Medtronic PLC

We added to the portfolio’s holdings in Medtronic, which we believe is well-positioned for future growth. The company operates in a sector that has shown resilience and potential for expansion. Our positive outlook is supported by the attractive valuations of our holdings, including Medtronic, which we see as a key contributor to our portfolio's performance as the market continues to evolve.

Medtronic was the portfolio’s best-performing company during the month, with a gain of 16.3%. The leading medical device company released strong Q2 earnings, beating on the top and bottom lines and raising full-year organic growth expectations to 5.5%. A standout in their portfolio is the Cardiac Ablation Solutions (CAS) business, which grew 71% year-on-year, driven by the pulsed field ablation (PFA) portfolio. This segment added around 180 basis points of organic growth to the top line, and the outlook remains healthy due to rapid adoption, positive regulatory approvals, and strong physician demand for safer, faster atrial fibrillation procedures.

Medtronic (MDT) has outperformed as medical devices performed better across the board. The Fund's exposure to Medtronic reflects confidence in the company's ability to navigate the health care landscape effectively. The performance of Medtronic is indicative of the broader strength in the medical devices sector, which has shown resilience and growth potential. The Fund continues to hold Medtronic, recognizing its competitive advantages and the favorable market conditions for its products.

Medtronic was mentioned as part of the portfolio activity, but no specific argument or directional stance was provided regarding its future performance or valuation. The letter discusses the overall positioning of the portfolio and the sectors it is exposed to, including healthcare, but does not elaborate on Medtronic's individual merits or challenges.

Medtronic (+13.4%) advanced on improving procedure volumes and a stronger outlook for growth and margin recovery. The company continues to integrate AI across its portfolio—including its GI Genius endoscopy module and MiniMed 780G insulin pump—and expects its HUGO robotic surgery platform to become a key growth driver by FY2026.

Medtronic (+13.4%) advanced on improving procedure volumes and a stronger outlook for growth and margin recovery. The company continues to integrate AI across its portfolio—including its GI Genius endoscopy module and MiniMed 780G insulin pump—and expects its HUGO robotic surgery platform to become a key growth driver by FY2026.

Medtronic (+13.4%) advanced on improving procedure volumes and a stronger outlook for growth and margin recovery. The company continues to integrate AI across its portfolio—including its GI Genius endoscopy module and MiniMed 780G insulin pump—and expects its HUGO robotic surgery platform to become a key growth driver by FY2026.

Medtronic was mentioned as part of the portfolio activity, but no specific argument or directional stance was provided regarding its future performance or valuation.

Medtronic was mentioned as part of the portfolio activity, but no specific argument or directional stance was provided regarding its future performance or valuation.

Medtronic was mentioned as part of the portfolio activity, but no specific argument or directional stance was provided regarding its future performance or valuation.