Guardant Health Inc

Guardant Health is a precision oncology company that develops blood-based liquid biopsy tests spanning therapy selection, recurrence monitoring, and early cancer detection, anchored by its Guardant360, Reveal, and Shield platforms. We continue to view the company as one of the more strategically positioned names in molecular diagnostics, with leadership in liquid biopsy supported by a deep clinical evidence base, an expanding set of companion diagnostic labels, and a credible runway toward free cash flow breakeven. Shares contributed positively to performance during the quarter, advancing on first-quarter results that prompted management to raise full-year 2026 revenue guidance, the inclusion of the Shield blood test in updated colorectal cancer screening guidelines, and regulatory approval of Guardant360 CDx as a companion diagnostic for Boehringer Ingelheim's Hernexeos.

Guardant Health is a leader in liquid biopsy diagnostics, using a simple blood draw to detect and monitor cancer. The company holds a market-leading position in testing to help oncologists select targeted cancer therapies and continues to expand its portfolio across oncology and cancer screening. The company delivered another strong quarter, driven by continued strength in testing volumes and accelerating adoption of its Shield colorectal cancer screening test, prompting management to raise full-year revenue guidance. We believe Guardant is well positioned to benefit from increasing adoption of precision oncology and AI-enabled diagnostics, supported by a growing data repository, expanding reimbursement opportunities and several upcoming product catalysts.

Guardant Health is a leader in liquid biopsy diagnostics, using a simple blood draw to detect and monitor cancer. The company holds a market-leading position in testing to help oncologists select targeted cancer therapies and has continued to expand its portfolio across oncology and cancer screening. The company delivered better-than-expected results, driven by continued strength in oncology testing and accelerating adoption of its Shield colorectal cancer screening test, prompting another increase to full-year revenue guidance. We believe Guardant is well positioned to benefit from increasing adoption of precision oncology, expanding reimbursement and several upcoming product catalysts.

Guardant Health is a precision oncology company focused on blood-based cancer diagnostics. The Fund's allocation to Guardant Health contributed positively to relative performance during the quarter, indicating confidence in its growth potential within the health care sector. The company is positioned to benefit from ongoing advancements in cancer diagnostics, which aligns with the broader trend of increasing investment in health care innovation.

After following the company for many years, we built a small position in Guardant Health, Inc (GH) after recent due diligence highlighted a stable competitive environment and underscored several positive upcoming catalysts for the company. In its core growth engine, the Shield colorectal (CRC) screening test, we anticipate 2026 to bring inclusion in the American Cancer Society guidelines, early progress on its commercial expansion with Quest, and a product expansion into Multi-Cancer Detection (MCD). In its minimal residual disease (MRD) segment, we could see Centers for Medicare & Medicaid Services (CMS) grant Guardant Health’s Reveal product coverage in new indications such as breast cancer. CMS may also grant it Advanced Diagnostic Lab Test (ADLT) status, which would provide higher reimbursement rates.

Guardant Health, Inc. is listed as a holding in the fund's portfolio with a weight of 2.2%. However, there is no specific argument or directional language provided regarding its future performance or investment thesis.

Guardant Health was a relative contributor in the first quarter following several positive announcements and solid fourth quarter earnings. Guardant announced Advanced Diagnostic Laboratory Test (ADLT) pricing from Medicare on its Guardant Shield test and a contract with the VA hospital system to cover patients over 45 years of age. This follows strong momentum and positive full-year revenue guidance.

Guardant Health was a relative contributor in the first quarter following several positive announcements and solid fourth quarter earnings. Guardant announced Advanced Diagnostic Laboratory Test (ADLT) pricing from Medicare on its Guardant Shield test and a contract with the VA hospital system to cover patients over 45 years of age. This follows strong momentum and positive full-year revenue guidance.