Investment Pitches

Pitch Summary:
Nebius is a leading provider of AI infrastructure and cloud-based solutions, delivering specialized GPU computing capabilities designed to support large-scale AI workloads for enterprise and research clients globally. We find Nebius compelling due to its impressive growth trajectory and expanding deployment of advanced Nvidia GPU technology within data centers across Europe and North America, positioning it as a key beneficiary of accelerating AI adoption. During the period, shares contributed positively, aided by continued demand for AI compute and a landmark multi-year agreement with Microsoft. Under this deal, Nebius will supply dedicated GPU infrastructure to power Microsoft's AI services, marking Nebius's first long-term contract with a major cloud service provider. We believe this partnership not only validates Nebius's technology and execution capabilities but also provides a significant revenue anchor, reinforcing its role as a critical player in the global AI infrastructure ecosystem.

BSD Analysis:
The manager presents a compelling bull case for Nebius based on its strategic positioning in the rapidly growing AI infrastructure market. The investment thesis centers on Nebius's specialized GPU computing capabilities and expanding deployment of advanced Nvidia technology across European and North American data centers. The landmark multi-year agreement with Microsoft represents a significant validation of the company's technology and provides crucial revenue visibility. This partnership marks Nebius's first long-term contract with a major cloud service provider, establishing it as a credible player in the global AI infrastructure ecosystem. The manager views Nebius as well-positioned to benefit from accelerating AI adoption trends. The positive stock performance during the quarter reinforces the investment thesis. The focus on specialized AI workloads for enterprise and research clients suggests a differentiated market position in the competitive cloud infrastructure space.

Pitch Summary:
Exact Sciences Corporation is a cancer diagnostics company. Its flagship product is Cologuard, a stool-based screening test for colorectal cancer (CRC). Shares detracted from performance in the quarter due to fears of competitive blood-based CRC tests which may launch in 2025. While these tests cost more than Cologuard, they are somewhat more convenient for patients. However, blood-based tests do not have the same level of pre-cancer sensitivity as Cologuard, and Cologuard is significantly better at detecting pre-cancerous growths called Advanced Adenoma. Moreover, Exact Sciences is developing its own blood-based tests that we anticipate will be as accurate as competitor tests but will cost significantly less than those tests as it uses a different type of analytics to get its results. So, either way, we believe Exact Sciences will win. It also has a huge channel presence in CRC which will enable it to be successful in both fecal and blood-based CRC testing. In addition, with 60 million Americans not receiving any CRC screening at all, there is ample opportunity for multiple players to win.

BSD Analysis:
Baron maintains a bullish stance on Exact Sciences despite recent competitive concerns around blood-based colorectal cancer tests. The manager's thesis centers on Cologuard's superior pre-cancer detection capabilities, particularly for Advanced Adenoma, which blood-based alternatives cannot match. Exact Sciences is developing its own blood-based tests using different analytics that should be cost-competitive while maintaining accuracy. The company's established channel presence in CRC screening provides a significant distribution advantage for both existing and future products. With 60 million Americans currently not receiving any CRC screening, the addressable market remains vast enough to support multiple players. The manager views current weakness as temporary, driven by competitive fears rather than fundamental deterioration.

Pitch Summary:
We also added to our position in ServiceTitan, Inc., a provider of business management software for the field service industry, which was another new purchase in the prior quarter. The company reported strong financial results with 29% revenue growth and solid margin expansion in the recent quarter. Management provided guidance for this year that exceeded Street expectations yet still leaves room for upside. Key focus areas include targeting enterprise customers (especially private equity-backed consolidators), upselling higher-value services, and expanding in the commercial and roofing markets. We expect the company to continue growing 20%-plus with significant margin expansion and free cash flow growth over time.

BSD Analysis:
The manager presents a compelling bull case for ServiceTitan based on strong execution and multiple growth drivers in the field service software market. The company delivered impressive Q4 results with 29% revenue growth accompanied by solid margin expansion, demonstrating both top-line momentum and operational leverage. Management's guidance exceeded Street expectations while still providing room for upside, suggesting conservative planning and execution confidence. The growth strategy focuses on high-value opportunities including enterprise customers, particularly private equity-backed consolidators that represent larger deal sizes and longer-term contracts. Additional expansion vectors include upselling higher-value services to existing customers and geographic/vertical expansion into commercial and roofing markets. The manager's long-term outlook calls for sustained 20%+ revenue growth with significant margin expansion and free cash flow generation, reflecting the scalable nature of the software business model and ServiceTitan's market-leading position in field service management.

Pitch Summary:
We added to our position in online broker Robinhood Markets, Inc., which was a new purchase in the prior quarter. The company reported very strong financial results for the fourth quarter with elevated trading volumes and robust growth in accounts and deposits. Client trading activity has moderated since the start of the year but remains elevated overall and the number of Gold subscribers grew 20% in the first quarter alone. At its Gold Summit in March, the company released three new products, including a low-cost advisory service, an AI-powered research tool, and a digital banking service. Robinhood is building out new products at a rapid clip yet still has a long runway to reach parity with other brokers. Additional service offerings should support continued market share gains.

BSD Analysis:
The manager presents a bullish case for Robinhood based on strong fundamental performance and rapid product expansion. The company delivered impressive Q4 results with elevated trading volumes and robust growth in both accounts and deposits, demonstrating healthy user engagement and platform adoption. While trading activity has moderated from peak levels, it remains elevated overall, and the 20% growth in Gold subscribers in Q1 alone shows strong momentum in the premium tier. The Gold Summit product launches highlight Robinhood's innovation pace, introducing a low-cost advisory service, AI-powered research tools, and digital banking services that expand the platform's value proposition. The manager emphasizes Robinhood's significant runway for growth as it builds toward feature parity with established brokers while maintaining its competitive advantages in user experience and cost structure. The investment thesis centers on continued market share gains driven by product expansion, user acquisition, and monetization improvements across the growing customer base.

Pitch Summary:
Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell after the company reported quarterly results and near-term guidance that were softer than expected. In the fourth quarter, gross profit growth of 14% and EPS growth of 51% were strong overall but missed Street expectations. Also, investors took a skeptical view of the 15% gross profit growth guidance for 2025 since it implies acceleration throughout the year in an uncertain macroeconomic environment. Nevertheless, management reiterated their expectation of achieving the "Rule of 40" investment framework in 2026 with mid-teens gross profit growth and a mid-20% operating margin. We continue to own the stock due to Block's long runway for growth, sustainable competitive advantages, and innovative product offering.

BSD Analysis:
The manager maintains a bullish long-term view on Block despite near-term execution concerns and guidance skepticism. While Q4 results showed solid fundamentals with 14% gross profit growth and impressive 51% EPS growth, the performance missed Street expectations, creating investor disappointment. The 2025 guidance calling for 15% gross profit growth faces skepticism given the implied acceleration required throughout the year amid macroeconomic uncertainty. However, management's commitment to achieving "Rule of 40" metrics by 2026 (mid-teens gross profit growth with mid-20% operating margins) demonstrates confidence in the business model's scalability. The manager's investment thesis centers on Block's extensive growth runway across both Square's small business ecosystem and Cash App's consumer financial services platform. Key competitive advantages include network effects, ecosystem integration, and continuous product innovation that should drive sustained market share gains and monetization improvements over time.

Pitch Summary:
Shares of alternative asset manager Apollo Global Management, Inc. detracted in the first quarter, largely stemming from a reversal in sentiment on the economy and capital markets activity. As mentioned above, alternative asset manager stocks performed well last year, especially after the November elections, on expectations of a recovery in capital markets activity fueled by deregulation and economic growth. Those expectations waned in the first quarter due to uncertainty and volatility around the Trump administration's policy initiatives. As sentiment faded, alternative asset manager stocks gave back their post-election gains. We continue to own the stock due to Apollo's differentiated focus on credit and strong management team.

BSD Analysis:
The manager maintains a bullish stance on Apollo despite near-term sentiment headwinds affecting the broader alternative asset management sector. The stock declined as investor expectations for capital markets recovery and increased deal activity moderated due to policy uncertainty and volatility around the Trump administration's initiatives. Alternative asset managers had performed strongly post-election on hopes of deregulation and economic growth, but those gains were reversed as sentiment shifted in Q1. However, the manager emphasizes Apollo's differentiated positioning within the sector, particularly its specialized focus on credit markets which provides distinct competitive advantages. The strong management team is highlighted as a key asset that should drive long-term value creation regardless of near-term market conditions. The investment thesis appears centered on Apollo's credit expertise and leadership capabilities positioning the firm to capitalize on secular growth trends in alternative investments, with the current weakness potentially creating an attractive entry point for long-term investors.

Pitch Summary:
German bottling company Krones weighed on performance after management struck a cautious tone with its 2026 outlook, citing macro pressures from tariffs and geopolitics. However, the company's operations and balance sheet remain strong, and the company continues to return capital to shareholders.

BSD Analysis:
Despite management's cautious 2026 outlook, the manager maintains confidence in Krones based on strong operational fundamentals and financial position. The cautious tone reflects external macro pressures from tariffs and geopolitical uncertainty rather than company-specific operational issues. Strong operations suggest Krones maintains market leadership in bottling and packaging equipment with resilient demand from beverage and food industries. The robust balance sheet provides financial flexibility to navigate challenging macro conditions while continuing strategic investments. Ongoing capital returns to shareholders demonstrate management's commitment to shareholder value creation and confidence in cash flow generation. The manager appears to view current weakness as a temporary disconnect between strong fundamentals and market sentiment. Krones' specialized industrial equipment business likely benefits from recurring revenue streams and high switching costs that provide defensive characteristics. The manager's maintained position suggests confidence in the company's ability to weather macro headwinds and resume growth as conditions normalize.

Pitch Summary:
Shares of leading alternative asset manager KKR & Co. Inc. fell due to macroeconomic concerns, particularly as Trump's actions on tariffs and broader economic policy were more sweeping and volatile than expected. Alternative asset manager stocks performed well last year, especially after the November elections, on hopes that a wave of deregulation and pro-growth economic policies would spur a rise in deal activity and fees. Investors have since cooled on the prospects for a capital markets recovery, pressuring KKR and its peers. Although the near-term outlook is uncertain, we think KKR is a winner in the space, and its long-term fundraising success should be driven by its breadth of products and strong investment track record rather than the near-term economic outlook.

BSD Analysis:
The manager maintains a bullish long-term view on KKR despite near-term headwinds from macroeconomic uncertainty and policy volatility. The stock declined as investor sentiment shifted from post-election optimism about deregulation and pro-growth policies to concerns about tariffs and economic policy unpredictability. While alternative asset managers initially benefited from expectations of increased deal activity and capital markets recovery, those hopes have moderated in the current environment. However, the manager emphasizes KKR's competitive advantages that should drive long-term success regardless of near-term economic conditions. Key differentiators include the firm's broad product portfolio across multiple alternative asset classes and a strong investment track record that should support continued fundraising success. The investment thesis rests on KKR's ability to capitalize on the secular growth in alternative investments driven by institutional investor allocation shifts, with fundraising momentum driven by performance rather than cyclical factors.

Pitch Summary:
Mexican consumer company Walmart de México (Walmex) also detracted after margins came in below expectations due to investments in technology, e-commerce and new stores, alongside higher labor costs. We believe Walmex's competitive position continues to improve, supported by a strong balance sheet and an increase in share buybacks.

BSD Analysis:
The manager views current margin pressure as temporary, driven by strategic investments that should strengthen Walmex's long-term competitive position. Investments in technology and e-commerce demonstrate management's commitment to digital transformation and omnichannel retail capabilities in Mexico's evolving consumer landscape. New store expansion indicates confidence in market growth opportunities and the company's ability to gain market share. Higher labor costs reflect broader inflationary pressures but also suggest Walmex is investing in employee retention and service quality. The strong balance sheet provides financial flexibility to continue strategic investments while maintaining shareholder returns through share buybacks. The manager's emphasis on improving competitive position suggests Walmex is successfully differentiating itself in Mexico's retail market. The combination of digital capabilities, physical expansion, and capital allocation discipline positions Walmex to capitalize on Mexico's growing consumer market despite near-term margin headwinds.

Pitch Summary:
Progyny is the leading managed care provider specializing in fertility. The company provides a clear and differentiated value proposition, leading many employers to carve out fertility as a separate medical benefit. The company reported weaker 1Q24 results in May due to lower-than-expected benefit utilization. This was largely due to patients reassessing treatment after the Alabama Supreme Court ruling in February declaring embryos created through In vitro fertilization ("IVF") should be considered children. While Alabama accounts for little of Progyny's revenue, the headlines—particularly in conservative Christian groups—caused some patients with authorized procedures to delay the start of those cycles. What followed was a widespread cry to carve out legal exceptions for IVF, and Alabama passed legislation protecting IVF. Based on trends management observes, the incident appears to be a temporary blip. However, persistent news headlines and uncertainty appear to weigh on the stock (along with the disappointing guidance). We believe this is a near-term headwind, and our view of Progyny's long-term opportunity and competitive position is unchanged. We believe fertility benefits still have an extremely long runway for potential growth, particularly as Progyny shows success penetrating new sectors and industries beyond the fertility benefits early adopters. While we believe news and political headlines may continue to weigh on the stock near-term, we take a long-term view and believe the stock is attractively valued. We added to our position in March, before first quarter results were announced.

BSD Analysis:
Polen Capital maintains strong conviction in Progyny despite temporary headwinds from the Alabama IVF ruling, viewing the weakness as a buying opportunity. The company's leading position in fertility benefits management provides a differentiated value proposition that drives employer adoption of carved-out fertility benefits. While Q1 2024 results were impacted by patient treatment delays following negative IVF headlines, management indicates this was a temporary disruption as Alabama quickly passed protective legislation. Polen believes fertility benefits have an extremely long growth runway as Progyny successfully penetrates beyond early adopters into new sectors and industries. The company's competitive moat and long-term opportunity remain intact, making the current valuation attractive despite near-term political and media noise affecting sentiment.

Pitch Summary:
Tradeweb Markets Inc. operates electronic marketplaces for fixed income securities. Shares rose during the quarter due to strong volume trends driven by favorable market conditions and share gains in key products. Credit products saw accelerating growth with trading volume up 39%, while rates products saw stable trends with 14% growth. In credit, Tradeweb continued to grow faster than the market and its primary electronic trading competitor. We believe Tradeweb can achieve solid growth in a variety of macroeconomic conditions and expect further market share gains to drive long-term upside. We continue to own the stock due to Tradeweb's strong network effects, long track record of innovation, and significant growth opportunities from the ongoing electronification of the capital markets.

BSD Analysis:
The manager presents a strong bull case for Tradeweb based on market share gains and secular electronification trends in fixed income trading. The company demonstrated robust performance with credit products accelerating to 39% volume growth while rates products maintained steady 14% growth, showing resilience across market conditions. Tradeweb's competitive positioning is evident as it continues outpacing both overall market growth and its primary electronic trading competitor in credit markets. The manager emphasizes the company's ability to generate solid growth across various macroeconomic environments, highlighting the defensive nature of the business model. Key investment drivers include powerful network effects that create switching costs, a proven track record of innovation in electronic trading platforms, and the massive secular opportunity from ongoing electronification of capital markets. The thesis centers on Tradeweb's dominant position in the structural shift from voice-based to electronic trading in fixed income markets, which should drive sustained market share gains and revenue growth over the long term.

Pitch Summary:
Conversely, Indian bank HDFC Bank was the top detractor in Q3. Despite solid fundamentals, shares declined as the Indian market saw general weakness due to tariffs, policy concerns and weak consumption trends. Our thesis remains grounded in HDFC's underwriting discipline and banking technology leadership in one of the world's fastest-growing economies.

BSD Analysis:
Despite near-term headwinds, the manager maintains conviction in HDFC Bank based on superior operational fundamentals and structural growth opportunities. The emphasis on underwriting discipline suggests HDFC maintains conservative credit standards that should protect against loan losses during economic uncertainty. Banking technology leadership provides competitive advantages in customer acquisition, operational efficiency, and digital transformation in India's rapidly evolving financial services landscape. The manager views current weakness as temporary, driven by macro factors rather than company-specific issues. India's position as one of the world's fastest-growing economies provides a compelling long-term backdrop for banking sector expansion. HDFC's market leadership and operational excellence position it to capture disproportionate share of India's financial services growth. The manager's maintained conviction despite recent underperformance demonstrates confidence in the bank's ability to navigate short-term challenges while capitalizing on structural growth trends.

Pitch Summary:
Paycom Software is a cloud-native payroll and human capital management software company with a history of growth and market share gains. Last year, the company stumbled with an aggressive new sales and product strategy in which management hoped to accelerate adopting a new platform. Results have been mixed as the business reverts to a more balanced strategy. The stock remains out of favor due to execution issues and macro concerns, which weighed on shares in the second quarter. We continue to see Paycom as a compelling opportunity for us as the market is narrowly focused on the short term. We added to our position this year, and our conviction remains high.

BSD Analysis:
Polen Capital maintains high conviction in Paycom Software despite recent execution challenges, viewing the current weakness as a compelling opportunity. The cloud-native HCM platform has a strong track record of growth and market share gains, but stumbled with an aggressive sales and product strategy aimed at accelerating new platform adoption. As management reverts to a more balanced approach, Polen believes the market's short-term focus on execution issues and macro concerns has created an attractive entry point. The company's fundamental competitive position in the large and growing HCM market remains intact, and Polen has added to their position during the weakness, demonstrating confidence in the long-term opportunity despite near-term headwinds.

Pitch Summary:
The Progressive Corporation is a leading auto insurance company. Shares increased as the company continued to perform well, growing its auto policy count more than 20% with underwriting margins well above its 4% target. We don't think these growth rates and margins are sustainable due to the inevitable return of pricing pressure in a competitive insurance market. However, Progressive continues to gain market share and has now surpassed Geico to become the second largest auto insurer in the U.S. behind State Farm. Shares also benefited from the relative defensiveness of insurance stocks in a risk-off market. We remain shareholders because we view Progressive as a best-in-class insurer that should continue gaining share in a large market.

BSD Analysis:
The manager maintains a bullish stance on Progressive despite acknowledging near-term headwinds, focusing on the company's competitive positioning and market share gains. Progressive delivered exceptional growth with auto policy count expanding over 20% while maintaining underwriting margins well above the 4% target, demonstrating pricing power and operational efficiency. The company achieved a significant milestone by surpassing Geico to become the second-largest auto insurer behind State Farm, reflecting sustained market share capture. While the manager acknowledges current growth rates and margins may not be sustainable due to competitive pressures, they emphasize Progressive's best-in-class execution and ability to continue gaining share in the large auto insurance market. The defensive characteristics of insurance stocks also provided portfolio benefits during the risk-off market environment. The investment thesis rests on Progressive's superior underwriting capabilities, technology advantages, and long-term market share expansion potential in a consolidated industry.

Pitch Summary:
Taiwan Semiconductor Manufacturing Company (TSMC), the world's leading semiconductor foundry, rounded out the top contributors. The stock rose on strong demand for advanced manufacturing tied to AI and high-performance computing. We continue to view TSMC as a foundational enabler of modern computing with durable competitive advantages.

BSD Analysis:
The manager positions TSMC as an essential infrastructure play in the artificial intelligence and high-performance computing revolution. Strong demand for advanced manufacturing capabilities demonstrates TSMC's critical role in enabling next-generation technology applications. The characterization as a "foundational enabler of modern computing" suggests the manager views TSMC as having quasi-monopolistic positioning in cutting-edge semiconductor production. Durable competitive advantages likely stem from TSMC's technological leadership, manufacturing scale, and customer relationships with leading chip designers. The focus on AI-driven demand indicates the manager expects sustained growth as artificial intelligence applications proliferate across industries. TSMC's advanced node capabilities create significant barriers to entry and pricing power in the most profitable segments of semiconductor manufacturing. The manager's continued bullish stance reflects confidence in TSMC's ability to maintain technological leadership and capture disproportionate value from the AI semiconductor boom.

Pitch Summary:
Five Below, which we've owned for just over two years, is a discount retailer that blends the concepts of a toy store and a dollar store. We view Five Below's results to be robust over the period that we've been invested, and the company has been an attractive destination for cost-conscious consumers in a highly inflationary environment. More recently, however, the business has been pressured by weaker consumer spending and higher shrink (losses from theft or damage), which have weighed on the stock. Despite these near-term headwinds, we continue to believe Five Below is well-positioned as a long-term compounder.

BSD Analysis:
Polen Capital maintains conviction in Five Below despite recent headwinds, viewing the discount retailer as a long-term compounder. The company's unique positioning blending toy store and dollar store concepts has proven attractive to cost-conscious consumers during the inflationary environment. While Five Below delivered robust results over Polen's two-year holding period, recent quarters have faced pressure from weaker consumer spending and elevated shrink from theft and damage. However, Polen believes these are temporary headwinds rather than structural issues. The company's value proposition remains compelling for its target demographic, and its track record of execution positions it well to navigate current challenges and resume growth as conditions normalize.

Pitch Summary:
MercadoLibre, Inc. is the leading e-commerce marketplace and fintech provider in Latin America. Shares rebounded from weakness in the prior quarter after the company reported strong financial results that exceeded Street expectations. In the fourth quarter, revenue grew 37% and operating income grew 44% on an adjusted basis. Margins surprised to the upside, reversing a decline in the prior quarter and alleviating concerns around investment-driven impacts on near-term profitability. MercadoLibre continues to post above-market growth with gross merchandise volume up 56% and total payment volume up 49%, both on a constant-currency basis. In 2024, the company had 100 million marketplace customers and 61 million monthly fintech users with rising engagement due to the company's compelling value proposition. We believe MercadoLibre remains a prime beneficiary of the secular growth of e-commerce and digital banking in Latin America.

BSD Analysis:
The manager presents a compelling bull case for MercadoLibre based on strong fundamental performance and secular growth tailwinds. The company delivered impressive Q4 results with 37% revenue growth and 44% operating income growth, demonstrating operational leverage as margins expanded after prior quarter concerns. The scale metrics are particularly striking - 100 million marketplace customers and 61 million monthly fintech users represent significant market penetration in Latin America. Growth momentum remains robust with 56% GMV growth and 49% payment volume growth on a constant-currency basis, indicating healthy underlying business trends. The manager's thesis centers on MercadoLibre's position as the dominant beneficiary of structural shifts toward e-commerce and digital banking adoption across Latin America. The dual-sided marketplace and fintech ecosystem creates powerful network effects and cross-selling opportunities that should drive sustained growth and margin expansion over time.

Pitch Summary:
Tetra Tech is an environmental consulting business that we have followed for several years and is the number one player in water and water infrastructure-related consulting. They are also a significant player in environment, renewable energy, sustainable infrastructure, and international development. The company has a long history of consistent growth and robust returns on capital. About 30% of the revenue derives from long-term projects from the federal government, another 11% from state and local government, and a portion from disaster response and international aid. In our view, this provides some ballast to Tetra Tech's demand, also driven by commercial projects. Overall, between significant infrastructure spending, the potential for widespread PFAS cleanup, water scarcity, and changing environmental conditions, we believe the demand backdrop for Tetra Tech is improving, creating an attractive investment opportunity.

BSD Analysis:
Polen Capital initiated a position in Tetra Tech, the leading water and water infrastructure consulting firm they have followed for several years. The company's diversified revenue base provides stability, with 41% from government sources (30% federal, 11% state/local) plus disaster response and international aid work. This government exposure offers demand ballast while commercial projects provide growth upside. Multiple secular tailwinds are converging to improve Tetra Tech's demand outlook, including significant infrastructure spending, potential widespread PFAS cleanup requirements, increasing water scarcity issues, and changing environmental conditions. The company's market-leading position, consistent growth history, and robust returns on capital make it well-positioned to capitalize on these favorable industry dynamics.

Pitch Summary:
Alibaba, China's largest e-commerce and tech giant, also contributed. Shares rose on strong revenue and profit growth, continued investment in AI and cloud, solid e-commerce execution and a substantial share repurchase program. The company is increasingly viewed as a leader in China's AI landscape, and the stock appreciated with improving sentiment.

BSD Analysis:
The manager views Alibaba as a key beneficiary of China's technology leadership, particularly in artificial intelligence and cloud computing. Strong fundamental performance across revenue and profit growth demonstrates the company's operational excellence despite challenging macro conditions. The manager emphasizes Alibaba's substantial share repurchase program as evidence of management's confidence in the business and commitment to shareholder returns. The positioning as a leader in China's AI landscape suggests significant competitive advantages and growth potential in emerging technologies. Solid e-commerce execution indicates the core business remains resilient while the company successfully diversifies into higher-growth segments. The improving sentiment around Chinese technology stocks provides a favorable backdrop for continued outperformance. The manager's bullish stance reflects confidence in Alibaba's ability to monetize its AI investments and maintain market leadership across multiple business lines.

Pitch Summary:
Repligen is a leading provider of bioprocessing technologies that support the discovery, development, and manufacturing of biologic drugs. Over the past decade, Repligen has strategically acquired key assets across the complex bioprocessing workflow in filtration and process analytics. These assets enable their customers, biopharma, and contract development manufacturing organizations ("CDMO") to innovate and advance new therapeutics across various diseases. The last two years have brought its undue share of challenges for Repligen and the bioprocessing industry more broadly as pandemic-related sales declined materially. This led to an opportunity to invest in this uniquely-positioned business that we believe can leverage its technical leadership and attractive market position to gain additional share within the bioprocessing market, which we estimate at $12 billion globally.

BSD Analysis:
Polen Capital added Repligen as a new position, viewing the recent pandemic-related headwinds as a buying opportunity for a uniquely positioned bioprocessing leader. The company has strategically built a comprehensive portfolio across the bioprocessing workflow through acquisitions in filtration and process analytics over the past decade. This positions Repligen as a critical supplier to biopharma companies and CDMOs developing biologic drugs across various therapeutic areas. While pandemic-related sales declines have pressured recent performance, Polen believes Repligen's technical leadership and strong market position will enable market share gains as the $12 billion global bioprocessing market normalizes and resumes growth driven by continued biologic drug development.