Investment Pitches

Pitch Summary:
Brookfield Corp.'s forward growth prospects were called into question as market volatility heightened early in the second quarter, driven by escalating global tariff tensions. In this environment, we anticipate the potential of a prolonged slowdown in capital markets activity, which we believe would delay both monetization and fundraising efforts. Given these headwinds, we made the decision to exit the position.

BSD Analysis:
Brookfield is a unique, best-in-class asset manager that functions as a publicly-traded, LBO-style holding company, offering investors leveraged, long-duration exposure to essential global assets. The core thesis is the relentless growth of its Asset Management (BAM) fee income, which is insulated by massive, long-term fund commitments (e.g., 15-year lock-ups) and drives predictable, high-margin cash flow. The company’s 81% Gross Margin is testament to its scale and fee capture dominance. Crucially, the corporate balance sheet holds $88 billion in investment assets that are currently undervalued by the market, providing a significant "sum-of-the-parts" discount to the share price. This vast, high-quality asset base—spanning renewable power, infrastructure, private equity, and real estate—provides a resilient stream of capital and investment opportunities. Brookfield is a pure, compounder-style stock, using its powerful cash flow engine and strategic asset disposals to continuously redeploy capital into high-conviction, high-return private market opportunities.

Pitch Summary:
Marvell Technology had been one of the prime beneficiaries of the Al capex buildout... Market expectations had reached unattainable levels entering the company's FY4Q earnings results, which started a drawdown in the share price, despite the company meeting its guidance. The company has since faced incremental competitive pressure on two key segments of its business. We viewed the competitive risks as overwhelming to the long-term thesis for Marvell and took the opportunity to consolidate our direct Al semiconductor exposure to NVIDIA Corp. given the magnitude of its valuation discount following the early-April drawdown.

BSD Analysis:
Marvell is a high-growth infrastructure semiconductor company executing a ruthless, successful pivot to become the custom silicon and high-speed interconnects supplier for the AI data center buildout. The entire investment thesis is anchored in the company's ability to be the "alternative" to NVIDIA, designing high-performance, cost-effective Application-Specific Integrated Circuits (ASICs) for hyperscalers like Amazon and Microsoft that need to lower their Total Cost of Ownership (TCO). This strategic shift is paying off with accelerating top-line growth: Data Center revenue is surging, recently growing 37% year-over-year. Marvell's core competitive moat is its "Compute + Connect" strategy, integrating custom chips with high-speed optical interconnects and networking switches. This complete stack is critical for running AI workloads efficiently and is driving Non-GAAP Gross Margins toward 60%. The company has deliberately divested low-margin businesses and authorized a $5 billion share repurchase program to shrink the share count, amplifying returns from its improving Free Cash Flow.

Pitch Summary:
Addtionally, we initiated a position in Hitachi Ltd., one of Japan's largest industrial groups, which has been streamlining its vast portfolio of businesses to focus on the highest return segments. Its energy segment is the largest grid equipment player globally and is benefiting from the energy transition and replacement demand from an aging infrastructure. The company is also one of Japan's leading nuclear players, benefiting from a restart of its nuclear fleet. A common thread among Hitachi's core businesses is the company's software and Al strategy, called Lumada, where margins and growth are higher. Currently, it accounts for 30% of sales and mid-teen margins, but longer-term targets are 50% with margins in the high teens.

BSD Analysis:
Hitachi is a classic Japanese industrial turnaround that has surgically streamlined its massive conglomerate structure into a singular focus on high-growth Digital Systems Integration and IT services. The core thesis is the successful pivot to Lumada, Hitachi's proprietary digital solutions platform, which is the driving force behind its ambition to become a global Digital Solutions Leader. This focus is delivering record profitability across its key segments (IT, Energy, Industry), with operating income hitting a record high in fiscal 2024. The company is aggressively leveraging its global footprint and unique access to the world's largest industrial clients to integrate its IT and operational technology (OT) expertise. Management has demonstrated disciplined capital allocation by maintaining a healthy balance sheet and focusing on high-ROI investments. This is a leveraged play on the digital transformation of industrial and infrastructure sectors, positioning Hitachi to grow its superior IT services segment and close the significant valuation gap with global IT peers.

Pitch Summary:
During the quarter, we initiated four new positions in Commerzbank AG... Commerzbank is a leading German bank with a strong presence in retail banking, corporate finance, and international trade services. After years of restructuring and underperformance, the bank is undergoing a strategic transformation with a renewed focus on profitability, digitalization, and efficiency. Supported by a robust recovery in the German economy and export sector, Commerzbank benefits from a resilient customer base and significant exposure to interest rate-sensitive assets. With improving earnings, cost discipline, and enhanced capital returns, the bank presents an attractive turnaround opportunity, especially as Germany begins to benefit from the relaxation of the fiscal debt brake and European monetary policy continues to normalize.

BSD Analysis:
Commerzbank is a deeply compelling, post-restructuring financial turnaround trading at a significant discount, offering pure leverage to the German economic recovery and European rate cycle. The core thesis is a successful completion of its "Strategy 2024" program, which included a ruthless culling of over 10,000 jobs and a strategic shift back to its core franchise in SME financing and retail banking. This overhaul, combined with the beneficial European interest rate environment, is driving a massive EBITDA inflection, with net income surging 52% in 2023. The stock is trading at a ridiculously cheap 0.38x Price/Book, which fundamentally misprices the company's clean balance sheet and newly restored profitability. Management is aggressively returning capital, with a goal of returning 70% of net income to shareholders by 2026 and targeting a 10% Return on Tangible Equity (ROTE). This is a high-conviction bet on a major valuation re-rating as the market recognizes the fully repaired profitability and the robust capital return plan.

Pitch Summary:
We initiated a position in UnitedHealth Group early in the second quarter... However, United Health reported Q1 earnings with a significant increase in medical loss ratio, and they sharply lowered 2025 guidance. Given the extent of the uncertainty in forward guidance and risk of continued mis-execution in insurance pricing, we decided to exit the position. Subsequently, there was a change in CEO, removal of 2025 guidance, and a potential Department of Justice criminal investigation into United Health's Medicare Advantage business.

BSD Analysis:
UnitedHealth Group is a high-quality healthcare titan whose unique, integrated model provides an unbreakable moat and delivers predictable, above-market growth. The core thesis is centered on the Optum segment—the company's tech, pharmacy, and care delivery arm—which is the true compounding engine, consistently growing revenue faster than the core insurance business (UnitedHealthcare). Optum’s ability to use proprietary data and technology to optimize costs and improve outcomes for both its own members and external clients is the structural driver of margin expansion and superior efficiency. The company’s long-term guidance of 13% to 16% adjusted EPS growth is virtually unmatched in the large-cap sector, secured by predictable premium revenues and Optum’s increasing contribution. The stock offers a defensive, double-digit growth profile that is essential for a balanced portfolio, combining the stability of a payer with the high-growth optionality of a tech-enabled health services provider.

Pitch Summary:
Taiwan Semiconductor's dominance in leading edge semiconductor manufacturing continues to expand, as shortfalls at Samsung and Intel in the quarter reinforced a current state of monopoly, driving multiple expansion in the back half of the quarter. Beyond its widening lead vs. competition, TSMC posted incredibly robust monthly sales results in April and May, to levels that all but guarantee a 2Q sales beat and upward revisions on earnings expectations. Strong results are primarily related to unmitigated demand for Al accelerators, where TSMC is effectively the sole foundry supplier at this time. The multiple on TSMC stock should also continue to benefit from its accelerated expansion of manufacturing in the United States, which geographically diversifies a growing portion of its leading-edge manufacturing capacity.

BSD Analysis:
Taiwan Semiconductor Manufacturing Company Limited (TSMC) is the unassailable picks-and-shovels provider for the global AI revolution, with its stock trading at a compelling discount to its strategic importance. The company's monopolistic dominance in cutting-edge nodes (3nm, 2nm) and its proprietary CoWoS advanced packaging are mission-critical for every major AI chip designer, including NVIDIA, Apple, and AMD. Despite massive CapEx programs for international expansion, TSMC maintains an exceptional profitability profile, with long-term gross margins targeted above 53% due to its technological lead and pricing power. The surge in AI demand is so robust that the company's CoWoS capacity remains constrained through 2026, underscoring the structural, multi-year tailwind for its highest-value services. While its current P/E multiple (∼23x) is a premium to its history, it remains substantially below NVIDIA (∼54x) and ASML (∼36x), making it a more balanced play on sustained structural growth. This combination of unmatched scale, strong cash position, and its role as the foundry foundation of the AI era makes TSMC an indispensable compounder.

Pitch Summary:
Eli Lilly shares fell during the quarter due to concerns on Zepbound share loss, after Novo Nordisk and CVS Caremark announced Wegovy as the preferred GLP-1 on Caremark's formularies. Despite this, GLP-1 market growth remains at 30%, and Zepbound's share continues to increase. Additionally, data at the American Diabetes Association conference indicated that Eli Lilly is well positioned across their obesity portfolio due to strong clinical trial data from Orforgliprong, their oral GLP-1.

BSD Analysis:
Eli Lilly is a generational growth story in the pharmaceutical sector, utterly dominant in the multi-hundred-billion-dollar GLP-1 weight loss and diabetes space. The company's lead assets, Mounjaro (diabetes) and Zepbound (obesity), anchor the bull case, with its dual GLP-1/GIP mechanism providing a clinical edge over competitors. This unprecedented demand is driving a massive capacity buildout, with Lilly investing billions in new US and European manufacturing sites, a strategic move to ensure supply and effectively "outbuild" the competition. The company maintains superior, software-like gross margins exceeding 83%, and its non-GAAP operating margin is now guided to be over 45%, translating to immense profitability. The valuation, while commanding a premium P/E multiple (over 50x) that prices in aggressive growth, is justified by the pipeline optionality, including the potential blockbuster launch of Donanemab for Alzheimer's and the highly anticipated oral GLP-1, Orforglipron. Analysts project that Lilly's tirzepatide sales will surpass Novo Nordisk's by 2026, underscoring its pivotal role in the future of cardiometabolic medicine.

Pitch Summary:
Vertex shares struggled after the company reported a Q1 top-line miss, driven by the one-time impact of a counterfeit version of their cystic fibrosis drug Trikafta in Russia. We do not expect that 100% of Russia will become counterfeit, nor do we expect any leakage beyond Russia. Additionally, Alyftrek, Vertex's next generation cystic fibrosis drug, has launched, but the transition from to Alyftrek to Trikafta has been slower than expected. We do expect that most patients will switch to the newer drug, which also has a higher margin, due to a lower outbound royalty. Overall, Vertex is well positioned as a rare disease company with low risk from most favored nation pricing and tariffs.

BSD Analysis:
Vertex is a biotech rarity: dominant in its core market, profitable, and pipeline-diversified. Its cystic fibrosis franchise is a fortress, delivering recurring, high-margin revenue with global expansion ahead. The real excitement is in new modalities, gene editing with CRISPR, pain therapies, and potential small-molecule cures. Vertex takes a conservative, data-first approach that reduces risk relative to typical biotech pipelines. Cash flow is massive, giving it unparalleled flexibility for R&D and M&A. The risk is concentration in CF, but new approvals can rebalance the story. Vertex remains one of the highest-quality biopharma operators in the world.

Pitch Summary:
Within Communication Services, T-Mobile US, Inc. was the main driver of underperformance. While T-Mobile's financial results were solid, the stock price fell after 1Q net subscriber adds came in just shy of expectations, disappointing a market that has come conditioned to expecting positive surprises from the company. However, we continue to see historically low churn and strong average revenue per user growth as reasons to remain optimistic. Additionally, we believe the completion of a few outstanding acquisitions, including US Cellular, will boost longer-term growth prospects.

BSD Analysis:
T-Mobile turned its merger with Sprint into one of the great telecom execution stories, building a network advantage that still shows up in churn and subscriber growth. Its mid-band 5G leadership creates a performance gap competitors struggle to close. With the heavy integration phase behind it, T-Mobile is shifting into a capital-return machine with rising free cash flow. The company keeps expanding into rural and enterprise segments where it was once weak. Cable’s move into wireless is a real competitive wrinkle, but T-Mobile’s cost structure and spectrum position help protect margins. The brand remains strong with younger demographics and switchers. This is the most compelling growth-and-cash-flow story in U.S. telecom.

Pitch Summary:
MercadoLibre continues to demonstrate its scale and leadership across Latin America, with its 1Q earnings results buoyed by a strong recovery in high-margin Argentina, offsetting investments in its credit card expansion, and logistics build in Brazil and Mexico. MercadoLibre is reinforcing its commerce and fintech ecosystem proposition by announcing a rebranding of the Mercado Pago fintech platform to a single, consolidated platform, which should support ecosystem ubiquity and improve brand awareness. The brand consolidation could strengthen an already rapidly growing fintech business that sees monthly active users and its credit portfolio expanding at significant growth rates. We continue to believe the growth runway and superior market position for MercadoLibre justifies an elevated multiple, as ecommerce penetration in Latin America stands at only 15%, and the synergies between commerce and fintech are far from fully realized.

BSD Analysis:
MercadoLibre remains the dominant digital commerce and fintech ecosystem in Latin America, with competitive moats spanning payments, logistics, and marketplace dynamics. Mercado Pago continues to shine as a standalone financial-services platform, compounding volume and monetization. Logistics investments give MELI superior delivery speeds , a proven differentiator in emerging markets. Even in macro turbulence, MELI posts exceptional growth and rising profitability. Competitors nibble at verticals, but none match MELI’s full-stack integration. The culture of reinvestment and disciplined aggression remains a core advantage. MELI is one of the most durable platform compounders globally.

Pitch Summary:
Shares in Rheinmetall outperformed as the company pre-released a positive set of Q1 results during the quarter, highlighting both top-line growth and margin expansion that were above expectations. Meanwhile, order flow remained robust as Europe looks to rearm. While there are concerns about the politics of European defense spending, we believe that there is further upside to spending targets and that European defense contractors will continue to increase market share, given worsening relations with the US. The company is already known as the global leader in ammunition, but recent initiatives highlight other growth avenues including a land systems joint venture with Leonardo SpA, F-35 joint venture with Lockheed Martin, and air defense system development.

BSD Analysis:
Rheinmetall has become Europe’s poster child for defense rearmament, sitting in the sweet spot of ammunition, armored vehicles, and next-gen weapon systems. As NATO countries rebuild inventories, Rheinmetall’s backlog has ballooned, giving multi-year visibility. The company is aggressively expanding manufacturing capacity to meet demand that shows no signs of slowing. Margins are strong due to product mix and scale advantages. Political will is finally aligned with defense modernisation, removing a historical headwind. The risk is geopolitical volatility, but in this case volatility fuels orders. Rheinmetall is a structurally re-rated defense prime for a changed world.

Pitch Summary:
Howmet shares continued to outperform in Q2, after the company announced a Q1 beat, despite elevated expectations. In particular, the company continues to execute strongly, with margins exceeding internal targets. We recently met with the CEO, who highlighted his increasing confidence in improving narrowbody production rates, which is corroborated by recent data. He also highlighted ongoing strength in the aftermarket, as many airlines appear to be planning on running older fleets longer. Additionally, the tariff impact is likely to be lower than initially feared, with the company able to manage its supply chain and exert pricing power to minimize any impact.

BSD Analysis:
Howmet is a precision-engineered components powerhouse for aerospace and defense, specializing in fasteners, engine parts, and advanced alloys. As commercial air travel normalizes and engine build rates rise, Howmet benefits from a multi-year production upcycle. Its content per aircraft is high, and switching costs for mission-critical metal components are enormous. Margins are expanding as volumes recover and the mix tilts toward higher-value engine components. Defense demand adds a stable secondary leg of growth. The balance sheet is healthy and capital allocation disciplined. Howmet remains one of the cleanest ways to play the aerospace recovery with strong operating leverage.

Pitch Summary:
Atlassian continues to deliver robust earnings growth, but its valuation has come under pressure throughout the quarter due to structural risks to the number of developers due to generative Al innovation. Generative Al is proliferating across the workforce, with new tools saving developers significant time on generic programming tasks. This has raised questions about the continued growth of this workforce, which has historically been a key indication of growth in Atlassian's subscriptions. We believe these risks are overstated for Atlassian, as improving productivity of developers may not reduce seat count, but it will likely drive investment behind a now more productive software development segment. Atlassian is a software lifecycle management tool that should benefit from the accelerated pace of development that generative Al provides.

BSD Analysis:
Atlassian dominates collaborative software for developers and knowledge workers, offering a product-led growth model that scales globally without heavy sales expense. Cloud migration continues to drive ARR expansion and improved monetization. Products like Jira and Confluence enjoy deep workflow lock-in, making the customer base incredibly sticky. Atlassian’s ecosystem of third-party apps strengthens the moat and expands use cases. While near-term margins fluctuate due to cloud investment, the long-term model is highly profitable. AI-enhanced tooling will further integrate Atlassian into daily operations for engineering teams. This is a world-class SaaS platform with enviable economics.

Pitch Summary:
An area of cybersecurity that may see greater demand because of AI is a niche known as identity and access management, which is Israel-based CyberArk’s specialty. Humans who access an organization’s computer systems are assigned digital identities, which include their login credentials and define what parts of the system they have permission to access. Computer hardware and software also have digital identities—called “machine identities”—which must be protected. Securing human and machine identities involves managing various digital mechanisms, such as application programming interfaces (APIs), which are sets of rules that allow one software to talk to another; digital certificates, which act like virtual identification cards with embedded signatures; and electronic keys that grant access to specific data or functions. CyberArk’s software platform helps organizations manage digital identities and monitor them for suspicious or unauthorized activity. This is important because AI is creating a new class of machine identities in the form of autonomous and semi-autonomous AI “agents” capable of performing tasks and making decisions previously handled by humans. Already, the number of machine identities is on the rise: according to CyberArk, organizations on its platform had about 40 machine identities for every human identity last year—a ratio that has since doubled.

BSD Analysis:
CyberArk remains the gold standard in privileged access management, a cybersecurity niche that becomes more mission-critical as identity becomes the new perimeter. Its transition to SaaS is paying off with accelerating ARR and stronger visibility. CyberArk’s platform expansion into secrets management and identity security gives it a broader strategic surface. The moat is sticky — once customers integrate CyberArk into workflows, they rarely switch. As zero-trust architectures take hold, CyberArk becomes foundational cybersecurity infrastructure. Margins should continue to expand as the SaaS mix increases. It’s a high-quality security franchise with durable demand.

Pitch Summary:
The portfolio’s broad exposure to the IT-services industry underscores the many differences among these firms, which are sometimes overlooked by markets. Each has distinct strengths in certain regions, end markets, or areas of technological expertise. For example, while Alten is focused on engineering services for the auto industry (a factor that has contributed to recent pressure on the stock), Reply is strong in Europe and industries such as gaming. Globant, though based in Argentina, primarily works with companies in the US and Europe. Globant is also doing something that none of the others are. In June, it introduced AI Pods, a subscription-based toolkit that gives clients access to its proprietary AI model and capabilities. It is a way to both monetize its AI agents and prevent AI from upending its billing practices. It’s too early to assess the success of AI Pods, but over time, the subscription-model approach may support more profitable long-term growth.

BSD Analysis:
Globant continues to take share from legacy IT outsourcers by focusing on innovation-heavy digital transformation projects rather than cost-cutting commodity work. Its culture and engineering DNA let it win deals where creativity and software craftsmanship matter. Growth remains resilient because demand for modernization persists even in macro slowdowns. Globant’s global delivery model provides flexibility and margin leverage. The company is expanding into AI-driven platforms that can deepen client stickiness. While valuation tends to look rich, execution keeps justifying the multiple. It's a premium IT services name with a moat built on talent and specialization.

Pitch Summary:
In 2Q25, we increased our position in Orthofix Medical, Inc. (OFIX) following a 45.6% decline from its February high and a 36.1% drop from its 2024 close. We view this as a compelling valuation opportunity, supported by recent insider purchases by its CEO and also by its top shareholder, a 13D filer. We believe Orthofix’s strong financial position should continue to improve throughout 2025, as it is largely complete with the integration of its Seaspine merger. In November 2024, OFIX extended its credit agreement through 2029, with net debt to adjusted EBITDA at 1.2x and $115 million in undrawn capacity. On its 1Q25 call, management reaffirmed guidance for positive free cash flow in 2025, with further improvement expected in 2026 and 2027. We believe part of OFIX’s 2Q25 share weakness stemmed from a $10 million reduction in annual revenue guidance given on its 1Q25 call, driven by one-time factors rather than a slowdown in long-term growth… We expect management to improve EBITDA margins to the mid-teens by 2027… We think the 2025 sell-off in the shares has created a compelling valuation opportunity…13

BSD Analysis:
Orthofix is a high-growth MedTech restructuring story whose value is locked in the successful integration of its recent major merger. The core moat is its comprehensive portfolio of musculoskeletal pathology solutions, spanning spinal hardware, bone growth therapies, biologics, and specialized orthopedic solutions. The entire investment thesis is a bet on the new, integrated structure maximizing the value of its offerings, including the advanced 7D FLASH™ navigation system. Management is focused on leveraging its combined scale to drive operating synergies and gain market share in the non-cyclical, high-margin orthopedic and spine markets. Successful execution of the post-merger integration is the single, high-conviction catalyst for a major re-rating.

Pitch Summary:
Lakeland Industries was our weakest performer in 2Q25, declining 31.40% following a soft FY1Q26 report with revenue and earnings below expectations due to delayed orders and tariff disruptions. We believe the market overreacted and remain optimistic about LAKE’s prospects. The company is in the early stages of transitioning to a full-service provider of firefighter gear and is expected to improve margins through the integration of recent acquisitions and the fulfillment of delayed orders. Tariff impacts should be mitigated by shifting production to favorable regions, including USMCA-covered facilities. We increased our position on the price weakness during the quarter.12

BSD Analysis:
Lakeland Industries is a deep-value, cyclical safety apparel pure-play trading at a significant discount to its intrinsic value. The core thesis is a massive 54.5% undervaluation, where its intrinsic worth is estimated at $22.54 per share against a current price of $14.59. The company is the undisputed leader in providing high-quality protective clothing (fire service, industrial, chemical), a non-cyclical necessity for energy, petrochemical, and manufacturing sectors. The stock is a compelling bet on a forward-looking catalyst: revenue growth is expected to be in the teens in the upcoming year, which should translate into robust cash flows that are not yet fully factored into the share price. This is a high-growth opportunity disguised as a low-cap value stock.

Pitch Summary:
Ducommun, highlighted in our 1Q25 letter, was our top performer in 2Q25, rising 42.39%. Our thesis on DCO and the Commercial Aerospace & Defense sector remains intact, supported by strong order flows and production from Boeing and Airbus. Additionally, European NATO countries have committed to increasing military spending to 5% of GDP over time. Ducommun also continues to improve margins, progressing toward its Vision 2027 targets alongside a robust revenue outlook.13

BSD Analysis:
Ducommun is a deeply undervalued aerospace and defense components specialist, poised for a massive earnings inflection driven by aggressive operational clean-up and a high-growth defense backlog. The core thesis is a structural value arbitrage: despite facing prolonged commercial aerospace destocking until 2026, the company's defense segment, which supplies crucial engineered products like microwave switches and motors for motion control, is extremely robust. Management has significantly strengthened its financial position, securing a $650 million credit facility with improved terms. The stock is primed for a major re-rating as the commercial aerospace cycle eventually turns, leveraging its solid financial resilience ( 3.24 current ratio) and its strategic position as a critical supplier of engineered components to the aerospace and defense sector.

Pitch Summary:
KLA plays a critical role in advanced semiconductor manufacturing by enabling yield optimisation. Increasing chip complexity drives higher demand for inspection and metrology tools. The company benefits from high switching costs and recurring service revenue. We see strong long-term growth as semiconductor investment remains elevated.

BSD Analysis:
KLA dominates semiconductor process control — the inspection and metrology tools essential for every advanced fab on earth. As chip geometries shrink, complexity and defect risk skyrocket, expanding KLA’s TAM. Margins are phenomenal because KLA controls a critical chokepoint in the semiconductor value chain. It is less cyclical than wafer equipment peers because yields matter in every environment. AI, HPC, and leading-edge nodes amplify demand further. KLA is a crown jewel in semiconductor capital equipment. High moat, high margins, high returns.

Pitch Summary:
IDEXX benefits from secular growth in companion animal healthcare and increasing diagnostic penetration. Its installed base creates recurring consumables revenue with high margins. Innovation and switching costs support pricing power. We view IDEXX as a high-quality compounder with long-term earnings visibility.

BSD Analysis:
IDEXX is the undisputed leader in veterinary diagnostics, riding the secular rise of pet healthcare spending. Its razor/razor-blade model — instruments plus consumables — creates exceptionally sticky, high-margin recurring revenue. Vet clinics depend on IDEXX workflows, making churn nearly nonexistent. As pets become “family members,” diagnostic intensity keeps rising. The company innovates relentlessly, maintaining technological leadership. IDEXX is one of the highest-quality healthcare tools businesses in the world. A true elite compounder.