Investment Pitches

Pitch Summary:
Business Description: Global medical technology manufacturer of devices used in interventional procedures across cardiology, endoscopy, neuromodulation, and urology markets. Thesis: Innovative portfolio in high growth categories drives durable double digit organic revenue growth. Disciplined expense management and smart capital deployment lead to mid-teens EPS growth. Strong pipeline across multiple disease categories offers LT optionality. Q2 Results: Revenue +23% (+17% organic) and EPS +21%. Raised FY25 guidance on strength in WATCHMAN (AFib implant device), EP, and endoscopy. What Happened: Shares advanced +4% post-earnings on accelerating momentum in key segments. Leading into 9/30 investor day, shares declined ~10% on growth and competition concerns. Edgewood's View: We believe the selloff was unwarranted and took advantage to continue building our position. Resulting Action: Edgewood added 100bps during the quarter; 9/30 investor day confirmed double digit + organic revenue growth and margin expansion over the next 3 years.

BSD Analysis:
Edgewood views Boston Scientific as a high-quality medical technology company with an innovative portfolio positioned in attractive, high-growth categories that should drive sustained double-digit organic revenue growth. The fund's bullish thesis is built on the company's diversified exposure across cardiology, endoscopy, neuromodulation, and urology markets, combined with disciplined expense management and smart capital deployment that translates to mid-teens EPS growth. Strong Q2 results with 23% total revenue growth (17% organic) and 21% EPS growth, along with raised full-year guidance, demonstrate the underlying business momentum across key segments including WATCHMAN AFib implant devices, electrophysiology, and endoscopy. While shares initially advanced 4% post-earnings on accelerating segment momentum, a subsequent 10% decline ahead of the investor day on growth and competition concerns created an attractive buying opportunity. Edgewood viewed this selloff as unwarranted given the company's strong competitive positioning and robust pipeline across multiple disease categories that provides long-term optionality. The firm's confidence was validated at the September 30 investor day, which confirmed expectations for double-digit organic revenue growth and margin expansion over the next three years. The combination of innovation-driven growth, operational leverage, and attractive end-market dynamics supports Edgewood's conviction in Boston Scientific's ability to deliver consistent outperformance.

Pitch Summary:
Business Description: Global leader in robotic-assisted surgical systems, instruments and accessories with its da Vinci and Ion endoluminal platforms. Thesis: ISRG benefits from a large installed base, expanding recurring revenue from instruments, accessories and service, and the growing secular adoption of robotics in surgical applications. Q2 Results: Revenue +21% and EPS +23%. Procedure volumes +17%; raised FY25 GM guidance. Total placements of 395 units missed consensus by one. What Happened: Stock traded down 2% post-earnings and throughout the quarter alongside the broader Healthcare/MedTech market. Edgewood's View: We viewed the broader MedTech selloff as unwarranted. Following diligence in several areas, we felt confident in ISRG's competitive moat and long-term addressable market opportunity. We believe ISRG can compound revenue in the high teens and EPS 20+%. Resulting Action: Edgewood added 100bps to its position in September.

BSD Analysis:
Edgewood maintains strong conviction in Intuitive Surgical as the dominant leader in robotic-assisted surgery, viewing the company's competitive moat as virtually unassailable given its large installed base and recurring revenue model. The fund's bullish thesis centers on the secular adoption of robotics in surgical applications, which remains in early stages with significant runway for growth across multiple procedure types and geographies. Strong Q2 results with 21% revenue growth, 23% EPS growth, and 17% procedure volume growth demonstrate the underlying business momentum, while the company's raised full-year gross margin guidance indicates operational leverage. Despite missing system placement consensus by just one unit (395 vs. 396 expected), Edgewood views this as immaterial given the strong procedure growth and expanding recurring revenue base from instruments, accessories, and service. The firm believes the broader MedTech selloff that pressured ISRG shares was unwarranted and created an attractive buying opportunity. Following comprehensive due diligence across multiple areas, Edgewood reinforced their confidence in the company's competitive positioning and long-term addressable market opportunity. The fund expects ISRG to compound revenue in the high teens and EPS at over 20% annually, supported by the growing adoption of minimally invasive surgical techniques and the company's technological leadership in robotic surgery platforms.

Pitch Summary:
Business Description: Leading provider of semiconductor design automation software and IP, enabling chip design, verification, and secure software development across AI, automotive, and hyperscaler markets. Thesis: Mission-critical supplier to the semiconductor and AI ecosystem, with durable double-digit revenue growth driven by rising chip complexity and AI workloads. FYQ3 Results: Revenue +14% ($1.6B) and EPS of $3.39 missed management's guidance. Backlog increased to $8.1B. Management guided F4Q25 EPS below expectations. What Happened: Stock fell 36% after reporting earnings due to weakness in the Design IP segment, BIS export restrictions disrupting China design activity, and challenges at a foundry customer. Edgewood's View: We believe the selloff was overdone and IP issue is narrower than investors fear. Management has taken steps to address, and we believe the IP segment can return to mid-teens growth in FY27, following a transition year in FY26. Resulting Action: Met with management immediately following earnings disappointment. Clarified ambiguous guidance and added 170bps to our position.

BSD Analysis:
Edgewood maintains a bullish view on Synopsys despite the significant 36% stock decline following disappointing Q3 earnings results. The fund views Synopsys as a mission-critical supplier to the semiconductor and AI ecosystem, providing essential design automation software and intellectual property that enables chip design, verification, and secure software development. While the company faced headwinds from weakness in the Design IP segment, BIS export restrictions affecting China operations, and challenges at a foundry customer, Edgewood believes the market overreacted to what they view as temporary and addressable issues. The firm's thesis remains anchored on rising chip complexity and AI workloads driving durable double-digit revenue growth over the long term. Despite the earnings miss and below-expectation guidance, the company's backlog increased to $8.1 billion, indicating strong underlying demand. Edgewood's direct engagement with management immediately following the earnings disappointment provided clarity on the issues and reinforced their confidence that the IP segment challenges are narrower than feared. The fund expects the IP segment to return to mid-teens growth in FY27 after a transition year in FY26, and used the significant selloff as an opportunity to add 170 basis points to their position, demonstrating strong conviction in the long-term investment thesis.

Pitch Summary:
Business Description: Leading producer (~90% market share) of photolithography machines used in semiconductor manufacturing. ASML's machines enable chips to become smaller and more power efficient every year. Thesis: Secular tailwinds (AI, robotics, cloud, electrification) will continue to drive demand for chips. ASML's EUV & High NA EUV machines continue to be essential equipment and will drive double digit revenue & earnings growth. Q2 Results: Revenue +41% (€7.7B), and EPS +47%. Reiterated FY2025 revenue & EPS guidance. What happened: Stock declined on 2026 revenue growth uncertainty. Edgewood's View: The negative stock reaction had nothing to do with ASML's competitive moat or the size of the market opportunity, rather it was a timing issue related to tariff uncertainty. Over a multi-year period we feel that ASML will compound revenue & earnings at a high teens rate. Resulting Action: Spoke with management. Did additional due diligence on ASML's technology moat. We added 50bps in late July.

BSD Analysis:
Edgewood views ASML as an irreplaceable monopoly in the semiconductor equipment industry, with approximately 90% market share in photolithography machines that are essential for advanced chip manufacturing. The fund's bullish thesis is anchored on powerful secular tailwinds including AI, robotics, cloud computing, and electrification that will drive sustained demand for increasingly sophisticated semiconductors. ASML's extreme ultraviolet (EUV) and High NA EUV machines represent cutting-edge technology that enables the continued miniaturization and power efficiency improvements in chips, making them indispensable to the global semiconductor ecosystem. Strong Q2 results with 41% revenue growth and 47% EPS growth, along with reiterated full-year guidance, demonstrate the underlying business strength. While the stock declined on 2026 revenue growth uncertainty, Edgewood believes this reaction was misguided and primarily driven by tariff-related timing concerns rather than any fundamental deterioration in ASML's competitive position or market opportunity. The firm conducted additional due diligence on ASML's technology moat and engaged directly with management, reinforcing their confidence in the company's ability to compound revenue and earnings at high-teens rates over the multi-year period. The temporary weakness provided an attractive opportunity to add 50 basis points to their position.

Pitch Summary:
Business Description: Leading provider of consumer credit analytics and scoring algorithms that is best known for the "FICO Score"—a three-digit metric used in a variety of consumer credit decisions. Thesis: FICO is the industry standard, used in 90%+ of consumer credit decisions across the US. There is an opportunity to proliferate scores beyond originations and close the Scores' price to value gap, specifically in mortgage and auto. FYQ3 Results: Revenue +20% and EPS +47%. Raised full year EPS. What Happened: Stock declined after FHFA Director Bill Pulte posted on X that government-sponsored enterprises (GSEs) could use an alternate score, creating headline risk around FICO's mortgage score moat and 2026 pricing. Edgewood's View: The market overestimated share-loss and pricing risk; we viewed management as having flexibility in how they wanted to approach Scores monetization and felt confident in the 20%+ multi-year EPS growth algorithm. Resulting Action: Added to the position throughout the quarter (250bps in total), with additions in the post Q3 earnings sell-off after numerous meetings with senior FICO management.

BSD Analysis:
Edgewood maintains strong conviction in Fair Isaac Corporation, viewing the company as an entrenched monopoly in consumer credit scoring with significant untapped monetization opportunities. The fund's investment thesis is built on FICO's dominant market position, with over 90% market share in US consumer credit decisions, creating a powerful moat that competitors have struggled to breach for decades. Despite recent headline risk from FHFA Director comments about potential alternative scoring models for government-sponsored enterprises, Edgewood believes the market dramatically overestimated both share-loss and pricing risks. The firm sees substantial opportunity for FICO to expand beyond traditional origination scoring into mortgage and auto sectors, closing what they view as a significant price-to-value gap. Strong Q3 results with 20% revenue growth and 47% EPS growth, along with raised full-year guidance, demonstrate the underlying business momentum. Management's flexibility in approaching Scores monetization, combined with FICO's pricing power and recurring revenue model, supports Edgewood's confidence in a 20%+ multi-year EPS growth trajectory. The fund aggressively added 250 basis points to their position during market weakness, viewing the selloff as an attractive opportunity to increase exposure to this high-quality franchise.

Pitch Summary:
Business Description: Global pharmaceutical company with a leading position in diabetes/obesity and a rich pipeline of follow-on medicines addressing several therapeutic categories. Thesis: Lilly is a leader in diabetes and obesity markets which represent large global patient populations and today remain largely underserved. Excellent management team with a long-term focus on deploying capital towards R&D/serial innovation in therapeutic categories with large unmet needs. Q2 Results: Revenue +38% and EPS +61%. Raised FY 2025 revenue and EPS guidance. What Happened: Stock declined on results from P3 ATTAIN-1 trial – orforglipron (Lilly's oral GLP-1 molecule) delivered 12.4% weight loss at the highest dose – expectations were 13-15% weight loss. Edgewood's View: The market was too narrowly focused on one metric from one trial, demographics impacted results and the totality of data from 5 clinical trials would support approval. After a ~15% price decline, Lilly traded at ~20x 2026 EPS for a company that we believe can compound EPS >20% over the next 5 years. Resulting Action: After research meeting with senior management at LLY HQ, Edgewood added 100bps to our position in August.

BSD Analysis:
Edgewood maintains a bullish stance on Eli Lilly, viewing the company as a dominant player in the massive diabetes and obesity markets that remain significantly underserved globally. The fund's thesis centers on Lilly's leadership position in GLP-1 therapies and their robust pipeline addressing multiple therapeutic categories with substantial unmet medical needs. Despite the market's negative reaction to the ATTAIN-1 trial results for orforglipron, where weight loss came in at 12.4% versus expectations of 13-15%, Edgewood believes investors overreacted to a single data point from one trial. The firm emphasizes that demographic factors influenced the results and that the totality of data from five clinical trials should support regulatory approval. With strong Q2 results showing 38% revenue growth and 61% EPS growth, combined with raised full-year guidance, Edgewood sees the post-trial selloff as creating an attractive entry point. Trading at approximately 20x 2026 EPS for a company expected to compound earnings at over 20% annually for the next five years, the valuation appears compelling for a pharmaceutical leader with excellent management focused on long-term R&D innovation.

Pitch Summary:
Washington H. Soul Pattinson (SOL) is a diversified investment house that we at Airlie see as Australia's own mini-Berkshire Hathaway (the famous investment company led by Warren Buffett). SOL invests its permanent capital for the long term across listed large caps and emerging companies, as well as unlisted property, private equity and private credit. Today it oversees a diversified portfolio (NAV of A$13.2 billion). SOL has a long history, founded in 1903 and originally being a sole operator of pharmacy stores. In the 1960s and 1970s, SOL began to diversify by expanding into the building material and resources sectors through positions in Brickworks and other ASX-listed companies. A key step change to the SOL occurred in 2021 through the acquisition of Milton Corporation, which increased the scale of SOL by c. A$3.7 billion in assets held primarily in domestic equities. Today SOL holds A$13.2 billion in net assets. The SOL investment philosophy focuses on identifying long-term superior risk-adjusted returns, with diversification across industry and asset class to allow the portfolio to weather market cycles and generate sustainable returns. As with Berkshire, the beauty of the model is the permanent capital that SOL controls. The company is not like other fund managers with the risk of capital withdrawal ever present, allowing for true long-term investment decisions. The attractiveness of the SOL investment has only increased by the recent merger with Brickworks. Brickworks and SOL have historically held a long-term cross-shareholding partnership, which saw Brickworks own 26% of SOL and SOL own 43% of Brickworks. The merger not only cleans up the structure of SOL, but following the capital raise to undertake the merger, it leaves SOL with a net cash balance sheet. Since 1 January 2000, SOL has delivered a compound total return of 13.4% p.a., compared with 8.6% p.a. for the S&P/ASX 200 over the same period. While we often compare SOL to Berkshire Hathaway, SOL's returns over this time frame are also ahead of Berkshire's (11.2% p.a. vs. 8.3% p.a. for the S&P 500). Crucially, this outperformance hasn't relied on "high beta" exposures that typically do extremely well in bull markets. SOL's portfolio leans to defensive, cash-generative businesses, which has historically helped it outperform in down markets – a feature we value given today's relatively high market valuations. We maintain a high level of confidence in SOL to continue to undertake high shareholder return investments given the stability and long tenure of key investment personnel. With net cash post-merger, SOL has a green light to pursue accretive investments across its opportunity set. In our view, the combination of permanent capital, a proven team, defensive tilt and a simplified structure positions SOL to continue delivering attractive long-term returns for shareholders.

BSD Analysis:
Airlie presents Washington H. Soul Pattinson as Australia's equivalent to Berkshire Hathaway, emphasizing its permanent capital structure and diversified investment approach across public and private markets. The manager highlights SOL's impressive long-term track record, delivering 13.4% annual returns since 2000 versus 8.6% for the ASX 200, outperforming even Berkshire Hathaway over the same period. The recent Brickworks merger is viewed as a significant catalyst, cleaning up the cross-shareholding structure while leaving SOL with a net cash position for future investments. The fund values SOL's defensive portfolio tilt toward cash-generative businesses, which has historically provided downside protection during market corrections. Management stability is emphasized as a key strength, with senior investment personnel averaging over 15 years of tenure. The permanent capital model eliminates redemption risk, enabling truly long-term investment decisions unlike traditional fund managers. With the structural improvements and cash availability post-merger, Airlie sees SOL well-positioned to continue generating superior risk-adjusted returns through its proven investment philosophy.

Pitch Summary:
Trade Desk is one of the largest independent advertising platforms in the world and helps customers place ads on the web, connected TV, mobile devices, and podcasts. The company reported earnings below expectations due to execution issues and increasing competition. Management has since outlined clear strategies to address execution issues, but shareholders remain concerned. We continue to support the stock due to Trade Desk's strong position in ad spending as the only independent player of scale that we believe can compete with large internet companies, along with its strong margins and cash flow, plus its attractive valuation.

BSD Analysis:
Despite near-term execution challenges and competitive pressures that led to below-expectation earnings, the manager maintains a bullish stance on The Trade Desk based on its unique market position and fundamental strengths. The company's status as the only independent advertising platform of scale provides significant competitive differentiation versus large internet companies, creating value for advertisers seeking alternatives to walled gardens. Management has outlined clear strategies to address execution issues, indicating awareness and commitment to operational improvement. The company's strong margins and cash flow generation demonstrate the underlying profitability of the business model. The current attractive valuation provides a compelling risk-reward opportunity following the stock's decline. Trade Desk's multi-channel advertising capabilities across web, connected TV, mobile, and podcasts position it well for the evolving digital advertising landscape. The manager's continued support reflects confidence in the company's long-term competitive advantages despite short-term headwinds.

Pitch Summary:
MongoDB, a provider of database software, delivered strong earnings results with a positive outlook, driven by large U.S.-based enterprises choosing to build and expand applications on MongoDB's modern, document-oriented database.

BSD Analysis:
The manager presents a bullish view of MongoDB based on strong earnings performance and positive forward outlook driven by enterprise adoption. Large U.S.-based enterprises are increasingly choosing MongoDB's modern, document-oriented database platform for building and expanding applications, indicating strong market validation and competitive positioning. The enterprise customer focus suggests higher-value, stickier revenue streams with better retention characteristics. MongoDB's modern database architecture appears to be gaining traction against legacy database solutions, positioning the company to benefit from digital transformation trends. The positive outlook indicates management confidence in sustained demand and growth trajectory. Strong earnings results combined with enterprise adoption momentum suggests the company is successfully executing on its growth strategy. The document-oriented database approach provides differentiation in the competitive database market. This enterprise-driven growth supports the manager's optimistic stance on MongoDB's continued market share gains and revenue expansion.

Pitch Summary:
Insmed develops therapeutic products for patients with lung diseases. In the second quarter, the company received approval for its Brinsupri product to treat non-cystic fibrosis bronchiectasis, making it the first therapy available for a condition that affects up to 500,000 people. This milestone, combined with the positive readout of a trial for another company's treatment for pulmonary fibrosis, drove the stock's performance.

BSD Analysis:
The manager highlights Insmed's significant regulatory milestone with Brinsupri approval for non-cystic fibrosis bronchiectasis, representing the first therapy for this condition affecting up to 500,000 patients. This first-to-market position provides Insmed with a substantial competitive advantage and addresses a significant unmet medical need. The large patient population suggests meaningful commercial opportunity and revenue potential. The approval validates the company's focus on rare lung diseases and demonstrates successful clinical development execution. Additionally, positive trial readouts in the broader pulmonary fibrosis space provide sector tailwinds that benefited the stock. The combination of regulatory approval, first-mover advantage, and large addressable market creates a compelling investment thesis. Insmed's specialized focus on lung diseases positions it well to capture value in underserved therapeutic areas. The successful approval and market opportunity support the manager's bullish outlook on the company's growth prospects.

Pitch Summary:
Alnylam is a leading company focused on developing gene-silencing technologies to address significant unmet medical needs. The launch of vutrisiran for transthyretin (TTR) amyloidosis exceeded expectations, with second-quarter sales coming in well above consensus expectations. The company also substantially raised its TTR sales guidance, which drove the stock higher.

BSD Analysis:
The manager presents a strong bullish case for Alnylam based on the successful commercial launch of vutrisiran for TTR amyloidosis. The drug's performance significantly exceeded expectations, with Q2 sales well above consensus estimates, demonstrating strong market adoption and commercial execution. The company's decision to substantially raise TTR sales guidance indicates management confidence in sustained strong demand and market penetration. Alnylam's leadership position in gene-silencing technologies (RNAi) provides a differentiated platform for addressing unmet medical needs. The TTR amyloidosis market represents a significant commercial opportunity, and the better-than-expected launch suggests the company is capturing meaningful market share. The guidance raise and stock performance reflect investor confidence in the drug's commercial trajectory. This successful launch validates Alnylam's RNAi platform and positions the company well for continued growth in rare disease therapeutics.

Pitch Summary:
Wynn Resorts is a global luxury resort and casino operator with flagship properties in Las Vegas, Macau, and other international markets. The company's stock performed well during the quarter as gaming operations in Macau showed steady improvement each month. This marks the first sustained recovery in the Macau property in quite some time – a positive sign, as the region accounts for more than half of the company's earnings. Moving forward, we expect continued improvement in Macau along with contributions from a new project in the United Arab Emirates to drive growth.

BSD Analysis:
The manager presents a bullish case for Wynn Resorts based on the sustained recovery in Macau gaming operations, which represents over half of the company's earnings. The steady monthly improvement in Macau marks the first sustained recovery in quite some time, indicating a meaningful inflection point for the business. This recovery is particularly significant given Macau's outsized contribution to company earnings. The manager also highlights growth catalysts including continued Macau improvement and contributions from a new UAE project. The luxury resort and casino operator appears to be benefiting from the normalization of travel and gaming activity in key markets. The combination of Macau recovery and geographic expansion into the UAE provides both near-term momentum and longer-term growth drivers. The manager's optimistic outlook reflects confidence in the company's ability to capitalize on improving market conditions and execute on expansion plans.

Pitch Summary:
Monolithic Power Systems, a semiconductor company specializing in power management, delivered solid earnings results driven by diversified end markets, while the company's outlook for market share in artificial intelligence (AI) data center applications improved during the quarter.

BSD Analysis:
The manager highlights Monolithic Power Systems' strong quarterly performance driven by diversified end markets and improving prospects in AI data center applications. The company's specialization in power management semiconductors positions it well for the growing AI infrastructure buildout. The positive earnings results and enhanced market share outlook in AI data centers suggest the company is benefiting from the secular trend toward increased computing power demand. The diversified end market exposure provides stability while the AI data center opportunity offers significant growth potential. This positioning appears attractive given the ongoing AI investment cycle and infrastructure expansion. The manager's bullish stance reflects confidence in the company's ability to capitalize on these favorable market dynamics. The semiconductor power management niche is critical for AI applications, making MPWR well-positioned for continued growth.

Pitch Summary:
Powell Industries designs, manufactures and packages equipment and systems for the distribution, control and management of electrical energy and process control systems. The stock performed well last quarter due to the increasingly robust outlook for the company's solutions within the utility end market. We believe the company is well-positioned to capitalize on the ongoing strength of electrical and grid-related capital investment, and as a smaller player in this growing area, it stands out by providing more customizable switchgear solutions than its larger competitors. Additionally, the company has alluded to the potential for increased direct exposure to data centers, which could provide an incremental lever to future growth.

BSD Analysis:
The manager maintains a bullish outlook on Powell Industries based on strengthening utility infrastructure investment trends and the company's competitive positioning. The investment thesis emphasizes Powell's ability to provide customized electrical solutions that differentiate it from larger, more standardized competitors. Strong utility capital expenditure trends driven by grid modernization and expansion create a favorable operating environment. The company's smaller scale enables greater flexibility and customization capabilities, allowing it to capture premium pricing and market share. Potential exposure to data center electrical infrastructure represents an additional growth catalyst as AI-driven demand accelerates. The combination of utility grid investment and data center buildout provides multiple avenues for growth. Powell's specialized expertise in electrical distribution and control systems positions it well to benefit from infrastructure modernization trends across multiple end markets.

Pitch Summary:
Rambus provides technology and chips to the computer memory industry. The company has some of the fastest technology solutions needed for the large-scale artificial intelligence (AI) data centers being built by the hyperscalers. We believe the company's evolution from a licensing and patent company into a full-fledged product company is progressing well, and we expect healthy growth as hyperscaler capital expenditures (capex) continue.

BSD Analysis:
The manager views Rambus as a key beneficiary of the AI infrastructure buildout through its advanced memory technology solutions. The investment thesis centers on the company's strategic transformation from a licensing model to a product-focused business, indicating improved revenue visibility and growth potential. Rambus possesses critical technology for high-performance memory solutions required by hyperscale data centers supporting AI workloads. The manager expects continued robust capital expenditure growth from major cloud providers to drive demand for the company's products. This business model evolution reduces dependence on licensing revenues while capturing more value from the AI infrastructure cycle. The company's technological leadership in memory interfaces positions it well for sustained growth as AI computing requirements intensify. This represents a pure-play investment on the memory infrastructure supporting artificial intelligence applications.

Pitch Summary:
Zurn Elkay Water Solutions is a diversified provider of specification-driven water management solutions. The company has continued to outperform broader non-residential construction trends and has navigated the unfolding tariff situation impressively thus far. This performance was on display in the company's most recent earnings report, which exceeded investor expectations across the board, and the stock reacted accordingly. We see recent new product launches and favorable legislation trends positively affecting Zurn Elkay's core institutional end markets, providing a nice tailwind to future growth.

BSD Analysis:
The manager expresses confidence in Zurn Elkay's ability to outperform construction industry headwinds through superior execution and market positioning. The company's specification-driven business model appears to provide resilience against broader construction weakness. Management has successfully navigated tariff pressures, demonstrating operational flexibility and pricing power. Recent earnings results exceeded expectations across all metrics, indicating strong fundamental momentum. New product launches suggest innovation-driven growth potential beyond market recovery. Favorable legislative trends in water infrastructure create secular tailwinds for institutional demand. The combination of defensive market share gains and growth catalysts positions the company well for continued outperformance. This represents a quality industrial play with both cyclical recovery potential and structural growth drivers.

Pitch Summary:
Perimeter Solutions is a specialized chemical solutions provider to the fire safety and specialty products industries. Shares were propelled higher by an earnings report that highlighted impressive operating execution and notable contributions from recent accretive acquisitions. Perimeter also announced a new multi-year agreement with the largest customer of its fire-retardant business. We believe this showcases a business model that is less cyclical or variable than investors have previously expected. This has provided additional lift to the stock.

BSD Analysis:
The manager maintains a bullish stance on Perimeter Solutions following strong operational execution and successful integration of acquisitions. The investment thesis highlights the company's ability to generate accretive growth through M&A while maintaining operational discipline. A significant multi-year contract with their largest fire-retardant customer provides revenue visibility and validates the business model's stability. The manager emphasizes that the business is proving less cyclical than previously perceived, suggesting improved earnings predictability. This contract win demonstrates customer loyalty and pricing power in specialized chemical markets. The combination of organic execution and inorganic growth appears to be driving outperformance. The defensive characteristics of the fire safety end market provide downside protection while growth initiatives drive upside potential.

Pitch Summary:
Impinj provides radio frequency identification (RFID) chips for inventory and asset tracking. The company posted very strong revenue growth versus expectations for the quarter as the adoption of RFID broadened beyond the traditional use cases. Investors also have appreciated key margin and free cash flow improvement with licensing wins. We believe the long-term case for RFID remains strong, and we expect that Impinj should benefit from this theme.

BSD Analysis:
The manager presents a bullish thesis on Impinj based on strong quarterly revenue performance that exceeded expectations. The investment case centers on expanding RFID adoption beyond traditional applications, suggesting market penetration is accelerating. Key operational improvements include margin expansion and free cash flow generation, indicating the company is scaling efficiently. The manager emphasizes licensing wins as a driver of profitability improvements. The long-term secular growth theme of RFID technology adoption provides a durable tailwind. The position appears to benefit from both cyclical execution and structural market expansion. This represents a technology play on inventory digitization and supply chain optimization trends.

Pitch Summary:
Business Description: Global medical technology manufacturer of devices used in interventional procedures across cardiology, endoscopy, neuromodulation, and urology markets. Thesis: Innovative portfolio in high growth categories drives durable double digit organic revenue growth. Disciplined expense management and smart capital deployment lead to mid-teens EPS growth. Strong pipeline across multiple disease categories offers LT optionality. Q2 Results: Revenue +23% (+17% organic) and EPS +21%. Raised FY25 guidance on strength in WATCHMAN (AFib implant device), EP, and endoscopy. What Happened: Shares advanced +4% post-earnings on accelerating momentum in key segments. Leading into 9/30 investor day, shares declined ~10% on growth and competition concerns. Edgewood's View: We believe the selloff was unwarranted and took advantage to continue building our position. Resulting Action: Edgewood added 100bps during the quarter; 9/30 investor day confirmed double digit + organic revenue growth and margin expansion over the next 3 years.

BSD Analysis:
Edgewood maintains strong conviction in Boston Scientific, viewing the company as a leading medical technology innovator with a diversified portfolio across high-growth interventional procedure markets including cardiology, endoscopy, neuromodulation, and urology. The investment thesis centers on BSX's ability to drive durable double-digit organic revenue growth through innovative product development, while disciplined expense management and strategic capital deployment support mid-teens EPS growth. Strong Q2 results validated this thesis with 23% total revenue growth (17% organic) and 21% EPS growth, prompting management to raise full-year guidance based on strength in key franchises like WATCHMAN AFib devices, electrophysiology, and endoscopy. While shares initially advanced 4% post-earnings on accelerating segment momentum, they declined approximately 10% leading into the September 30 investor day amid concerns about growth sustainability and competitive pressures. Edgewood viewed this selloff as unwarranted and opportunistically added 100 basis points during the quarter, with their conviction validated at the investor day where management confirmed double-digit organic revenue growth and margin expansion over the next three years. The fund sees BSX's strong pipeline across multiple disease categories as providing significant long-term optionality in expanding addressable markets.

Pitch Summary:
Business Description: Global leader in robotic-assisted surgical systems, instruments and accessories with its da Vinci and Ion endoluminal platforms. Thesis: ISRG benefits from a large installed base, expanding recurring revenue from instruments, accessories and service, and the growing secular adoption of robotics in surgical applications. Q2 Results: Revenue +21% and EPS +23%. Procedure volumes +17%; raised FY25 GM guidance. Total placements of 395 units missed consensus by one. What Happened: Stock traded down 2% post-earnings and throughout the quarter alongside the broader Healthcare/MedTech market. Edgewood's View: We viewed the broader MedTech selloff as unwarranted. Following diligence in several areas, we felt confident in ISRG's competitive moat and long-term addressable market opportunity. We believe ISRG can compound revenue in the high teens and EPS 20+%. Resulting Action: Edgewood added 100bps to its position in September.

BSD Analysis:
Edgewood maintains a bullish stance on Intuitive Surgical, viewing the company as the dominant leader in robotic-assisted surgery with significant competitive advantages and secular growth tailwinds. The investment thesis is built on ISRG's large installed base of da Vinci systems that generates expanding recurring revenue streams from instruments, accessories, and service contracts, creating a highly predictable and growing cash flow model. Strong Q2 results demonstrated continued momentum with 21% revenue growth, 23% EPS growth, and 17% procedure volume increases, while management raised full-year gross margin guidance despite system placements missing consensus by just one unit. The stock declined modestly post-earnings and throughout the quarter as part of broader MedTech sector weakness, which Edgewood views as unwarranted given the company's fundamentals. Following comprehensive due diligence across multiple areas, the fund remains confident in ISRG's competitive moat and the substantial long-term addressable market opportunity as robotic surgery adoption accelerates globally. Edgewood expects the company to compound revenue in the high teens and EPS at over 20% annually, leading them to add 100 basis points to their position in September, capitalizing on sector-wide weakness to increase exposure to a high-quality growth compounder.