What smart money is saying about Waters Corp
2 funds in our archive have pitched Waters Corp, most recently Artisan U.S. Mid-Cap Growth Strategy in December 2025.
Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company offers thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by life science, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
26 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 26 fund letters reported a position in Waters Corp, with 13 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 10 | 0 | 4 | 0 |
| Q2 2026 | 10 | 0 | 6 | 0 |
| Q1 2026 | 5 | 0 | 3 | 0 |
| Q4 2025 | 1 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 26 positions · 15 moves
- September 2026
Listed in Hardman Johnston Large Cap Equity’s reported holdings.
Waters Corp - HoldsFindlay Park American FundSeptember 2026
“Performance was disappointing, and in our newsletter we highlighted several positive changes we are making, particularly with respect to technology, in the face of challenging recent performance. Microsoft was the largest positive contributor. Agilent, Waters and Danaher also contributed, supported by continued strength in organic revenue growth.”
Waters Corp - September 2026
Listed in Hardman Johnston Select Equity’s reported holdings.
Waters Corp - September 2026
“Eliminations Waters (WAT) was eliminated to make room for higher conviction opportunities.”
Waters Corp - September 2026
“We saw evidence of this during the quarter from Twist Bioscience, but also from Argenx, which reported positive Phase 3 trial results for VYVGART® in autoimmune myositis, and West Pharmaceutical, which continues to see strong demand for its value-added biologic drug containment solutions. Waters also reported strong organic growth across its life sciences instruments and consumables business while demonstrating solid progress in the integration of its recently acquired BD Life Sciences business.”
Waters Corp - September 2026
“Initiations There were no initiations. Eliminations Waters (WAT) was eliminated to make room for higher conviction opportunities.”
Waters Corp - September 2026
“Eliminations Dentsply Sirona (XRAY) and Waters (WAT) were eliminated to make room for better opportunities.”
Waters Corp - September 2026
“Waters Corporation (WAT): WAT is a leading manufacturer of high-end liquid chromatography and mass spectrometry instrument systems, primarily serving the pharmaceutical and biotech industries. We exited our position in WAT as the stock exceeded our view of fair value following a period of outperformance.”
Waters Corp - September 2026
“We eliminated the following position(s) during the period: • BMW • ConocoPhillips • Waters”
Waters Corp - September 2026
“In Health Care, our holdings did not keep up with significant rallies across biotech and life science tools, despite our position in Waters (WAT) which participated in the group strength.”
Waters Corp - June 2026
“We eliminated the following position(s) during the period: • Akzo Nobel • Charter Communications Cl A • Roche Holding • Waters”
Waters Corp - June 2026
“We also exited the small position in Waters we had received following its spinoff from Becton Dickinson in the first quarter.”
Waters Corp - HoldsFindlay Park American FundJune 2026
“Beyond semiconductors, the contributor list was more varied. West Pharmaceutical Services and Waters benefited from accelerating organic revenue growth and improved guidance.”
Waters Corp - June 2026
“We eliminated the following position(s) during the period:”
Waters Corp - June 2026
“Waters Corporation was also eliminated.”
Waters Corp - June 2026
“Waters Corporation was also eliminated.”
Waters Corp - June 2026
“Stock selection was strongest within Health Care holdings such as UnitedHealth Group and Waters which handily beat the broader benchmark sector returns.”
Waters Corp - ExitedOakmark Global FundJune 2026
Listed in Oakmark Global Fund’s reported holdings.
Waters Corp - June 2026
“Final sales • Waters”
Waters Corp - June 2026
“Largest Contributors UnitedHealth Group (UNH), a comprehensive health care company that touches all key aspects of the U.S. health care system through its managed care, health care IT, pharmacy benets management, primary care provider, home health, and facilities operations, was the largest contributor. The stock’s valuation was positively impacted by a better than expected nal rate ruling provided for the Medicare Advantage program and favorable rst quarter earnings. RB Global (RBA), a leading auction marketplace for salvaged vehicles and used construction, agricultural, mining, and transportation equipment, was the second-largest contributor. RBA reported a positive quarterly result as industry conditions improve for its Commercial Construction and Transportation (CC&T) business, and market share gains continue in their acquired auto salvage business. Waters (WAT), an analytical tools company with leading positions in liquid chromatography, mass spectrometry, and thermal analysis used primarily in downstream, high-volume quality assurance and quality control applications in highly regulated markets, was the third-largest contributor.”
Waters Corp - March 2026
“ Waters Corporation (WAT) purchased the Biosciences & Diagnostic Solutions business from Becton, Dickinson & Co. (BDX) through a Reverse Morris Trust structure in a deal that closed in early February. Through our ownership of BDX we received shares of WAT stock upon the deal closure. We sold our shares in WAT and used the proceeds to add to our existing position in BDX.”
Waters Corp - March 2026
“Vertex Pharmaceuticals Inc. United States 2.4 Biotechnology Waters Corporation United States 0.3 Life Sciences Tools & Services”
Waters Corp - March 2026
Listed in Hardman Johnston Select Equity’s reported holdings.
Waters Corp - Exited1578 Partners, LPMarch 2026
“We sold the shares of WAT we received.”
Waters Corp - ExitedThe Davenport FundsMarch 2026
“Finally, we sold our stub position in Waters Corp (WAT), shares of which we received from ownership of Becton-Dickinson & Co (BDX).”
Waters Corp - December 2025
“Waters Corporation (WAT) – WAT was a top performer this quarter after delivering broad-based organic growth and improving demand across instruments, consumables, and services.”
Waters Corp
Fund coverage · 2 theses
- Artisan U.S. Mid-Cap Growth StrategyDecember 2025
Waters provides chromatography and mass spectrometry tools with strong recurring revenue and tailwinds from pharma demand, replacement cycles and biologics exposure.
Read the full thesis - Baron Health Care FundMarch 2025
Waters Corporation is a leading provider of analytical instruments with a strong market position in biopharmaceutical quality control, poised for growth driven by various factors, including new regulations and increased demand in multiple sectors.
Read the full thesis
Read every full thesis on Waters Corp
Read all 2 theses in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→