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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
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.
As of Sep 2, 2026
James Herbert England, CFA, serves as Portfolio Manager of the Meridian Contrarian Fund and has been managing the contrarian strategy since 2001, bringing over two decades of investment experience to the role. His educational background includes an undergraduate degree from McGill University and a Master's in Business Administration from the University of Western Ontario. England's professional experience spans multiple prestigious financial institutions, including serving as Principal at Goldman Sachs & Co. LLC from 1993-1999, Equity Research Analyst at Seidler Capital from 1990-1993, Principal at Aster Investment Management Co., Inc. from 2010-2013, and Portfolio Manager at Meridian Hedged Equity Fund from 2012-2014. His extensive background in equity research and portfolio management has enabled him to develop expertise in identifying undervalued opportunities in small and mid-cap markets. England's long tenure managing the contrarian strategy demonstrates his commitment to the investment philosophy and provides continuity for fund investors. His analytical approach combines fundamental research with risk management discipline, focusing on companies with visible catalysts for improvement while maintaining downside protection. The portfolio manager's track record spans multiple market cycles, providing valuable experience in navigating various market conditions while maintaining the fund's contrarian investment approach.
The Meridian Contrarian Fund seeks long-term growth of capital primarily through investments in out-of-favor small and mid-sized companies with visible catalysts for future sustainable improvement and growth. The fund employs a contrarian investment approach that prioritizes downside risk assessment before evaluating potential returns. The investment team utilizes fundamental research to identify companies where a significant disconnect exists between current market value and long-term intrinsic value. The strategy focuses on companies that may have depressed valuations due to temporary market dislocations but possess visible, measurable catalysts for sustainable improvement. The fund maintains a concentrated portfolio approach with high conviction positions, typically holding 50-75 securities selected through rigorous fundamental analysis. The investment philosophy emphasizes risk management while seeking to capitalize on market inefficiencies and temporary price dislocations in small and mid-cap equity markets.
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