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 Jul 28, 2026
The Meridian Growth Fund returned 19.10% in Q2 2026, trailing the Russell 2500 Growth Index's 24.02% return as U.S. equity markets staged a powerful recovery following the de-escalation of geopolitical tensions with Iran. The Fund's underperformance was driven by factor and style headwinds during the risk-on rally, as the market aggressively rewarded high-beta and high-momentum stocks while the portfolio's lower-volatility, quality-oriented positioning lagged. The highest-beta quintile returned roughly 44% versus roughly 3% for the lowest-beta quintile, creating a powerful headwind. Stock selection was a positive contributor, partially offsetting factor pressures. Top contributors included Hinge Health, which beat earnings and raised guidance; Definium Therapeutics, which reported positive Phase 3 results in major depressive disorder; and GlobalFoundries, which benefited from accelerating revenue and silicon photonics growth. The Fund's emphasis on downside protection proved effective, outperforming the benchmark on all three days when the index declined by 2% or more. Looking forward, the manager is monitoring the durability of risk appetite, Federal Reserve policy trajectory, and energy price volatility while maintaining focus on high-quality businesses with durable competitive advantages and sustainable earnings growth.
The Meridian Growth Fund invests in high-quality businesses with recurring revenue and sustainable competitive advantages, prioritizing risk management over return opportunity while constructing a resilient portfolio capable of mitigating capital losses during volatile markets and participating in gains during robust conditions.
The manager is monitoring several factors that could shape market returns in the second half of 2026, including the durability of the recovery in risk appetite, the path of energy prices and geopolitical volatility surrounding the Middle East, and the trajectory of Federal Reserve policy. On a constructive note, sustained AI-related capital investment from hyperscalers continues to create opportunities across the technology supply chain. The investment approach remains consistent, focusing on high-quality businesses with durable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth, which are believed to be best positioned to navigate uncertainty and create long-term value as conditions normalize.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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