The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 2, 2026
The Meridian Contrarian Fund returned 17.75% net in Q2 2026, underperforming the Russell 2500 Index's 20.26% return as momentum-driven technology stocks dominated small and mid-cap indices. The fund's top contributors were BlackBerry, CEVA, and PDF Solutions—all semiconductor-related positions benefiting from the accelerating AI investment cycle and strong operational execution. BlackBerry's QNX embedded software is gaining traction in automotive and physical AI applications. CEVA's neural processing IP portfolio is penetrating edge AI and robotics markets with notable design wins. PDF Solutions' AI-powered yield improvement tools are becoming increasingly valuable as semiconductor complexity rises. The fund's contrarian approach focuses on identifying mispriced recovery candidates where operational improvements can unlock value. Detractors included California Resources (oil price weakness on Middle East de-escalation), Trimble (software re-rating on AI competition concerns), and CACI International (defense funding concerns). The manager trimmed winners consistent with risk management discipline while maintaining conviction in the fund's bottom-up research process. The research pipeline remains strong despite uncertain macro conditions including elevated inflation and Fed policy uncertainty.
The Meridian Contrarian Fund employs a disciplined, bottom-up investment process to identify attractively valued, out-of-favor small and mid-cap companies where internal operational improvements can drive meaningful upside largely independent of macroeconomic conditions.
The manager expects Q2 earnings reports to provide insight into whether the market will seek new leadership or continue following momentum stocks. While resilient corporate earnings are encouraging, the manager notes that inflation remains above target, rate policy is uncertain, and market breadth requires monitoring. The fund remains focused on its disciplined, bottom-up process to identify opportunities in attractively valued, out-of-favor companies where operational improvements can drive upside largely independent of macro conditions. The research pipeline remains strong.
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