Genus Plc: A Uniquely Positioned, Under-Appreciated Animal Genetics Company

2026-01-29 00:40:00 ET

The following segment was excerpted from this fund letter.

Genus Plc ( GENSF , GENSY ) is a uniquely positioned animal genetics company that remains under-appreciated by the market, despite its 70% return during 2025 which led to Genus contributing nearly 3% to portfolio performance. The company's business is characterized by a highly recurring customer base, a royalty-like revenue stream, is relatively asset lite, and has dominant market share. When we entered the stock in 2024 after spending material time with its new CEO, Jorgen Kokke, we saw the opportunity to own a high-quality porcine (pig) business, a turnaround in the ABS (cow) business, a free call option on its gene-editing platform, and a future rebound in China (the largest pork consumption market in the world). At the time of our entry, the stock was trading at EBITDA, which was a material discount to its own historical average and to a recent comparable public transaction for animal genetics. During 2025, while operating income did grow 20%, stock performance was mainly driven by 2 significant milestone events....

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