Bio-Rad Laboratories Underperforms Amidst Disappointing Results and Industry Headwinds.

Longleaf Partners Global Fund highlighted Bio-Rad Laboratories as a disappointing investment in 2025 due to poor results and government spending cutbacks. However, the company showed operational improvement and is expected to grow its free cash flow in 2026. Despite this, the fund chose to exit its position in Avantor, another life-sciences company, after a leadership change and guidance reset. The fund returned 5.27% in Q4 2025, compared to the MSCI World's 3.12% and MSCI World Value's 3.34% return.