Perrigo was our biggest loser in 2025 at -46%, and the pain continued into Q1.
What was once viewed as a cyclical headwind now appears more structural, as the infant formula business has struggled to regain market share and shelf space.
While we added to the position, it remains on the smaller side of our core holdings, balancing what has been a more challenging path than we initially expected with what we view as a business near its bottom.
