| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.01% | -0.4% | -6.4% |
| 2025 |
|---|
| -6.3% |
The Meridian Growth Fund returned -0.39% net during Q4 2025, underperforming the Russell 2500 Growth Index which returned 0.33%. The fund's investment approach centers on high-quality businesses with recurring revenue and sustainable competitive advantages, prioritizing risk management over return maximization. Healthcare was the portfolio's largest allocation and top-performing sector, with the manager maintaining an overweight position as they view the sector as undervalued after four years of underperformance. The fund's quality bias created headwinds as lower-quality stocks outperformed, while a shift toward lower-momentum exposures provided modest tailwinds. Key detractors included Certara, Doximity, and Remitly due to guidance disappointments, while contributors included Globus Medical, Tandem Diabetes Care, and Exact Sciences. Looking ahead, the manager is monitoring monetary policy trajectory and AI investment sustainability while maintaining focus on companies with durable competitive advantages and strong balance sheets to navigate market uncertainty and create long-term value.
The fund focuses on high-quality businesses with recurring revenue and sustainable competitive advantages while prioritizing risk management over return opportunity, constructing a resilient portfolio capable of mitigating losses during volatile markets while participating in gains during robust conditions.
The manager maintains a consistent investment approach focused on high-quality businesses with durable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. They believe these companies are best positioned to navigate both speculative market excesses and broader economic uncertainty, creating long-term value as market exuberance and short-term momentum eventually subside.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | ABT, CERT, CHDN, COO, DOCS, DT, EXAS, GFS, GMED, RELY, SAIC, TNDM, TPB, TRMB, VCYT | growth, healthcare, Medical Devices, Quality, small caps, technology | - | Meridian Growth Fund underperformed in Q4 2025 despite strong healthcare sector allocation. The quality-focused strategy faced headwinds from lower-quality stock outperformance but demonstrated downside protection during market declines. Management maintains conviction in high-quality businesses with sustainable competitive advantages, viewing current positioning as well-suited to navigate market uncertainty and capitalize on long-term value creation opportunities. |
| Oct 24 2025 | 2025 Q3 | ALGN, ALIT, ALKT, CARG, CHDN, COO, DT, GFS, HALO, MDGL, RELY, SPT, STE, TRMB, ZD | AI, growth, healthcare, industrials, Quality, small caps, SMID, technology |
ALIT SPT ALGN MDGL HALO ZD |
Meridian Growth Fund's quality-focused approach faced significant headwinds in Q3 2025 as markets rewarded speculation over fundamentals. The fund deliberately avoided overvalued AI infrastructure names, leading to -1.78% returns versus +10.73% for the benchmark. Management maintains discipline, believing their focus on sustainable competitive advantages and strong balance sheets will outperform as market exuberance subsides. |
| Aug 2 2025 | 2025 Q2 | ALGN, CARG, CHDN, COO, CW, DKNG, DOCS, EEFT, FSS, GFS, HALO, RBA, SPT, TRMB, ZD | growth, healthcare, industrials, Quality, risk management, small cap, technology |
ZD HALO COO ZD HALO COO CW FSS DKNG |
Meridian Growth Fund's disciplined quality-focused small cap strategy underperformed during Q2's sharp market recovery that favored high-beta stocks. Despite missing the momentum-driven rally, the fund demonstrated its defensive characteristics by outperforming on down days. Managers remain optimistic about potential tariff resolution and Fed easing supporting equities while maintaining their risk-first approach to quality businesses. |
| Mar 31 2025 | 2025 Q1 | ALIT, CARG, CHDN, COO, EEFT, HALO, OKTA, RBA, STE, TNDM, TRMB, WAY, ZD | Biotechnology, cybersecurity, growth, healthcare, Quality, Resilience, small caps, tariffs |
OKTA HALO RBA ZD TNDM CARG |
Meridian Growth Fund outperformed its small-cap growth benchmark by 280 basis points in Q1 2025 despite an 8% decline, demonstrating the effectiveness of its defensive quality-focused approach during market volatility driven by tariff uncertainty. Strong healthcare positioning and stock selection in industrials drove relative performance, while the manager maintains confidence in the portfolio's resilience for navigating continued market uncertainty. |
| Feb 10 2025 | 2024 Q4 | ALIT, CARG, CHDN, DOCS, EEFT, GNRC, OKTA, RBA, RELY, ST, STE, TMDX, TRMB, ZD | growth, healthcare, industrials, Quality, small caps, technology |
TMDX ST STE DOCS RELY CARG |
Meridian Growth Fund underperformed in Q4 due to healthcare exposure and technology underweight, but maintains conviction in quality businesses with recurring revenue. The manager sees opportunity in healthcare at attractive valuations while remaining cautious on inflation and Fed policy. Portfolio construction emphasizes downside protection over return maximization through concentrated holdings in resilient companies. |
| Sep 30 2024 | 2024 Q3 | CARG, CHDN, COO, DOCS, EEFT, GFS, OKTA, RBA, SMAR, ST, STE, TRMB, ZD | growth, healthcare, semiconductors, small caps, software, technology |
OKTA ZD GFS DOCS SMAR COO |
Meridian Growth Fund delivered 6.78% net returns in Q3 2024, emphasizing downside protection through quality businesses with recurring revenues. The fund trimmed appreciated positions including Smartsheet and Doximity while adding to OKTA on weakness. Management remains cautious on consumer stocks but increasingly confident in healthcare given attractive valuations and improving fundamentals. |
| Jun 30 2024 | 2024 Q2 | ACVA, AGIO, ALIT, CARG, CHDN, CHWY, EEFT, RBA, RELY, SMAR, ST, STE, TMDX, TRMB, ZD | consumer discretionary, growth, healthcare, industrials, Quality, small cap, technology |
TMDX CHWY AGIO ALIT TRMB RELY |
Meridian Growth Fund outperformed its small-cap growth benchmark despite negative returns, demonstrating effective downside protection through focus on high-quality businesses with recurring revenue. Key contributors included medical technology leader Transmedics, pet e-commerce platform Chewy at attractive post-correction valuations, and rare disease specialist Agios following positive clinical trial results. Strategy emphasizes risk management over momentum. |
| Apr 15 2024 | 2024 Q1 | ACVA, ALIT, CARG, EEFT, IRDM, MATX, QDEL, RBA, SHC, ST, STE, TRMB, ZD | growth, Quality, Recurring Revenue, risk management, small caps, technology |
QDEL IRDM SHC TRMB ACVA RBA |
Meridian Growth Fund's risk-first approach underperformed in Q1 as momentum stocks dominated. The fund targets high-quality companies with recurring revenue, facing headwinds from narrow market leadership. Top performers included Trimble's subscription transition and ACV Auctions' used car market normalization. Manager expects continued volatility but remains positioned to capitalize on weakness in overvalued sectors like technology. |
| Dec 31 2023 | 2023 Q4 | ALIT, CARG, CHDN, EEFT, FOXF, GOOS, HSIC, MATX, RBA, ST, STE, TRMB, ZD | growth, industrials, Quality, small caps, technology |
GOOS.TO FOXF HSIC CARG EEFT MATX |
Meridian Growth Fund returned 11.10% in Q4 2023, underperforming its benchmark due to stock selection in industrials and technology. The quality-focused strategy emphasizes risk management and sustainable competitive advantages. Despite near-term headwinds from geopolitical uncertainty, the manager remains positioned to capitalize on market weakness, particularly in previously overvalued technology sectors when valuations become attractive. |
| Sep 30 2023 | 2023 Q3 | ALEX, CACI, CCJ, DBRG, FCNCA, PRGO, SGH, TAP, TRMB, VICI | contrarian, energy, financials, small caps, technology, value | - | Meridian Contrarian Fund targets out-of-favor companies with depressed valuations and visible improvement catalysts. The fund maintains 68 holdings with 93.5% active share, trading at attractive 14.3x P/E. Despite Q3 2023's -6.2% decline, long-term performance remains strong at 11.62% annualized since inception, emphasizing downside protection in small-to-mid cap value investing. |
| Jun 30 2023 | 2023 Q2 | ACTA, CARG, CERT, ST, STE, ZD | - | - | |
| Mar 31 2023 | 2023 Q1 | ACVA, ARVN, CCCC, CCSI, FTDR, ST | - | - | |
| Jan 31 2023 | 2022 Q4 | 76J GR, GNRC, MMSI, ON, SH5 GR, SYNH | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
PharmaceuticalsHealth care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
Pharmaceuticals Biotechnology Healthcare |
Defense SpendingDefense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals, prompting modest trimming. |
Defense Military Aerospace | |
ValuationThe manager notes high, if not excessive, valuations across most asset categories, particularly publicly traded US equities. They express concern about market exuberance and warn that at some point 'FOMO' will likely be replaced by 'fear of permanent capital loss.' |
Valuation Overvaluation Market | |
AIThe manager suggests current market enthusiasm is rooted in excitement around artificial intelligence and its ability to dramatically impact productivity, drawing parallels to internet excitement in the mid-1990s. They caution that even profound technological revolutions aren't one-way streets to prosperity. |
AI Technology Productivity | |
| 2025 Q3 |
AIThe fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. While AI remains transformative long-term, valuations have become disconnected from fundamentals with companies exceeding $10 billion market caps lacking profits or revenues. The fund remains disciplined and unlikely to pursue high-momentum AI names without meaningful revenues or profitability. |
Infrastructure Speculation Valuations Data Centers Technology |
QualityThe fund's investment approach is grounded in investing in high-quality businesses with recurring revenue and sustainable competitive advantages. They focus on companies offering consistent return profiles, attractive valuations, strong balance sheets, and clear visibility into sustainable earnings growth. This quality-oriented approach proved challenging in a market rewarding high-momentum, high-valuation companies with limited earnings. |
Recurring Revenue Competitive Advantages Balance Sheets Earnings Growth Valuations | |
Small CapsUS small caps led the market during the quarter, rallying 12.4% compared to 5.3% for large caps. Within the SMID universe, growth stocks slightly outperformed value counterparts. The fund operates in the small- and mid-cap universe but underperformed due to factor headwinds and sector positioning challenges. |
SMID Growth Value Performance Universe | |
| 2025 Q2 |
QualityThe fund's investment approach is grounded in investing in high-quality businesses with recurring revenue and sustainable competitive advantages. This emphasis on quality businesses with stable revenues and attractive valuations remains the core strategy going forward. |
Quality Recurring Revenue Competitive Advantages Stable Revenues Resilient Portfolio |
Risk ManagementThe strategy prioritizes the management of risk over the opportunity for return and constructs a resilient portfolio capable of mitigating capital losses during volatile markets. Risk management continues to take precedence over the pursuit of returns in their forward strategy. |
Risk Management Downside Protection Capital Preservation Resilient Portfolio Volatility | |
Small CapsThe fund focuses on small cap growth investments, with the Russell 2500 Growth Index as its benchmark. Small caps returned 8.5% in the quarter, recovering 24.0% from their April 8 low, with growth stocks gaining 12.0% versus 5.0% for value stocks. |
Small Cap Russell 2500 Growth Small Cap Recovery Market Performance | |
| 2025 Q1 |
Small CapsThe fund focuses on small-cap growth investing through the Russell 2500 Growth Index benchmark, with emphasis on high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy demonstrated resilience during the quarter's market decline, outperforming on six of seven days when the index declined 2% or more. |
Small Cap Growth Russell 2500 Quality Resilience |
BiotechnologyHealthcare was a key sector contributor with positive stock selection, particularly in biotechnology names like Halozyme Therapeutics and Tandem Diabetes Care. Halozyme's ENHANZE platform enables subcutaneous drug delivery, while Tandem provides automated insulin delivery systems for diabetes patients. |
Biotechnology Healthcare Diabetes Drug Delivery Medical Devices | |
CybersecurityOKTA, the largest independent identity software company, was a top contributor with advanced security authentication solutions and integration with over 7,000 software vendors. The company beat market expectations and raised its growth outlook through 2026. |
Cybersecurity Identity Software Authentication Security | |
Trade PolicyUncertainty surrounding prospective tariff policies weighed on investor sentiment and risk assets during the quarter. The manager is actively monitoring tariff impacts on a case-by-case basis, noting that smaller companies generally have less international exposure than larger multinational corporations. |
Tariffs Trade Policy International Small Caps Risk | |
| 2024 Q4 |
HealthcareThe portfolio's largest allocation with historically attractive valuations below long-term averages. Utilization has recovered above pre-pandemic levels and investor interest in biotechnology is showing signs of revival. |
Biotechnology Medical Devices Healthcare IT Pharmaceuticals Utilization |
QualityInvestment approach focuses on high-quality businesses with recurring revenue and sustainable competitive advantages. Strategy emphasizes companies with steady return streams and attractive valuations. |
Recurring Revenue Competitive Advantages Steady Returns Valuations Resilience | |
| 2024 Q3 |
HealthcareThe fund is gaining confidence in healthcare outlook after years of underperformance. Healthcare stocks are trading slightly below historical valuations with stable to improving fundamentals. Recent company checks reinforce a sound basis for the portfolio's overweight position in this sector. |
Medical Devices Healthcare IT Biotechnology Pharmaceuticals Contact Lenses |
SemiconductorsThe semiconductor sector faced weakness during the quarter with softening demand from end markets. Global Foundries experienced underperformance aligned with broader semiconductor industry weakness. The company's revenue sources are shifting toward lower-margin but healthier revenue sources. |
Foundries Semi Equipment Semiconductors Contract Manufacturing | |
Enterprise SoftwareSoftware companies showed mixed performance with identity management and work management solutions facing different dynamics. OKTA beat earnings expectations but faced concerns about forward growth metrics. Smartsheet demonstrated strong positioning in work management with 95% recurring revenues. |
SaaS Identity Workflow Automation Enterprise Software | |
| 2024 Q2 |
Medical DevicesThe fund holds Transmedics Group, a medical technology company with a differentiated capability to facilitate organ transplants through their Organ Care System (OCS). The company reported increased adoption and buildout of its OCS platform with strong top-line growth and profitability metrics ahead of plan. |
Organ transplants Medical technology Healthcare innovation Growth Profitability |
E-commerceThe fund re-established a position in Chewy, an online provider of pet food, supplies, and medications, at an attractive price following post-COVID correction. With nearly 80% of revenues recurring, Chewy is well-positioned to activate and grow its customer base with improving pharmacy business metrics. |
Online retail Pet care Recurring revenue Customer growth Pharmacy | |
BiotechnologyAgios Pharmaceuticals is a leader in cellular metabolism and pyruvate kinase activation pioneering therapies for rare diseases. The stock appreciated after announcing positive Phase 3 testing results of mitapivat for adults with non-transfusion dependent thalassemia, with FDA filing expected in the back half of the year. |
Rare diseases Drug development FDA approval Clinical trials Specialty pharma | |
Industrial SoftwareThe fund holds Trimble, a leading industrial technology company providing hardware, software, and services to construction, geospatial, transportation, and agricultural industries. The company has been transitioning toward a subscription-based, recurring revenue model over recent years. |
Construction technology Subscription model Industrial automation Recurring revenue Software transition | |
| 2024 Q1 |
DiagnosticsQuidelOrtho Corporation is a global leader in the diagnostics industry following the merger of Quidel and Ortho Clinical Diagnostics. The company faced challenges from a dramatic slowdown in Covid-19 testing volumes but maintains steady performance in its core clinical diagnostic division with EBITDA margins north of 20%. |
Medical Devices Healthcare Testing Covid Margins |
E-commerceACV Auctions operates a digital wholesale auction marketplace disrupting traditional physical used-car auctions. The company has attracted thousands of dealers to its online platform with competitive advantages in inspection technology and lower auction fees, positioned to benefit from market normalization. |
Digital Platform Marketplace Automotive Technology Disruption | |
Industrial MachineryRB Global operates an online auction marketplace for used industrial equipment including earthmoving, agricultural, and transportation vehicles. The company benefits from scale advantages and single-digit market share position with strong fundamentals in heavy equipment auctions and government-funded infrastructure projects coming online. |
Equipment Auctions Infrastructure Agriculture Transportation | |
| 2023 Q4 |
QualityThe Fund's investment approach focuses on high-quality companies with recurring revenue and sustainable competitive advantages. The strategy emphasizes building an enduring portfolio that can mitigate capital losses during turbulent bear market environments. |
Recurring Revenue Competitive Advantages Resilient Business Models Quality Companies |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2025 | Fund Letters | Chad Meade | SPT | Sprout Social, Inc. | Information Technology | Application Software | Bull | NASDAQ | enterprise, guidance, Margins, recurring revenue, Retention, SaaS | Login |
| Oct 24, 2025 | Fund Letters | Chad Meade | ALGN | Align Technology, Inc. | Health Care | Health Care Supplies | Bear | NASDAQ | Asp, Competition, Demand, Dental, Mix, Pricing | Login |
| Oct 24, 2025 | Fund Letters | Chad Meade | MDGL | Madrigal Pharmaceuticals, Inc. | Health Care | Biotechnology | Bull | NASDAQ | GLP-1, growth, Launch, MASH, pipeline, valuation | Login |
| Oct 24, 2025 | Fund Letters | Chad Meade | HALO | Halozyme Therapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | drug delivery, FCF, guidance, Partners, platform, royalties | Login |
| Oct 24, 2025 | Fund Letters | Chad Meade | ZD | Ziff Davis, Inc. | Communication Services | Digital Media | Bull | NASDAQ | cloud services, digital media, FCF, M&A, Margins, organic growth | Login |
| Oct 24, 2025 | Fund Letters | Chad Meade | ALIT | Alight, Inc. | Information Technology | Data Processing & Outsourced Services | Bear | NYSE | Bookings, deleveraging, Execution, guidance, Outsourcing, Retention | Login |
| Aug 2, 2025 | Fund Letters | Chad Meade | ZD | Ziff Davis Inc. | Communication Services | Interactive Media & Services | Bear | NASDAQ | acquisition, cloud, Digital, growth, media | Login |
| Aug 2, 2025 | Fund Letters | Chad Meade | HALO | Halozyme Therapeutics Inc. | Health Care | Biotechnology | Bear | NASDAQ | Key Catalysts Include Final CMS Ruling And New ENHANZE-Enabled Drug Launches. | Login |
| Aug 2, 2025 | Fund Letters | Chad Meade | COO | The Cooper Companies Inc. | Health Care | Medical Devices | Bear | NASDAQ | Devices, Fertility, growth, healthcare, lenses | Login |
| Jun 30, 2025 | Fund Letters | Meridian Growth Fund | HALO | Halozyme Therapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | biologics, biotechnology, Drug Delivery Platform, ENHANZE Technology, healthcare innovation, Medicare Pricing, Subcutaneous Delivery | Login |
| Jun 30, 2025 | Fund Letters | Meridian Growth Fund | DKNG | DraftKings, Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | Daily Fantasy Sports, Digital gaming, Free Cash Flow, Market expansion, Online Casino, prediction markets, Sports betting | Login |
| Jun 30, 2025 | Fund Letters | Meridian Growth Fund | COO | The Cooper Companies, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Contact lenses, Fertility, Healthcare Equipment, market share gains, medical technology, Reproductive Care, Women's Healthcare | Login |
| Jun 30, 2025 | Fund Letters | Meridian Growth Fund | CW | Curtiss-Wright Corp. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace & Defense, defense electronics, Diversified Industrial, market share gains, Naval & Power, Order Pipeline, Valuation Discipline | Login |
| Jun 30, 2025 | Fund Letters | Meridian Growth Fund | FSS | Federal Signal Corp. | Industrials | Machinery | Bull | NYSE | Contrarian Investing, innovation, Municipal Equipment, Production Normalization, Sewer Cleaners, Specialty Machinery, Street Sweepers | Login |
| Jun 30, 2025 | Fund Letters | Meridian Growth Fund | ZD | Ziff Davis, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Acquisitions, Business Cloud Services, Copyright Litigation, digital media, EBITDA growth, organic growth, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Meridian Growth Fund | CARG | CarGurus, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | automotive, Dealer Services, digital platform, Free Cash Flow, online marketplace, restructuring, Wholesaling Business | Login |
| Mar 31, 2025 | Fund Letters | Meridian Growth Fund | HALO | Halozyme Therapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, drug delivery, EBITDA margins, healthcare, Pharmaceutical, Platform Technology, Subcutaneous | Login |
| Mar 31, 2025 | Fund Letters | Meridian Growth Fund | OKTA | Okta, Inc. | Information Technology | Systems Software | Bull | NASDAQ | Authentication, cybersecurity, Enterprise software, growth, Identity & Software, SaaS, technology | Login |
| Mar 31, 2025 | Fund Letters | Meridian Growth Fund | RBA | RB Global, Inc. | Industrials | Research & Consulting Services | Bull | NYSE | acquisition integration, asset disposition, EBITDA margins, Industrial Equipment, marketplace, Salvage Vehicles, Scale Advantages | Login |
| Mar 31, 2025 | Fund Letters | Meridian Growth Fund | ZD | Ziff Davis, Inc. | Communication Services | Interactive Media & Services | Neutral | NASDAQ | Acquisitions, Business Cloud Services, capital allocation, digital media, organic growth, strategic acquisitions, turnaround | Login |
| Mar 31, 2025 | Fund Letters | Meridian Growth Fund | TNDM | Tandem Diabetes Care, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Automated Insulin Delivery, diabetes care, Healthcare Technology, international expansion, market share gains, Medical devices, Type 1 Diabetes | Login |
| Dec 31, 2024 | Fund Letters | Meridian Growth Fund | DOCS | Doximity, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | Bull, digital healthcare, Medical Professionals, network effects, Pharmaceutical Advertising, SaaS platform, telemedicine | Login |
| Dec 31, 2024 | Fund Letters | Meridian Growth Fund | TMDX | TransMedics Group, Inc. | Health Care | Health Care Equipment | Bear | NASDAQ | Bear, growth deceleration, Healthcare Equipment, Market Share Loss, medical technology, Organ Transplantation, Position Reduction | Login |
| Dec 31, 2024 | Fund Letters | Meridian Growth Fund | ST | Sensata Technologies Holding plc | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | Aerospace, automotive technology, autonomous driving, Electrification, Electronic Components, Industrial, Sensors, Value | Login |
| Dec 31, 2024 | Fund Letters | Meridian Growth Fund | RELY | Remitly Global, Inc. | Information Technology | IT Services | Bull | NASDAQ | Bull, Cross-border Remittance, Digital Disruption, digital payments, Emerging markets, Fintech, market share gains | Login |
| Dec 31, 2024 | Fund Letters | Meridian Growth Fund | CARG | CarGurus, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Auction Business, automotive marketplace, Bull, Dealer Network, digital platform, e-commerce, Operational Leverage | Login |
| Dec 31, 2024 | Fund Letters | Meridian Growth Fund | STE | STERIS plc | Health Care | Health Care Equipment | Bull | NYSE | defensive, Healthcare services, Litigation Overhang, medical equipment, Mission-Critical, Neutral, Sterilization | Login |
| Sep 30, 2024 | Fund Letters | Meridian Growth Fund | OKTA | Okta, Inc. | Information Technology | Systems Software | Bull | NASDAQ | access management, Authentication, cybersecurity, Enterprise software, Identity & Software, SaaS, technology | Login |
| Sep 30, 2024 | Fund Letters | Meridian Growth Fund | ZD | Ziff Davis, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | B2B Advertising, cloud services, digital media, internet services, Media Acquisition, Subscription Business, Technology Media | Login |
| Sep 30, 2024 | Fund Letters | Meridian Growth Fund | SMAR | Smartsheet Inc. | Information Technology | Application Software | Bull | NYSE | Enterprise software, Private Equity Target, productivity tools, Project Management, recurring revenue, SaaS, Work Management Software | Login |
| Sep 30, 2024 | Fund Letters | Meridian Growth Fund | GFS | GlobalFoundries Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Automotive Semiconductors, contract manufacturing, Cyclical Recovery, Geopolitical Diversification, Industrial Semiconductors, semiconductor foundry | Login |
| Sep 30, 2024 | Fund Letters | Meridian Growth Fund | COO | The Cooper Companies, Inc. | Health Care | Health Care Equipment | Bull | NYSE | Contact lenses, market share gains, Medical devices, medical technology, Reproductive Health, Vision Care, women's health | Login |
| Sep 30, 2024 | Fund Letters | Meridian Growth Fund | DOCS | Doximity, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | digital platform, Healthcare Professionals, Healthcare Technology, Pharmaceutical Advertising, Professional Network, SaaS, telemedicine | Login |
| Jun 30, 2024 | Fund Letters | Meridian Growth Fund | CHWY | Chewy, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Customer Base Growth, e-commerce, margin expansion, online retail, Pet Care, Pharmacy Business, recurring revenue | Login |
| Jun 30, 2024 | Fund Letters | Meridian Growth Fund | TRMB | Trimble, Inc. | Technology Hardware & Equipment | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Agricultural Technology, Construction Technology, Geospatial, Industrial technology, recurring revenue, subscription model, Transportation | Login |
| Jun 30, 2024 | Fund Letters | Meridian Growth Fund | TMDX | Transmedics Group, Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | Healthcare Equipment, market share gains, medical technology, Organ Transplant, profitability, Proprietary technology, Revenue Growth | Login |
| Jun 30, 2024 | Fund Letters | Meridian Growth Fund | RELY | Remitly Global, Inc. | Software & Services | Data Processing & Outsourced Services | Bull | NASDAQ | Customer Acquisition, Digital Financial Services, Digital Native, EBITDA growth, market share gains, money transfer, Remittance Market | Login |
| Jun 30, 2024 | Fund Letters | Meridian Growth Fund | AGIO | Agios Pharmaceuticals, Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Biotechnology | Bull | NASDAQ | biotechnology, Cellular Metabolism, drug development, FDA approval, Phase 3 trial, rare diseases, Thalassemia | Login |
| Jun 30, 2024 | Fund Letters | Meridian Growth Fund | ALIT | Alight, Inc. | Software & Services | IT Services | Bull | NYSE | Activist Investment, Automation, Cloud software, Cost efficiency, Enterprise software, HR Services, Human Capital Technology | Login |
| Mar 31, 2024 | Fund Letters | Meridian Growth Fund | SHC | Sotera Health Company | Health Care | Health Care Services | Bull | NASDAQ | Ethylene Oxide, FDA Required, Healthcare services, Medical devices, Mission-Critical, Pharmaceutical, regulatory compliance, Sterilization | Login |
| Mar 31, 2024 | Fund Letters | Meridian Growth Fund | RBA | RB Global, Inc. | Industrials | Commercial Services & Supplies | Bull | NYSE | Asset Turns, Auto Salvage, Heavy Equipment, Industrial Equipment, infrastructure, market share, Online auctions, Scale Advantages | Login |
| Mar 31, 2024 | Fund Letters | Meridian Growth Fund | IRDM | Iridium Communications, Inc. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Communications, Consumer Devices, Free Cash Flow, Global Coverage, Marine, Network Monetization, Satellite, Share Buybacks | Login |
| Mar 31, 2024 | Fund Letters | Meridian Growth Fund | QDEL | QuidelOrtho Corporation | Health Care | Health Care Equipment | Neutral | NASDAQ | COVID-19, diagnostics, EBITDA, healthcare, In-vitro, Point-of-care, product launch, Respiratory | Login |
| Mar 31, 2024 | Fund Letters | Meridian Growth Fund | TRMB | Trimble, Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Agricultural, construction, gross margins, Industrial technology, Joint venture, recurring revenue, subscription model, valuation discount | Login |
| Mar 31, 2024 | Fund Letters | Meridian Growth Fund | ACVA | ACV Auctions, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | automotive, B2b, Digital Disruption, Digital Marketplace, inspection services, market share, operating leverage, Used-car auctions | Login |
| Dec 31, 2023 | Fund Letters | Meridian Growth Fund | HSIC | Henry Schein, Inc. | Health Care | Health Care Distributors | Bear | NASDAQ | Cyberattack, Dental Supplies, Healthcare Distribution, market recovery, Medical Supplies, Operational Disruption, Promotional Pressure | Login |
| Dec 31, 2023 | Fund Letters | Meridian Growth Fund | CARG | CarGurus, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | CarOffer Acquisition, Dealer Services, digital advertising, inventory normalization, Lead Generation, Online Automotive Marketplace, Pricing power | Login |
| Dec 31, 2023 | Fund Letters | Meridian Growth Fund | GOOS.TO | Canada Goose Holdings, Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bear | Toronto Stock Exchange | China exposure, direct-to-consumer, inventory management, Luxury Apparel, Management turnover, Post-Pandemic Recovery, Retail Transformation | Login |
| Dec 31, 2023 | Fund Letters | Meridian Growth Fund | EEFT | Euronet Worldwide, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM Networks, digital payments, Electronic Financial Services, European Exposure, money transfer, payment processing, Prepaid Mobile | Login |
| Dec 31, 2023 | Fund Letters | Meridian Growth Fund | MATX | Matson, Inc. | Industrials | Marine Transportation | Bull | NYSE | capital allocation, Fleet utilization, Free Cash Flow, Ocean Transportation, Pacific Shipping, Premium Service, Terminal Assets | Login |
| Dec 31, 2023 | Fund Letters | Meridian Growth Fund | FOXF | Fox Factory Holdings, Inc. | Consumer Discretionary | Automobile Components | Neutral | NASDAQ | Automotive Strikes, High-performance, Inventory Destocking, Marucci Sports Acquisition, Mountain Bikes, Off-Road Vehicles, Suspension Components | Login |
| TICKER | COMMENTARY |
|---|---|
| ABT | Exact Sciences, which was acquired for a significant premium by Abbot Laboratories in November |
| CERT | Certara, Inc. develops software and services that support drug development through biosimulation, modeling how investigational compounds interact at varied dosing levels with organs and other drugs. While the technology remains relatively early in adoption, a large majority of recent FDA-approved drugs used a Certara solution at some point in the development process. During the quarter, the company underperformed due to weaker-than-expected service bookings, which prompted management to slightly lower guidance. However, with the recent appointment of a new CEO who is adopting a more commercially focused strategy, as well as the potential divestiture of a non-core, lower-moat business segment, Certara is positioned to transform into a more focused, pure-play growth company. |
| CHDN | Longer-term holdings such as Churchill Downs increased, outperforming benchmark returns |
| COO | Cooper was a top contributor during the quarter after reporting good operating results and announcing several shareholder-friendly developments. In terms of operating results, the company demonstrated progress in alleviating supply constraints for its premium daily silicone hydrogel contact lenses, announced new private label contract wins in the U.S. and Europe, and delivered innovation in myopia control and multifocal lens platforms. |
| DOCS | An overweight position in Doximity, Inc. (DOCS) detracted from performance. The stock declined following a quarterly earnings report signaling cautious guidance and uncertainty after recent healthcare policy changes. |
| DT | Dynatrace detracted from relative quarterly performance |
| EXAS | The largest single contributor was Exact Sciences, which was acquired for a significant premium by Abbot Laboratories in November, resulting in an +86% return in the quarter for one of our higher-conviction positions. |
| GMED | Globus Medical, Inc. is a medical technology company focused on spine implants and motion preservation solutions. The stock outperformed during the quarter, driven by management's report of a re-acceleration in the core spine business to double-digit growth and evidence of renewed market share gains. Integration and profitability metrics from prior acquisitions are tracking ahead of expectations, and with most integration initiatives substantially complete, the company appears well-positioned to benefit from improved operating leverage in 2026. |
| RELY | Remitly Global, Inc. is a digitally native money transfer firm strategically capturing market share in the cross-border remittance space, competing effectively against established players such as Western Union and MoneyGram. The company has reached a scale that positions it for potentially substantial improvements in profitability going forward. Despite reporting robust quarterly earnings, the stock underperformed during the quarter, influenced by management's guidance indicating a deceleration in revenue growth compared to previous periods. This tempered outlook stems from challenging year-over-year comparisons and, to a lesser extent, immigration-related headwinds affecting remittance volumes. Nevertheless, Remitly continues to expand its market presence even amid a temporarily subdued demand environment. |
| TNDM | Tandem Diabetes Care, Inc. develops advanced insulin delivery technologies for patients with diabetes. Its automated insulin delivery systems are well-positioned to gain share in a sizable and expanding addressable market, where a majority of Type 1 diabetes patients still manage insulin manually. The stock appreciated during the quarter, supported by revenue that exceeded expectations and an encouraging growth outlook. Performance was bolstered by a higher proportion of sales through the pharmacy channel, which offers more favorable economics. With several pipeline products nearing commercialization, Tandem is emerging as an increasingly credible competitor to established insulin delivery platforms. |
| TPB | TPB is trading at a high single-digit free cash flow yield. The nicotine pouch market has exploded, driving dramatic growth in TPB's business. TPB initially guided 2025 nicotine pouch sales to $60-80 million, then raised that to $80-95 million in March, $100-110 million in August, and $125-130 million in November. TPB could generate over $5.00 per share in earnings this year and $6.00+ next year as the market continues to grow. Looking out a few years, if TPB can garner 8% market share in a $12bn+ nicotine pouch market, it would generate approximately $1bn in sales. We think TPB could be worth $200-300 per share in the next few years. |
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