Bristol Gate Capital Partners, an investment management company, published its Q3 2025 investor letter for the “US Equity Strategy”. A copy of the letter can be downloaded here. The strategy underperformed the benchmark, the S&P 500® Total Return Index, this quarter, but still surpassed the index in dividend growth. The underperformance was due to a lack of significant exposure to the AI/TMT sector or the Value sector, which provides advantages stemming from the Federal Reserve's rate cut. The portfolio ret ...

Core Viewpoint - Baron Health Care Fund's performance in Q3 2025 was a 5.39% increase, slightly outperforming the Russell 3000 Health Care Index's 5.05% gain, but lagging behind the broader Russell 3000 Index's 8.18% increase, primarily due to stock selection offset by negative impacts from sub-industry allocations and cash holdings during a rising market [1] Group 1: Fund Performance - The Baron Health Care Fund rose 5.39% in Q3 2025 compared to a 5.05% gain for its benchmark [1] - The fund's performance was similar to the benchmark, with solid stock selection being offset by negative effects from active sub-industry allocations and cash holdings [1] Group 2: Thermo Fisher Scientific Inc. (NYSE:TMO) - Thermo Fisher Scientific Inc. is highlighted as a key stock in the fund's portfolio, with a one-month return of 4.31% and a 52-week gain of 2.15% [2] - As of October 31, 2025, Thermo Fisher's stock closed at $567.39, with a market capitalization of $214.253 billion [2] - The fund added to its position in Thermo Fisher, which is expected to achieve 3% to 6% organic revenue growth in 2026 and 2027, with potential for mid-to-high single-digit adjusted operating income growth [3] - Management anticipates that beyond 2027, Thermo Fisher could deliver over 7% organic revenue growth due to positive long-term drivers in the life sciences tools industry [3] - Thermo Fisher Scientific's revenue grew 3% to $10.85 billion in Q2 2025, and it ranks 26th among the 30 most popular stocks among hedge funds, with 117 hedge fund portfolios holding its shares [4]