improved financial flexibility for future product launches and strategic investments [3] Product Development - Recent regulatory approvals have expanded Elanco's product portfolio, including Zenrelia™, a JAK inhibitor for canine dermatology, which is the fastest-growing brand [4] - The USDA-approved TruCan™ Ultra vaccine provides broad respiratory protection for dogs, and the company has increased access to the Canine Parvovirus Monoclonal Antibody (CPMA) [4] - Elanco's innovation pipeline includes six potential blockbuster products expected in the US by year-end, covering monoclonal antibodies, advanced vaccines, and oral therapies [5]

Core Viewpoint - Zhengye Biotechnology Holding Limited has received a Delinquency Letter from NASDAQ due to non-compliance with listing requirements, specifically for failing to file its annual report on Form 20-F for the fiscal year ended December 31, 2024 [1][2]. Group 1: Compliance and Regulatory Actions - The Company has 60 calendar days from the date of the Delinquency Letter to submit a Compliance Plan to regain compliance with NASDAQ Listing Rules [2]. - If the Compliance Plan is accepted, NASDAQ may grant an extension of up to 180 calendar days from the filing due date, potentially until November 11, 2025, for the Company to regain compliance [2]. - The Delinquency Letter does not have an immediate impact on the listing of the Company's ordinary shares on the Nasdaq Capital Market [3]. Group 2: Company Overview - Zhengye Biotechnology Holding Limited focuses on the research, development, manufacturing, and sales of veterinary vaccines, particularly for livestock in China [4]. - The operating entity has developed 44 veterinary vaccines for various animals, including swine, cattle, goats, sheep, poultry, and dogs, and its products are available in 28 provincial regions across China and exported to countries like Vietnam, Pakistan, and Egypt [4]. - The Company operates three GMP veterinary vaccine production floors with 13 GMP vaccine production lines and employs 49 individuals with over a decade of experience in the veterinary vaccine industry [4].

As filed with the U.S. Securities and Exchange Commission on September 18, 2024 Registration No. 333-276436 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––– Zhengye Biotechnology Holding Limited (Exact name of registrant as specified in its charter) ____________________ Cayman Islands 2834 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standa ...

As filed with the U.S. Securities and Exchange Commission on August 22, 2024 Registration No. 333-276436 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––– Zhengye Biotechnology Holding Limited (Exact name of registrant as specified in its charter) ____________________ Cayman Islands 2834 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard ...

AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––– Zhengye Biotechnology Holding Limited As filed with the U.S. Securities and Exchange Commission on June 14, 2024 Registration No. 333-276436 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Cayman Islands 2834 Not Applicable (State or other jurisdiction of incorporation or organization) (Exact name of registrant as specified in its charter) ____________________ (Primary Standard In ...

As filed with the U.S. Securities and Exchange Commission on May 15, 2024 Registration No. 333-276436 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––– Zhengye Biotechnology Holding Limited (Exact name of registrant as specified in its charter) ____________________ Cayman Islands 2834 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Ind ...

As filed with the U.S. Securities and Exchange Commission on January 9, 2024 Registration No. 333-[•] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Zhengye Biotechnology Holding Limited (Exact name of registrant as specified in its charter) ____________________ Cayman Islands 2834 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classificat ...