The next-best contributor was DiaSorin (MIL:DIA, Financial), an Italian company that develops in vitro diagnostic tests (IVDs). We have long been drawn to the IVD market's structural growth, DiaSorin's growing array of assays, and the inherently recurring nature of reagent sales. The stock benefited from the company's specialty in immunodiagnostic testing and the announcement in April that it was launching a test to detect COVID-19. We trimmed our stake when its shares powered to all-time highs based on a combination of valuation and concerns that its non-COVID-19 testing business could be temporarily constrained by disruptions to healthcare systems during the coronavirus pandemic.
From Chuck Royce (Trades, Portfolio)'s Royce International Premier Fund (Trades, Portfolio) second-quarter 2020 commentary.
