Stefan Verheyden (SV): Apart from geopolitical challenges, there's lots of mega-trends in our industry that play an important role. There are emerging markets with increasing health care access and the importance of the biotech care market. The GLP-1RA market meanwhile is a game changer for the packaging industry. Apart from these, pharma outsourcing is playing an increasing role and there is always a focus on sustainability. There's still a tail effect from the pandemic situation we were in a couple of yea ...

Core Insights - Pzena Investment Management's third-quarter 2025 commentary indicates a strong performance in US broad-based indexes driven by optimism about AI and a September rate cut, with the technology sector outperforming value stocks [1] - The Pzena Focused Value strategy returned 1.1% gross and 0.9% net, underperforming the Russell 1000 Value Index which returned 5.3% [1] Company Overview: Baxter International Inc. (NYSE:BAX) - Baxter International Inc. is a healthcare company with a market capitalization of $9.335 billion, and its stock closed at $18.48 per share on December 09, 2025 [2] - The stock experienced a one-month return of -2.89% and a significant decline of 41.42% over the last 52 weeks [2] Performance Analysis - Baxter's disappointing performance in the third quarter was attributed to a voluntary recall of a recent product launch and a slower-than-expected recovery in demand for IV fluids, which were disrupted by Hurricane Helene [3] - Despite these challenges, the Pzena Focused Value Strategy views the stock price reaction as disproportionate and has increased its position in Baxter [3] Hedge Fund Interest - Baxter International Inc. was held by 38 hedge fund portfolios at the end of the third quarter, an increase from 31 in the previous quarter [4] - While Baxter is recognized for its potential, analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4] Market Sentiment - The SCCM Enhanced Equity Income Fund divested its stake in Baxter during Q3 2025, indicating a shift in investment strategy among some funds [5]