Core Insights - Bristol Gate Capital Partners emphasizes investing in companies with strong free cash flows, disciplined capital allocation, and high dividend growth for superior risk-adjusted returns [1] - The market has shifted towards AI leaders since late 2022, leading to the fund's underperformance due to narrow breadth, although there is a recent shift supported by the outperformance of dividend-focused indices [1] - The firm's Data Science team's advancements in the Distant Future Model present strong opportunities for investors to buy into the strategy and mitigate risks in a concentrated market [1] Company Focus: Thermo Fisher Scientific Inc. - Thermo Fisher Scientific Inc. is highlighted as a leading contributor in the Q4 2025 investor letter, focusing on life sciences solutions, analytical instruments, specialty diagnostics, and biopharma services [2] - As of March 27, 2026, Thermo Fisher's share price was $473.36, with a one-month return of -6.93% and a 52-week loss of 4.87%, and a market capitalization of $175.846 billion [2] - The company experienced a rally in Q4, reaching a new 52-week high, driven by strong Q3 earnings that exceeded consensus expectations, and anticipates growth in 2026 as headwinds abate [3]

Core Insights - Thermo Fisher Scientific Inc. (NYSE:TMO) is recognized as one of the top life sciences stocks to buy according to hedge funds, with analysts maintaining positive ratings and price targets [1][3] Financial Performance - The company reported a revenue growth of 3.91% over the past twelve months, achieving total revenue of $44.56 billion [2] - Management provided guidance for organic growth in 2026, forecasting a range of approximately 3–6%, with an initial lean towards the lower end of this range, indicating a cautious but stable outlook [2] Analyst Ratings - Daniel Arias from Stifel Nicolaus maintained a Buy rating on TMO with a price target of $700, highlighting a strong finish to 2025 and a solid Q4 performance [1] - Catherine Schulte from Baird raised the price target from $645 to $653 while maintaining an Outperform rating, reflecting a positive revision of their model following the fourth-quarter announcement [3] Business Segments - Thermo Fisher Scientific Inc. provides high-end life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products, serving various markets including academics, biotechnology, government, and pharmaceuticals [4]

Core Insights - Thermo Fisher Scientific Inc. (TMO) has a market capitalization of $202.8 billion and provides a range of life sciences solutions and services [1] - Over the past 52 weeks, TMO shares have declined by 2.4%, underperforming the S&P 500 Index, which gained 14.4% [1] - Year-to-date, TMO stock is down 6.8%, while the S&P 500 has risen by 1.4% [1] Performance Comparison - TMO has also underperformed the State Street Health Care Select Sector SPDR ETF (XLV), which increased by 6.2% over the past 52 weeks [2] - On January 29, TMO shares fell by 2.6% despite reporting better-than-expected Q4 results, with revenue of $12.2 billion and adjusted EPS of $6.57, both exceeding analyst estimates [4] - The company's revenue grew by 7.2% year-over-year, while adjusted EPS increased by 7.7% [4] Financial Outlook - Analysts project TMO's EPS to grow by 7.8% year-over-year to $24.65 for fiscal 2026 [5] - TMO has a strong earnings surprise history, exceeding consensus estimates in the last four quarters [5] - Among 23 analysts covering TMO, the consensus rating is a "Strong Buy," with 18 "Strong Buy," 2 "Moderate Buy," and 3 "Hold" ratings [5] Analyst Ratings and Price Targets - The configuration of analyst ratings has become more bullish, with 16 analysts suggesting a "Strong Buy" rating [7] - JPMorgan Chase & Co. maintained a "Buy" rating on TMO with a price target of $710, indicating a potential upside of 31.5% [7] - The mean price target is $662.95, representing a 22.8% premium, while the highest price target of $750 suggests a potential upside of 38.9% [7]

Core Viewpoint - Waters Corporation has received overwhelming shareholder approval for the issuance of shares to Becton, Dickinson and Company in connection with the proposed combination of BD's Biosciences & Diagnostic Solutions business with Waters, with the transaction expected to close on February 9, 2026 [1][2][3] Group 1: Shareholder Approval and Transaction Details - Approximately 99% of shares present at the Special Meeting voted in favor of the share issuance to BD shareholders [3] - The transaction has received all required regulatory approvals and a favorable Private Letter Ruling from the IRS regarding U.S. federal income tax consequences [2] - The expected closing date for the transaction is February 9, 2026, subject to customary closing conditions [2] Group 2: Future Outlook and Company Vision - The company aims to create meaningful value for patients, customers, employees, and shareholders as it transitions into a leader in life sciences and diagnostics [2] - The upcoming Q4 2025 financial results will be released on February 9, 2026, coinciding with the expected transaction close [4] - Waters Corporation has been a global leader in analytical instruments and technologies for over 65 years, serving various scientific fields [5]

Company Overview - Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving various sectors including life sciences, materials, food, and environmental sciences for over 65 years [2] - The company ensures the efficacy of medicines, safety of food, purity of water, and quality and sustainability of everyday products [2] - Waters Corporation operates in over 100 countries with a workforce of more than 7,600 employees who collaborate with customers in laboratories, manufacturing sites, and hospitals [2] Financial Results Announcement - Waters Corporation will hold its Q4 2025 financial results conference call on February 12, 2026, at 8:00 a.m. Eastern Time [1] - A live webcast of the presentation will be available on the Waters Investor Relations website, with a replay accessible until at least March 12, 2026 [1]

Core Insights - Thermo Fisher Scientific Inc. (TMO) is a leading provider of life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services, with a market cap of $218.2 billion [1] Financial Performance Expectations - Analysts expect TMO to report a profit of $6.44 per share for Q4 2025, reflecting a 5.6% increase from $6.10 per share in the same quarter last year [2] - For the full fiscal year 2025, TMO's EPS is projected to be $22.74, up 4% from $21.86 in fiscal 2024, and is expected to rise to $24.56 in fiscal 2026, an 8% year-over-year increase [3] Stock Performance - TMO stock has underperformed the S&P 500 Index, which gained 15.7% over the past 52 weeks, with TMO shares increasing by only 11.2% during the same period [4] - The stock also lagged behind the Health Care Select Sector SPDR Fund's 12.1% returns in the same timeframe [4] Market Challenges - The underperformance of TMO is attributed to weaknesses in China, pricing pressures, and cautious spending from academic and government sectors, with diagnostics in China still struggling [5] - While Europe shows modest improvement and the U.S. market remains stable but uncertain, these factors have impacted TMO's growth [5] Recent Earnings Report - On October 22, TMO shares rose by 1.7% following the release of Q3 results, where the adjusted EPS of $5.79 exceeded Wall Street's expectations of $5.50, and revenue reached $11.1 billion, surpassing the forecast of $10.9 billion [5] Analyst Ratings - The consensus opinion among analysts on TMO stock is bullish, with a "Strong Buy" rating from 18 out of 23 analysts, while two suggest a "Moderate Buy" and three give a "Hold" rating [6] - The average analyst price target for TMO is $636.90, indicating a potential upside of 8.9% from current levels [6]

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was positive, with returns of 0.83% for Investor Class ARTLX, 0.91% for Advisor Class APDLX, and 0.90% for Institutional Class APHLX, compared to a 5.33% return for the Russell 1000 Value Index [1] Group 1: Market Context - The equity market rally continued in Q3 2025, driven by strong corporate earnings, increased AI investment, and expectations of economic support from US fiscal policy and lower interest rates [1] Group 2: Company Focus - Thermo Fisher Scientific Inc. - Thermo Fisher Scientific Inc. (NYSE:TMO) is highlighted as a key stock, providing life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services [2] - The stock experienced a one-month return of -0.75% but gained 11.93% over the last 52 weeks, closing at $580.74 per share on December 26, 2025, with a market capitalization of $218.19 billion [2] - Thermo Fisher was one of the top contributors to returns in Q3, alongside Lam Research and ASML, following purchases made during a market downturn [3]

Group 1 - Waters Corporation will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12th, 2026, at 2:15 PM Pacific Time [1] - A live webcast of the presentation will be available on the Waters Investor Relations website, with a replay accessible for 90 days [1] Group 2 - Waters Corporation is a global leader in analytical instruments, separations technologies, and software, serving various sectors for over 65 years [2] - The company focuses on ensuring the efficacy of medicines, safety of food, purity of water, and quality of everyday products [2] - Waters Corporation operates in over 100 countries with a workforce of more than 7,600 employees [2]

Group 1: Market Overview - The S&P 500 Index experienced a significant surge in Q3 2025, driven by investor optimism due to expectations of monetary easing, strong consumer demand, and solid corporate earnings [1] - The Parnassus Core Equity Fund (Investor Shares) returned 2.57% in Q3 2025, underperforming the S&P 500 Index, which returned 8.12% [1] - Year-to-date, the fund's return was 9.89%, compared to 14.83% for the S&P 500 Index [1] Group 2: Company Focus - Thermo Fisher Scientific Inc. - Thermo Fisher Scientific Inc. (NYSE:TMO) is highlighted as a key stock in the Parnassus Core Equity Fund's Q3 2025 investor letter, offering a range of life sciences solutions and services [2][3] - The stock of Thermo Fisher Scientific Inc. had a one-month return of -3.69% but gained 8.83% over the last 52 weeks, closing at $575.70 per share with a market capitalization of $216.3 billion on December 22, 2025 [2] - The company recovered from being oversold earlier in the year, supported by favorable financial results and guidance that exceeded expectations [3] Group 3: Investment Sentiment - Thermo Fisher Scientific Inc. ranked 26th on the list of the 30 Most Popular Stocks Among Hedge Funds, with 121 hedge fund portfolios holding the stock at the end of Q3 2025, an increase from 117 in the previous quarter [3] - While acknowledging the potential of Thermo Fisher Scientific Inc. as an investment, the company believes that certain AI stocks may offer greater upside potential and carry less downside risk [3]

Core Insights - Waters Corporation (WAT) is a leading company in analytical instruments and scientific software, with a market cap of $23.6 billion, serving various industries including pharmaceuticals and life sciences [1][2] Company Performance - WAT is classified as a large-cap stock, reflecting its significant size and influence in the diagnostics and research industry [2] - The company's stock is currently trading 6.5% below its 52-week high of $423.56, but has increased by 35.1% over the past three months, outperforming the Nasdaq Composite's 8.1% rise [3] - Over the past 52 weeks, WAT's stock has gained 1.4%, which is below the Nasdaq's 20.2% increase, and on a year-to-date basis, WAT is up 6.7% compared to Nasdaq's 22.5% return [4] Recent Financial Results - On November 4, WAT's shares surged 6.3% following strong Q3 results that exceeded analyst expectations [5] - The company's net sales for Q3 improved by 8% year-over-year to $800 million, surpassing consensus estimates by 2.6% [5] - Adjusted EPS climbed 16% from the previous year to $3.40, exceeding analyst expectations of $3.21, and WAT raised its fiscal 2025 sales and adjusted EPS guidance [5]