Core Insights - The Carillon Scout Mid Cap Fund's third-quarter 2025 investor letter indicates positive returns for the Russell Midcap Index, driven by strong corporate earnings, AI infrastructure momentum, and U.S. Federal Reserve interest rate expectations [1] Company Overview - Gartner, Inc. (NYSE:IT) is a leading research and advisory firm that provides insights and tools for business and technology decision-making [3] - As of December 02, 2025, Gartner's stock closed at $228.62 per share, with a market capitalization of $17.315 billion [2] Financial Performance - Gartner, Inc. reported revenue of $1.5 billion for the third quarter of 2025, reflecting a 3% year-over-year increase and a 1% increase on a foreign exchange neutral basis [4] Market Sentiment - Gartner's stock experienced a one-month return of -3.58% and a significant 56.25% decline over the past 52 weeks [2] - The company faced a sell-off due to a weak business outlook and concerns over AI potentially disrupting its traditional research solutions [3] Investment Considerations - The fund's analysis suggests that while Gartner has investment potential, certain AI stocks may offer greater upside and lower downside risk [4] - The shift in information consumption towards AI-driven interactions poses a significant business risk to Gartner, indicating a need for strategic adaptation [3]

Financial Performance - Ginkgo's Q3 2025 total revenue was $39 million, a decrease of 56% year-over-year compared to $89 million in Q3 2024[34] - Cell Engineering revenue in Q3 2025 was $29 million, a 61% decrease compared to $75 million in Q3 2024, which includes $45 million of non-cash deferred revenue from Motif[23, 34] - Biosecurity revenue in Q3 2025 was $9 million, a 32% decrease compared to $14 million in Q3 2024[34] - Total Adjusted EBITDA for Q3 2025 was $(56) million, compared to $(20) million in Q3 2024[34] - Ginkgo reaffirms its full year 2025 total revenue guidance of $167-187 million[43] - Ginkgo's cash, cash equivalents, and marketable securities remain strong at $462 million as of Q3 2025[17] - Quarterly cash burn continues to improve, with a 73% decrease from the prior quarter[14] Strategic Focus - Ginkgo is expanding its business model into life science tools and services[54, 96] - Ginkgo believes AI models will impact biotechnology in two ways and is well-positioned to provide tools in both[48, 51, 93, 115] - Ginkgo continues to offer research solutions on top of its in-house robotics, winning new deals in Agriculture and with the US Government[49, 52, 94, 116] - Ginkgo is expanding its frontier autonomous lab in Boston as a showcase[50, 53, 95, 117, 118]