The All Ordinaries Index (ASX: XAO) is 1.85% in the red today, but these four All Ords shares are soaring higher.

The A2 Milk Company Ltd (ASX: A2M), Perpetual Ltd (ASX: PPT), Rhythm Biosciences Ltd (ASX: RHY) and Weebit Nano Ltd (ASX: WBT) share prices are all charging ahead.

The market overall is struggling today amid the US Federal Reserve raising interest rates by 0.75%. So why are these companies surging ahead of the ASX All Ords Index?

A2 Milk

A2 Milk shares are surging nearly 6% today. The company will be selling its infant formula to the United States. A2 Milk has received US Food and Drug Administration (FDA) approval to supply the product to the USA. A2 Milk sees this as a "significant opportunity" to develop its infant milk formula brand in the long term. However, A2 Milk added:

However, at this early stage, it is difficult to predict the IMF sales potential in the US which is a highly competitive market to enter.

Perpetual

Perpetual shares are rising 8% today. The company has rejected an offer from Regal Partners Limited and BPEA Private Equity Fund VIII to acquire 100% of Perpetual's shares. Perpetual said the $30 cash per share offer "materially undervalues Perpetual". Perpetual said:

This offer is uncertain and conditional and the Perpetual Board believes that it is not in the best interests of its shareholders to engage on this offer and has therefore rejected the offer.

Rhythm Biosciences

The Rhythm Biosciences share price is soaring nearly 10% today. Rhythm has expanded its international regulatory footprint. This includes registering cancer detection technology ColoSTAT product with the New Zealand national database of medical devices. This will mean the technology can now be marketed and sold in New Zealand.

Commenting on the news, CEO and managing director Glenn Gilbert said:

Rhythm is pleased to expand its international regulatory approval footprint into New Zealand which enables the Company to commence marketing and sales activities for ColoSTAT.

Weebit Nano

This ASX All Ords share is jumping nearly 6% today despite no news from the company. Weebit is a memory and semiconductor technology company. In a presentation this week, the company advised it has made significant technical and commercial progress in the last 12 months. The company is developing ReRam NVM memory technology. The NVM market is forecast to be worth $2.9 billion by 2027, Weebit Nano highlighted.

The post It's not all bad news for ASX All Ords shares today. Here are some big winners appeared first on The Motley Fool Australia.

The a2 Milk Company (ASX: A2M) share price has jumped almost 30% higher in the last six weeks after reporting a solid FY22 result with revenue and earnings approximately 5% ahead of consensus expectations.

Leading fund manager Perpetual Equity Investment Company (ASX: PIC) continues to see "material upside" to the current a2M share price.

In the listed investment company's August update, it said the most pleasing aspect of the a2M result was the strong growth of the China Label infant formula business. The listed investment company (LIC) noted this is a highly competitive channel and despite the industry headwinds from a significantly lower birth rate in China, a2M's infant formula business in China grew its revenue by 40%. 

According to the update:

A2M is one of the only international brands to deliver growth during this period. The fact that A2M sales responded so strongly to in-country marketing demonstrates the strength of the brand which is a core pillar of the Manager's investment thesis.

The fund manager believes the current management team is doing an excellent job "transforming A2M into a sustainable business for the long term by increasing marketing and shifting volumes away from the volatile Daigou distribution channel".

It notes the strong balance sheet with no debt and over $NZ800m of net cash, enabling a2 Milk to launch a $NZ150m share buyback program. 

The fund manager does note the company is currently in the process of renewing its China Label product registration, saying it has reflected this risk in the size of the position within the portfolio. As at 31 August 2022, A2M comprised 3.1% of the PIC portfolio.

This aside, PIC said it continues to see material upside to a2M's current share price.

In early Wednesday trading, a2 Milk shares are tracking the ASX 200 lower, down 14 cents to $5.55 each. The a2 Milk share price trades on a trailing price-to-earnings (P/E) ratio of 34 times earnings. 

The post Leading fund manager sees "material upside" to the a2 Milk share price appeared first on The Motley Fool Australia.

Perpetual Equity Investment Company Ltd (ASX: PIC) posted its interim results this morning, announcing that its investment portfolio delivered a return of -6.5% over the period, outperforming the benchmark by 0.5%. A fully franked dividend of 3.1 cents per share was also announced, which represents a 3% increase on the previous corresponding period. The Perpetual share price is up 0.5% this morning.

The second half of 2018 was a tough period for Australian equities as global growth concerns and macro risks came to the forefront, sparking a sell-off.

"The Board recognises our shareholders value a sustainable dividend stream and is pleased to announce an increased interim dividend for the first half of the year. During a time of market volatility and overall market weakness, we have achieved this for our investors through prudent management of the Company," said Chairman Nancy Fox in a statement.

The company recorded an operating loss after tax of $16.2 million for the period as a result of unrealised losses attributed to unfavourable market conditions. Perpetual noted that market conditions have since seen an upturn in the second half of the fiscal year.

A value investor's market?

Perpetual Portfolio Manager, Vince Pezzullo said: "The ongoing market volatility has been challenging for the industry and created some uncertainty. We believe value investing will return to favour as market conditions continue to change."

"We continue to focus on strategically managing our portfolio and our disciplined investment approach to deliver sustainable income for our investors over the long run."

The post Interim results: Did Perpetual Investments outperform the market? appeared first on The Motley Fool Australia.