| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.3% | 0.08% | 0.08% |
The Meridian Hedged Equity Fund returned 0.08% net in Q1 2026, outperforming the S&P 500's -4.33% decline during a quarter marked by geopolitical tensions and energy price volatility. The late-February strike on Iran triggered a broad risk-off move, pushing oil prices higher and causing rotation away from large-cap technology toward smaller companies and defensive value exposures. The fund's strategy of managing downside risks through high-quality stock selection and selective covered call writing proved effective in the volatile environment. Top contributors included Chevron, which benefited from surging oil prices and strong operational results, Equinix, which reported record AI-related bookings, and Royalty Pharma, which delivered another earnings beat. Technology holdings like Microsoft and PayPal detracted as macro forces overwhelmed strong fundamentals. Looking ahead, the manager expects continued volatility from geopolitical tensions, elevated energy prices, and uncertain monetary policy, but believes the fund's integrated approach of quality stock selection and hedging is well-positioned for these challenging conditions.
The fund employs a hedged equity strategy that prioritizes managing downside risks over chasing excess returns, focusing on high-quality businesses with attractive valuations, strong competitive advantages, solid balance sheets, and robust cash flow while using covered call options to generate income and mitigate risk.
Market volatility is likely to persist as geopolitical tensions, elevated energy prices, and an uncertain monetary-policy path create a more fragile backdrop for risk assets. The manager believes their strategy is well positioned for these conditions, with an emphasis on high-quality growth companies with compelling valuations remaining appropriate.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 16 2026 | 2026 Q1 | ACVA, CVX, EQIX, MSFT, PYPL, RPRX | AI, energy, Geopolitical, Hedged Equity, technology, value |
CVX EQIX RPRX ACVA MSFT PYPL |
Meridian Hedged Equity outperformed during Q1 2026's geopolitical volatility, gaining 0.08% versus the S&P 500's -4.33% decline. Energy holdings like Chevron benefited from oil price surges while technology positions faced rotation pressure despite strong fundamentals. The fund's hedged approach and focus on high-quality companies with strong balance sheets proved effective in managing downside risk during the uncertain environment. |
| Jan 21 2026 | 2025 Q4 | ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU | energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value |
LW DKNG VST MGM DHR YOU |
Meridian Hedged Equity Fund returned 0.08% in Q4 2025, underperforming the S&P 500's 2.66% gain. The fund employs a hedged equity strategy combining quality long positions with covered calls for downside protection. Gaming and energy holdings drove performance, while food and sports betting names detracted. Management expects continued volatility but remains focused on high-quality businesses with durable competitive advantages. |
| Oct 24 2025 | 2025 Q3 | ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU | AI, healthcare, Hedged Equity, inflation, Options, technology, value |
LBRDK KVUE ICE DHI JNJ LBRDK KVUE ICE DHI JNJ |
Meridian's hedged equity strategy gained 1.67% in Q3 2025, underperforming markets that ignored stagflation risks to focus on AI momentum and Fed easing. The fund maintains 38% unhedged exposure for growth while using covered calls on the remainder for income and protection. Management anticipates continued volatility as opportunity for their disciplined, quality-focused approach. |
| Aug 7 2025 | 2025 Q2 | ABNB, CVX, DHI, DHR, GEO, GFL, HUN, ICE, JPM, KVUE, MGM, MSFT, V, VST, YOU | energy, Hedged Equity, Options, Quality, risk management, technology, value |
VST MSFT MGM VST MSFT MGM KVUE CVX HUN |
Meridian's hedged equity strategy delivered 4.86% returns while managing downside risk through covered calls on 54% of holdings. AI beneficiaries Vistra and Microsoft drove performance alongside gaming leader MGM reaching digital profitability. Tariff impacts hurt consumer health play Kenvue while energy names faced commodity headwinds. Manager welcomes volatility as opportunity while maintaining disciplined risk management approach. |
| Mar 31 2025 | 2025 Q1 | ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU | Hedging, Options, Quality, tariffs, value, volatility |
ICE V GEO MGM ACVA AMZN |
Meridian Hedged Equity Fund outperformed significantly in Q1 2025's volatile market, declining only 0.15% versus the S&P 500's 4.27% drop. The fund's covered call strategy on quality businesses proved effective amid tariff policy uncertainty. Top performers included Intercontinental Exchange and Visa, while Amazon and MGM faced headwinds. Management expects continued volatility but views it as opportunity for their risk-managed approach. |
| Feb 10 2025 | 2024 Q4 | ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU | downside protection, Hedged Equity, large cap, Options, Quality, risk management |
AMT DHR COTY V AMZN VST |
Meridian Hedged Equity Fund underperformed in Q4 with 0.07% return versus S&P 500's 2.41%. Strategy emphasizes downside protection through quality stock selection and covered call options. Top performers included Visa, Amazon, and Vistra benefiting from secular growth themes. Portfolio positioned defensively for expected volatility from policy changes and inflation concerns while maintaining upside participation through selective hedging approach. |
| Sep 30 2024 | 2024 Q3 | ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU | Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel |
VST SBH YOU PGNY MGM AMZN |
Meridian Hedged Equity Fund outperformed in Q3 with a 6.19% return, driven by energy, beauty, and travel positions. The fund maintains its risk-first approach using covered calls on 61% of holdings while staying positioned in high-quality businesses. Despite macro uncertainties around inflation, elections, and geopolitics, the manager remains confident in their disciplined hedging strategy. |
| Jun 30 2024 | 2024 Q2 | AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU | Covered Calls, Hedging, large cap, Quality, risk management, technology, value |
LSXMK DIS USB VST RIVN AMZN |
Meridian's hedged equity strategy gained 0.92% in Q2, underperforming the tech-driven S&P 500. The fund balances long-term growth positions with covered call income strategies, benefiting from AI infrastructure plays like Vistra while facing headwinds in traditional media and banking. Management maintains disciplined risk management approach, expecting volatility from elections and geopolitics despite potential Fed easing. |
| Apr 15 2024 | 2024 Q1 | AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM | energy, Hedging, large cap, Quality, risk management, technology |
SBH LBRDA RIVN VST NVDA AMZN |
Meridian Hedged Equity gained 5.46% in Q1, trailing the S&P 500 as their risk-first strategy prioritizes capital preservation. AI beneficiaries Vistra and Nvidia drove outperformance while consumer-facing names like Sally Beauty lagged. With valuations stretched and volatility cheap, they're adding hedges while maintaining focus on quality businesses with strong fundamentals. |
| Dec 31 2023 | 2023 Q4 | ALGM, AMZN, COTY, LBRDK, LEVI, LW, LYV, MSFT, RIVN, SBH, SPHR, VST, ZM | consumer, Hedged Equity, Quality, risk management, technology, value |
LBRDK ALGM SPHR SBH LEVI AAPL|MSFT|NFLX|NVDA|UNH |
Meridian Hedged Equity gained 8.96% in Q4, underperforming the S&P 500 due to its risk-first approach. Strong performance from Sally Beauty's turnaround and Microsoft's AI initiatives offset weakness in Liberty Broadband and semiconductor inventory corrections. The fund maintains defensive positioning with selective hedging while expecting Fed rate cuts and soft landing in 2024. |
| Sep 30 2023 | 2023 Q3 | COTY, DBRG, LEVI, LW, LYV, MSFT, RIVN, SBH, VST, ZM | consumer, Diversified, Equity, large cap, technology | - | Meridian Hedged Equity Fund is a diversified 70-position U.S. large-cap equity strategy overweight Consumer Discretionary and Staples. Top holdings include Lamb Weston, Zoom, and Sally Beauty. The fund outperformed the S&P 500 in Q3 2023 with a -1.36% return versus -3.27% for the index, continuing solid long-term performance under manager Clay Freeman. |
| Jun 30 2023 | 2023 Q2 | - | - | - | |
| Mar 31 2023 | 2023 Q1 | AAP, AAPL, LEVI, LMACU, SBH, USB | - | - | |
| Jan 31 2023 | 2022 Q4 | 4CB, AMZN, COTY, DIS, SBH, STRYQ | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyOil prices surged following geopolitical tensions and supply disruptions from the Iran strike. Energy outperformed as crude prices climbed sharply, with Chevron benefiting from both supply disruptions and better-than-expected earnings that reinforced confidence in operational strength and financial discipline. |
Oil Energy Geopolitical Supply Chevron |
AIArtificial intelligence demand continues driving secular growth in digital infrastructure. Equinix reported AI-related workloads approaching 60% of recent large-scale deals, while Microsoft maintains structural advantages in the generative AI era through Azure market share gains and AI integration across its enterprise ecosystem. |
Artificial Intelligence Data Centers Cloud Azure Infrastructure | |
CybersecurityCrowdStrike Holdings represents the fund's cybersecurity exposure as a top 10 holding at 2.81% of the portfolio, positioned to benefit from ongoing digital transformation and security needs. |
Security Digital Protection Enterprise Software | |
| 2025 Q4 |
AIMassive capex cycle linked to AI representing increasing cash flow from hyperscalers. Signs that AI adoption is flatlining with unclear use cases for profitability. Reliance on Magnificent 7 for equity market performance continues with credit markets becoming increasingly sensitive to AI companies. |
Artificial Intelligence Hyperscalers Capex Technology Valuations |
GoldExceptionally strong performance with gold returning 65% for 2025 and silver 148%. Trend has continued into 2026 with gold rising 13.3% and silver 18.9% by end of January. Extreme moves following very strong performance last year. |
Precious Metals Safe Haven Commodities Silver | |
GeopoliticalPresident Maduro taken from Venezuela, fracturing of Western alliance as Trump looked to acquire Greenland, protests in Iran violently suppressed. Significant geopolitical risks alongside economic tailwinds. Tensions may make cross-border M&A transactions more difficult. |
Venezuela Greenland Iran Political Risk International | |
CreditCredit spreads remained tight at historic levels with returns mainly generated by carry. Four of largest credit issuers in 2025 were hyperscalers. Record-tight credit spreads present intrinsic valuation concerns amid high levels of volatility and uncertainty. |
Credit Spreads Fixed Income Corporate Bonds Issuance | |
InequalityIncreasing inequality in society exacerbated by K-shaped recovery causing localized political conflict. Share of consumption from top 10% consumers has steadily picked up despite strong GDP growth and moderate unemployment increase. |
Income Disparity Social Issues Economic Recovery Political | |
| 2025 Q3 |
AIThe AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards. |
Technology Infrastructure Disruption Valuations Growth |
InflationStagflation emerged as a key concern with tariffs simultaneously compressing corporate margins and elevating inflation. Inflation has proven more persistent than many anticipated, particularly as tariff-related pressures work through the supply chain. This creates ongoing challenges for monetary policy and market valuations. |
Tariffs Margins Policy Supply Chain Persistent | |
HomebuildersD.R. Horton demonstrated the strength of the homebuilding sector with surprising results including stronger-than-expected home closings, resilient gross margins, and declining construction costs. The company's focus on entry-level and first-time buyer segments provides a compelling value proposition in an affordability-challenged market. |
Housing Affordability Construction Margins Volume | |
| 2025 Q2 |
AIThe fund benefits from AI-driven electricity demand through Vistra Corp, which is positioned to capitalize on surging power needs from AI data centers. Microsoft's AI monetization potential through OpenAI integration also contributed to performance. |
Data Centers Power Cloud Infrastructure Technology |
EnergyEnergy exposure includes Vistra Corp's power generation portfolio and Chevron's integrated oil operations. Vistra benefits from tight power markets and AI-driven demand, while Chevron faces headwinds from declining commodity prices affecting capital allocation. |
Power Generation Oil Natural Gas Nuclear Electricity | |
GamingMGM Resorts represents exposure to both traditional casino operations and digital gaming through BetMGM. The company reached profitability in online gaming for the first time while maintaining strong cash flow from Las Vegas operations. |
Casinos Online Gaming Sports Betting Entertainment Digital | |
BuybacksMultiple portfolio companies demonstrate commitment to capital returns through share repurchases. MGM authorized an additional $2 billion for buybacks, while Vistra continues aggressive share buyback programs as part of value creation strategies. |
Capital Returns Share Repurchases Value Creation Cash Flow Capital Allocation | |
| 2025 Q1 |
VolatilityThe first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers. |
VIX Options Hedging Policy Tariffs |
Trade PolicyPolicy uncertainty around tariffs dominated Q1 2025, with uncertainty surrounding prospective tariff policies weighing on investor sentiment and risk assets. The market awaited clarity on the Trump Administration's pending tariff policy announcement. The fund expects continued market volatility as investors assess potential economic and geopolitical ramifications of the current administration's evolving and assertive tariff policies. |
Tariffs Trump Policy Trade Uncertainty | |
Risk AppetiteThe fund's investment strategy prioritizes managing downside risks over chasing excess returns, expecting that preserving capital in down markets will be a powerful driver of long-term compounded returns. The portfolio maintains approximately 40% unhedged positions with long-term capital growth as primary objective, while the remainder uses covered call options for downside protection. |
Downside Protection Capital Preservation Hedging | |
Capital MarketsIntercontinental Exchange operates a global network of exchanges, clearing houses, and data services spanning major asset classes. The company benefits from heightened market volatility and geopolitical uncertainty driving expectations for strong growth in its exchanges segment, particularly within energy and interest-rate futures. |
Exchanges Clearing Futures Energy Data | |
PaymentsVisa is a global leader in electronic payments, facilitating transactions across an extensive international network. The fund owns Visa for its durable competitive advantages, including a globally recognized brand and vast merchant acceptance network, which together create substantial barriers to entry. |
Electronic Payments Network Brand Barriers | |
E-commerceAmazon is a global leader in e-commerce and cloud computing, uniquely positioned to benefit from secular growth in digital commerce and enterprise cloud adoption. The investment reflects Amazon's ability to compound growth through its dominant retail platform, AWS cloud infrastructure, and emerging high-margin businesses such as advertising and logistics. |
Digital Commerce Cloud AWS Advertising | |
| 2024 Q4 |
E-commerceAmazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses. |
Digital Commerce Cloud Computing AWS Retail Platform Margin Expansion |
PaymentsVisa benefits from secular shift toward electronic payments with strong network effects spanning billions of cards and millions of merchants globally. International markets, particularly emerging economies where cash usage remains prevalent, offer significant growth opportunities. The company's operating model demonstrates strong leverage with incremental revenue efficiently flowing to the bottom line. |
Electronic Payments Network Effects International Expansion Digital Payments Emerging Markets | |
EnergyVistra is positioned to capitalize on structural tightening of power markets as electricity demand accelerates and baseload generation capacity retires. AI-driven data center growth creates unprecedented power demand, establishing favorable pricing for nuclear and gas assets. The company has locked in value via hedging providing clear cash flow visibility. |
Power Generation Nuclear Data Centers AI Power Demand Electricity Markets | |
| 2024 Q3 |
EnergyVistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets. |
Power Nuclear Gas Data Centers Electricity |
BeautySally Beauty Holdings exceeded expectations driven by increased sales and effective performance marketing in its retail segment, boosting new customer acquisition and reactivating lapsed customers. The company benefits from strong free cash flow generation and potential for long-term growth in the professional beauty products market. |
Retail Professional DIY Free Cash Flow Consumer | |
TravelClear Secure performed well driven by strong revenue growth, rising membership, and strategic price increases. The company is well-positioned to benefit from continued travel recovery, TSA PreCheck integration, and expansion of its identity platform beyond travel into healthcare, hospitality, and financial services. |
Airport Security Identity TSA Biometrics | |
CasinosMGM Resorts reported better-than-expected operating results driven by strength in both Las Vegas and Macau. However, the stock faced pressure from BetMGM's underperformance and management comments about softening early demand trends for the upcoming Formula One race in Las Vegas. |
Las Vegas Macau Gaming Entertainment Hospitality | |
| 2024 Q2 |
AIStrong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads. |
Data Centers Cloud Technology Generative AI Power |
Electric VehiclesRivian Automotive is positioned as a future leader in the growing electric vehicle market with a strong brand, compelling products, and a vertically integrated business model. The company made progress on cost reduction initiatives and management expressed confidence in achieving positive gross margins by the end of 2024. A joint venture with Volkswagen involving up to $5 billion in investment significantly boosted Rivian's financing outlook. |
EV Batteries Auto Parts Battery Manufacturers Autos Energy Transition | |
StreamingDisney's streaming segment, driven by strong subscriber growth at Disney+, reached profitability ahead of schedule. However, concerns about streaming services creating competition for traditional satellite radio providers like Sirius XM dampened investor sentiment. The streaming landscape continues to evolve with both opportunities and competitive pressures. |
Media Entertainment Subscription Content Digital | |
| 2024 Q1 |
AIAI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements. |
GPUs Data Centers Machine Learning LLMs Enterprise |
Data CentersPower-hungry data centers driven by generative AI are increasing electricity demand and power prices, significantly benefiting incumbent power generators like Vistra. The company is pursuing high-margin power offtake agreements directly with data center customers for its nuclear plants. |
Power Demand Electricity Nuclear Offtake Agreements AI Infrastructure | |
Electric VehiclesThe EV market faces challenges from broader demand slowdown and rising interest rates, impacting companies like Rivian. However, Rivian's strong balance sheet and upcoming R2 platform targeting wider customer base provide long-term optimism despite near-term headwinds. |
EV Demand Interest Rates Manufacturing R2 Platform Balance Sheet | |
| 2023 Q4 |
SemiconductorsAllegro Microsystems faced headwinds from weaker guidance and inventory corrections in automotive and industrial markets. The company continues to see strong traction in e-mobility business targeting electric and autonomous vehicles. Long-term outlook remains positive despite near-term uncertainty around recovery pace. |
Automotive Industrial E-mobility Electric Vehicles Inventory |
AIMicrosoft announced several initiatives focused on monetizing AI capabilities across business units. AI Copilots are expected to increase productivity, drive cloud consumption, and enable premium product tier upselling. While still early for adoption and revenue generation, these products provide significant revenue opportunities over coming years. |
Productivity Cloud Revenue Monetization Business |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 16, 2026 | Fund Letters | Meridian Hedged Equity Fund | CVX | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital discipline, Dividend Growth, Downstream, energy, Free Cash Flow, Integrated Oil & Gas, Permian Basin, share repurchases, Upstream | Login |
| Apr 16, 2026 | Fund Letters | Meridian Hedged Equity Fund | EQIX | Equinix, Inc. | REIT - Specialty | Specialized REITs | Bull | NASDAQ | Artificial Intelligence, Colocation, data centers, digital infrastructure, Interconnection, Multi Cloud, network effect, recurring revenue, REITs | Login |
| Apr 16, 2026 | Fund Letters | Meridian Hedged Equity Fund | RPRX | Royalty Pharma plc | Biotechnology | Pharmaceuticals | Bull | NASDAQ | Biopharmaceutical Royalties, Blockbuster Drugs, cash flow, diversified portfolio, healthcare, Late-Stage Trials, pharmaceuticals, risk mitigation | Login |
| Apr 16, 2026 | Fund Letters | Meridian Hedged Equity Fund | ACVA | ACV Auctions, Inc. | Auto & Truck Dealerships | Specialty Retail | Bull | NASDAQ | automotive, customer retention, Digital Marketplace, Digitization, Integrated Ecosystem, network effects, Specialty retail, Wholesale Vehicles | Login |
| Apr 16, 2026 | Fund Letters | Meridian Hedged Equity Fund | MSFT | Microsoft Corp. | Software - Infrastructure | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, cloud infrastructure, Enterprise software, generative AI, productivity software, Systems Software, technology | Login |
| Apr 16, 2026 | Fund Letters | Meridian Hedged Equity Fund | PYPL | PayPal Holdings, Inc. | Credit Services | Data Processing & Outsourced Services | Neutral | NASDAQ | Data Processing, digital payments, Digital Wallets, Fintech, Free Cash Flow, market share, payment processing, Two-Sided Network | Login |
| Jan 21, 2026 | Fund Letters | Clayton Freeman | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | New York Stock Exchange | buybacks, Digital, Gaming, Macau, Travel | Login |
| Jan 21, 2026 | Fund Letters | Clayton Freeman | DHR | Danaher Corp. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | Bioprocessing, cashflow, diagnostics, guidance, resilience | Login |
| Jan 21, 2026 | Fund Letters | Clayton Freeman | YOU | Clear Secure, Inc. | Industrials | Security Services | Bull | New York Stock Exchange | Biometrics, dividends, growth, Security, Travel | Login |
| Jan 21, 2026 | Fund Letters | Clayton Freeman | LW | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods | Bull | New York Stock Exchange | Cost control, Frozen-Food, Margins, Pricing, Staples | Login |
| Jan 21, 2026 | Fund Letters | Clayton Freeman | DKNG | DraftKings Inc. | Consumer Discretionary | Gambling | Bull | NASDAQ | buybacks, Engagement, Gaming, Online betting, Regulation | Login |
| Jan 21, 2026 | Fund Letters | Clayton Freeman | VST | Vistra Corp. | Utilities | Independent Power Producers | Bull | New York Stock Exchange | buybacks, data centers, Electricity, Margins, Power | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | DHI | D.R. Horton Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | affordability, buybacks, homebuilding, Margins, ROIC, Sunbelt demand | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | NYSE | dividends, Immunology, litigation, Loe, Oncology, pipeline | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | NYSE | dividends, Immunology, litigation, Loe, Oncology, pipeline | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | LBRDK | Liberty Broadband Corp. | Communication Services | Cable & Satellite | Bull | NASDAQ | ARPU, buybacks, cable, deleveraging, Holdco discount, merger | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | KVUE | Kenvue Inc. | Consumer Staples | Personal Care Products | Bull | NYSE | Brand investment, cash flow, dividend, litigation, Margins, restructuring | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | LBRDK | Liberty Broadband Corp. | Communication Services | Cable & Satellite | Bull | NASDAQ | ARPU, buybacks, cable, deleveraging, Holdco discount, merger | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | ICE | Intercontinental Exchange Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | buybacks, Data, deleveraging, Exchanges, recurring revenue, Volatility | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | KVUE | Kenvue Inc. | Consumer Staples | Personal Care Products | Bull | NYSE | Brand investment, cash flow, dividend, litigation, Margins, restructuring | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | DHI | D.R. Horton Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | affordability, buybacks, homebuilding, Margins, ROIC, Sunbelt demand | Login |
| Oct 24, 2025 | Fund Letters | Clayton Freeman | ICE | Intercontinental Exchange Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | buybacks, Data, deleveraging, Exchanges, recurring revenue, Volatility | Login |
| Aug 7, 2025 | Fund Letters | Clayton Freeman | VST | Vistra Corp. | Utilities | Independent Power Producers & Energy Traders | Bull | New York Stock Exchange | Capacity, data centers, Power, Pricing, utilities | Login |
| Aug 7, 2025 | Fund Letters | Clayton Freeman | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, scale, Software | Login |
| Aug 7, 2025 | Fund Letters | Clayton Freeman | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | New York Stock Exchange | Casinos, Demand, Leisure, Macau, Margins | Login |
| Jun 30, 2025 | Fund Letters | Meridian Hedged Equity Fund | VST | Vistra Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | AI data centers, EBITDA growth, electricity demand, energy transition, natural gas, Nuclear, Power generation, Share Buybacks, Texas | Login |
| Jun 30, 2025 | Fund Letters | Meridian Hedged Equity Fund | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI tools, Azure, cloud infrastructure, Enterprise software, Gaming, network effect, OpenAI, operating margins, productivity software | Login |
| Jun 30, 2025 | Fund Letters | Meridian Hedged Equity Fund | KVUE | Kenvue, Inc. | Consumer Staples | Personal Products | Bull | NYSE | brand portfolio, Consumer-health, cost optimization, Import Tariffs, J&J Spinoff, Listerine, Margin Improvement, Neutrogena, Tylenol | Login |
| Jun 30, 2025 | Fund Letters | Meridian Hedged Equity Fund | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | BetMGM, digital platform, EBITDA Positive, Free Cash Flow, Gaming, hospitality, Las Vegas Strip, Online-Gaming, Share Buybacks | Login |
| Jun 30, 2025 | Fund Letters | Meridian Hedged Equity Fund | CVX | Chevron Corp. | Energy | Integrated Oil & Gas | Bull | NYSE | capital discipline, commodity prices, Free Cash Flow, Integrated Oil, Kazakhstan, Permian Basin, refining, share repurchases, Upstream | Login |
| Jun 30, 2025 | Fund Letters | Meridian Hedged Equity Fund | HUN | Huntsman Corp. | Materials | Diversified Chemicals | Bull | NYSE | automotive, Chemicals, construction, Cyclical Recovery, Foams, Insulation, MDI, portfolio optimization, Pricing pressure, tariffs | Login |
| Mar 31, 2025 | Fund Letters | Meridian Hedged Equity Fund | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | Digital gaming, Free Cash Flow Growth, Integrated Resorts, Las Vegas, Macau, share repurchase, Sports betting | Login |
| Mar 31, 2025 | Fund Letters | Meridian Hedged Equity Fund | ICE | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | Digitization, Energy Markets, Financial Exchanges, Free Cash Flow, market volatility, Mortgage Technology, recurring revenue | Login |
| Mar 31, 2025 | Fund Letters | Meridian Hedged Equity Fund | V | Visa, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | barriers to entry, competitive moat, digital payments, Electronic Payments, Global Brand, Merchant Network, network effects | Login |
| Mar 31, 2025 | Fund Letters | Meridian Hedged Equity Fund | GEO | The Geo Group, Inc. | Real Estate | Specialized REITs | Bull | NYSE | Border Security, Cash Flow Visibility, Correctional Facilities, deleveraging, Electronic Monitoring, government contracts, immigration enforcement | Login |
| Mar 31, 2025 | Fund Letters | Meridian Hedged Equity Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, market leadership, operating margins, secular growth | Login |
| Mar 31, 2025 | Fund Letters | Meridian Hedged Equity Fund | ACVA | ACV Auctions, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI Inspection, Automotive Wholesale, customer retention, Digital Marketplace, Digitization, market share gains, Used Vehicles | Login |
| Dec 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, Automation, AWS, Cloud computing, digital commerce, e-commerce, Logistics | Login |
| Dec 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | AMT | American Tower Corp. | Real Estate | Specialized REITs | Bull | NYSE | 5G, Cell Towers, Data Consumption, Emerging markets, REITs, telecommunications, Wireless Infrastructure | Login |
| Dec 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | DHR | Danaher Corp. | Health Care | Health Care Equipment | Bull | NYSE | Bioprocessing, diagnostics, Free Cash Flow, Healthcare Equipment, life sciences, M&A, Medical Research | Login |
| Dec 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | VST | Vistra Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | AI, data centers, Energy Harbor, natural gas, Nuclear, Power generation, Retail Electricity, utilities | Login |
| Dec 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | COTY | Coty, Inc. | Consumer Staples | Personal Products | Bull | NYSE | Beauty, Brand Development, China, Consumer products, Cosmetics, Prestige Brands, retail | Login |
| Dec 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | V | Visa, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | digital payments, Electronic Commerce, Emerging markets, Fintech, network effects, Payments, Transaction Processing | Login |
| Sep 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | YOU | Clear Secure, Inc. | Information Technology | Application Software | Bull | NYSE | Airport Security, Biometrics, financial services, healthcare, hospitality, Identity Verification, membership growth, Platform Technology, Pricing power, Travel Recovery, TSA PreCheck | Login |
| Sep 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | PGNY | Progyny, Inc. | Health Care | Health Care Services | Bear | NASDAQ | Client Loss, competitive pressures, Egg Freezing, Employer Benefits, exit, Fertility Benefits, Health Care Services, IVF | Login |
| Sep 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | VST | Vistra Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | data centers, Electric Vehicles, Energy Markets, manufacturing, Midwest, natural gas, Nuclear, Power generation, share repurchases, Texas, utilities | Login |
| Sep 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | MGM | MGM Resorts International | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | asset value, BetMGM, Casinos, entertainment, Formula One, Gaming, hospitality, Las Vegas, Macau, Online-Gaming, Real Estate | Login |
| Sep 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, AWS, Cloud computing, e-commerce, enterprise spending, Free Cash Flow, long-term growth, marketplace, Retail Margins, Satellite Broadband | Login |
| Sep 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | SBH | Sally Beauty Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | beauty products, Consumer Discretionary, Customer Acquisition, DIY Care, Free Cash Flow, Performance Marketing, Professional Beauty, Specialty retail, Value | Login |
| Jun 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | DIS | The Walt Disney Company | Communication Services | Entertainment | Bull | NYSE | Content Creation, Disney, entertainment, Intellectual Property, Media Networks, streaming services, theme parks | Login |
| Jun 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | VST | Vistra Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | Artificial Intelligence, data centers, Electric Utilities, electricity demand, energy, Power generation, share repurchases | Login |
| Jun 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | LSXMK | Liberty Sirius XM Group, Inc. | Communication Services | Broadcasting | Bull | NASDAQ | Audio Entertainment, discount to NAV, Free Cash Flow, media, Satellite Radio, subscription model, Tracking stock | Login |
| Jun 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | USB | U.S. Bancorp | Financials | Banks | Bull | NYSE | banking, Deposit Mix, dividend, Expense Control, financial services, net interest income, profitability | Login |
| Jun 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, Emerging markets, generative AI, operating margins, technology | Login |
| Jun 30, 2024 | Fund Letters | Meridian Hedged Equity Fund | RIVN | Rivian Automotive, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Adventure Vehicles, automotive, Electric Vehicles, gross margins, Joint venture, technology validation, vertical integration | Login |
| Mar 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | VST | Vistra Corp. | Utilities | Independent Power Producers & Energy Traders | Bull | NYSE | Artificial Intelligence, data centers, Free Cash Flow, natural gas, Nuclear Power, Power generation, Texas Market, utilities | Login |
| Mar 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | LBRDA | Liberty Broadband Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, Bundling, cable, DOCSIS 4.0, holding company, infrastructure, remote work, Streaming | Login |
| Mar 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | RIVN | Rivian Automotive, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Amazon partnership, automotive, commercial vehicles, Electric Vehicles, Hedged Position, manufacturing, R2 Platform | Login |
| Mar 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, automotive, Blackwell Platform, data centers, Gaming, GPUs, large language models, semiconductors | Login |
| Mar 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, Artificial Intelligence, Automation, Cloud computing, e-commerce, Fulfillment Network, margin expansion, Prime Services | Login |
| Mar 31, 2024 | Fund Letters | Meridian Hedged Equity Fund | SBH | Sally Beauty Holdings, Inc. | Consumer Discretionary | Specialty Retail | Neutral | NYSE | beauty products, Consumer Discretionary, inflation impact, margin expansion, Private-label, Specialty retail, turnaround | Login |
| Dec 31, 2023 | Fund Letters | Meridian Hedged Equity Fund | ALGM | Allegro Microsystems, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | automotive, Cyclical, E-mobility, Electric Vehicles, Inventory Correction, Power management, semiconductors, Sensors | Login |
| Dec 31, 2023 | Fund Letters | Meridian Hedged Equity Fund | SPHR | Sphere Entertainment Corp. | Communication Services | Entertainment | Bull | NYSE | entertainment, High Fixed Costs, Immersive Experience, live events, operating leverage, turnaround, Venue | Login |
| Dec 31, 2023 | Fund Letters | Meridian Hedged Equity Fund | SBH | Sally Beauty Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | beauty products, covered calls, Free Cash Flow, margin expansion, share repurchases, Specialty retail, turnaround, Value | Login |
| Dec 31, 2023 | Fund Letters | Meridian Hedged Equity Fund | LEVI | Levi Strauss & Co. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel, brand portfolio, Brand Transformation, direct-to-consumer, e-commerce, international expansion, Women's Apparel | Login |
| Dec 31, 2023 | Fund Letters | Meridian Hedged Equity Fund | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI Copilots, Artificial Intelligence, Cloud computing, Premium Upselling, productivity software, technology, valuation concerns | Login |
| Dec 31, 2023 | Fund Letters | Meridian Hedged Equity Fund | LBRDK | Liberty Broadband Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, cable, discount to NAV, holding company, telecommunications, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| CVX | Chevron Corporation operates as a globally diversified integrated energy company, with upstream crude oil exploration and production complementing its downstream refinement and retail operations. Our investment thesis is anchored in the company's strict capital discipline, its highly efficient Permian Basin footprint, and the strategic benefits expected from the integration of recently acquired Hess Corporation. Together, these strengths support the potential for durable free-cash-flow generation, consistent dividend growth, and steady share repurchases across commodity cycles. Chevron's stock benefited in March from a sharp rise in oil prices following supply disruptions, but performance was also supported by better-than-expected earnings earlier in the quarter. These results reinforced confidence in the company's management team, operational strength and financial discipline. We maintained our position throughout the quarter. |
| EQIX | Equinix, Inc. is a leading global provider of digital infrastructure, offering premium co-location and interconnection services across a global footprint of 280 data centers in 77 markets. Our investment thesis centers on its unmatched interconnection moat—more than 500,000 connections that create a powerful network effect for enterprise, cloud and network customers. The company is well positioned to capitalize on secular demand for artificial intelligence, hybrid multi-cloud architectures and vendor-neutral digital infrastructure. The stock outperformed during the period after the company reported record bookings, accelerating recurring revenue growth, and AI-related workloads approaching 60% of recent large-scale deals. While the long-term growth outlook remains compelling, the elevated capital expenditures required to meet surging demand warrant continued monitoring. We maintained our position throughout the quarter. |
| RPRX | Royalty Pharma plc is the industry's largest buyer of biopharmaceutical royalties, partnering with innovators to co-fund late-stage clinical trials and acquiring existing royalties on approved therapies. Our investment thesis focuses on the company's ability to deliver diversified, long-duration cash flows tied to blockbuster drugs while avoiding the research, development, and manufacturing risks typical of traditional biotech firms. Its scale and structural advantages support the potential for steady top-line growth that is relatively insulated from broader macroeconomic volatility. The stock performed well in the quarter following another earnings beat and expectations for continued strength from established franchises. We maintained our position throughout the quarter. |
| ACVA | ACV Auctions, Inc. operates a national digital marketplace that enables automotive dealers to more efficiently and transparently buy and sell wholesale vehicles. Our investment thesis centers around ACV's integrated ecosystem, high customer retention, and its position as a potential beneficiary of the ongoing digitization within the wholesale automotive market. Despite these structural advantages, the stock fell sharply after the company issued a weaker-than-expected outlook for the first quarter of 2026. Management cited challenging macroeconomic conditions that caused depreciating vehicle values, lower conversion rates, and elevated arbitration costs. While disappointed with the near-term results, we remain confident in the company's management team, business model, and market opportunity. We maintained our position throughout the quarter. |
| MSFT | Microsoft Corp. is a global technology leader offering productivity software, cloud infrastructure (Azure), and enterprise AI tools. Our investment thesis centers on Microsoft's structural advantage in the generative AI era, driven by Azure's market share gains and the integration of AI across its extensive enterprise ecosystem. Accelerating adoption of Microsoft 365 Copilot and higher-tier enterprise subscriptions further expands the company's addressable market and monetization potential. Microsoft delivered exceptionally strong business and financial results in the quarter. However, macro forces overwhelmed fundamentals as investors rotated away from large tech and the software sector came under pressure. Concerns about persistent AI compute-capacity constraints and the substantial capital expenditure required to scale its AI infrastructure also pressured the stock. We maintained our position throughout the quarter. |
| PYPL | PayPal, Inc. operates a two-sided digital payments network, offering consumer digital wallets and merchant checkout solutions. While the company benefits from significant scale and strong free cash flow, the investment thesis has been challenged by market share losses to competitors such as Apple Pay and the margin-dilutive nature of its Braintree processing business. The stock declined after the company reported a sharp deceleration in branded checkout volume growth and weakness across key international markets. Execution challenges also weighed on results as the new CEO guided toward modestly lower adjusted earnings and emphasized the need to heavily reinvest in product experience and loyalty programs to stabilize the core business. We maintained our position throughout the quarter. |
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