Meridian Small Cap Growth Fund

Investor Summary

Co-managed by Partners Chad Meade and Brian Schaub, CFA, both of whom joined ArrowMark in May 2013 and bring extensive small-cap growth investing experience. Meade previously served as Co-Portfolio Manager and Executive Vice President at Janus Capital Group from 2001 to 2013 and worked as an equity analyst at Goldman Sachs. He graduated summa cum laude with a Bachelor of Science in Finance from Virginia Tech. Schaub serves as both Portfolio Manager and Chief Compliance Officer, providing operational and investment expertise to the fund management process.

Fund Strategy

The Fund seeks long-term growth of capital by investing primarily in equity securities of small capitalization companies through fundamental, bottom-up research. The investment approach prioritizes risk management over return maximization, focusing on high-quality companies with differentiated business models, strong competitive advantages, and large barriers to entry. The Investment Adviser prioritizes downside risk before potential return and maintains a long-term investment horizon, typically concentrating investments in industrials and healthcare sectors based on security selection rather than sector allocation.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
7.66%	-8.38%	-8.38%

Executive Summary

The Meridian Small Cap Growth Fund returned -8.37% in Q1 2026, underperforming the Russell 2000 Growth Index's -2.82% return amid geopolitical turmoil and trade policy uncertainty. U.S. and Israeli military strikes against Iran closed the Strait of Hormuz, sending oil prices above $110 and triggering broad risk asset repricing. The fund's underperformance was driven primarily by industry allocation effects, particularly the healthcare overweight, while stock selection added value. Key detractors included software names Amplitude, Zenas BioPharma, and Alkami Technology, which declined amid AI disruption fears and clinical data disappointments. Top contributors were Almonty Industries, benefiting from Chinese tungsten export restrictions, CG Oncology on strong clinical data, and Kirby Corp on operational strength. The manager maintains focus on high-quality businesses with durable competitive advantages, believing they are best positioned to navigate ongoing geopolitical uncertainty, rising rates, and macroeconomic headwinds while capitalizing on AI-related opportunities across the technology supply chain.

Forward Outlook

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, believing these companies are best positioned to navigate geopolitical uncertainty and macroeconomic headwinds while creating long-term value as conditions normalize.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 16 2026	2026 Q1	ALKT, ALM, AMPL, CGON, KEX, ZBIO	AI, Biotechnology, Geopolitical, growth, healthcare, small cap, technology, Trade Policy	-	Meridian Small Cap Growth Fund declined 8.37% in Q1 2026, underperforming on healthcare allocation headwinds amid Iran conflict and trade tensions. Software holdings pressured by AI fears while tungsten producer Almonty surged on Chinese export restrictions. Manager maintains quality-focused approach, targeting businesses with sustainable advantages positioned to navigate geopolitical uncertainty and benefit from AI infrastructure spending.
Jan 21 2026	2025 Q4	ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS	Biotechnology, growth, healthcare, Quality, small caps, technology, value	CERT DOCS RELY GMED TNDM EXAS CCSI CERT RELY GPCR AXGN ZBIO	Meridian Small Cap Growth Fund returned 0.90% in Q4 2025, underperforming its benchmark due to quality bias headwinds. Healthcare overweight drove performance as the sector led markets. The fund emphasizes high-quality businesses with recurring revenue and competitive advantages, prioritizing downside protection. Biotech holdings including Structure Therapeutics and Axogen contributed positively amid promising clinical developments.
Oct 24 2025	2025 Q3	ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA	AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations	SPT KEX CCSI SPT ALGN MDGL HALO ZD ALIT SPT KEX TPB ZENAS CCSI	Meridian Small Cap Growth Fund returned 4.20% in Q3 2025, underperforming the Russell 2000 Growth Index's 12.19% as markets favored high-momentum, speculative names over quality. The fund maintains discipline in avoiding overvalued AI infrastructure companies while focusing on high-quality businesses with sustainable competitive advantages and strong balance sheets.
Aug 2 2025	2025 Q2	ALIT, AXGN, CARG, CCSI, FSS, KEX, MIR, NTIC, PACK, RELY, SPT, TPB, VNOM	energy, growth, healthcare, nuclear, Quality, Resilience, small caps	PACK AXGN VNOM RANP AXGN VNOM MIR TPB NPKI	Meridian Small Cap Growth Fund returned 6.96% in Q2 2025, underperforming its benchmark due to market preference for high-beta stocks over quality names. The fund's disciplined approach focusing on recurring revenue businesses with competitive advantages demonstrated strong downside protection during volatile periods. Healthcare overweight weighed on performance while energy and industrials positioning added value.
Mar 31 2025	2025 Q1	ALIT, CARG, CSOD, IMXI, LZ, MMSI, RBA, TNDM, TPB, VCYT, VNOM, WAY	Diagnostics, growth, healthcare, Medical Devices, small caps, tariffs, Trade Policy, volatility	TNDM IMXI VCYT LZ RBA MMSI	Meridian Small Cap Growth Fund declined -12.21% in Q1 2025, underperforming its benchmark amid tariff uncertainty and small-cap underperformance. The strategy's defensive positioning and valuation discipline provided some downside protection while healthcare holdings faced mixed results. Management remains confident in the portfolio's resilience and ability to capitalize on market volatility through quality stock selection.
Feb 10 2025	2024 Q4	AGS, ALIT, ANGI, BYRN, CARG, CCSI, MIR, RBA, SMAR, STNE, TMDX, TPB, WAY	growth, healthcare, nuclear, Quality, risk management, small caps, technology	MRAD TPB BYRN TMDX SRI ANGI	Meridian Small Cap Growth Fund outperformed in Q4 with a 2.85% return, driven by nuclear power beneficiary Mirion Technologies and quality execution from Turning Point Brands. Healthcare represents the largest allocation with attractive valuations. The strategy prioritizes risk management and quality businesses with recurring revenues while navigating inflation concerns and measured Fed policy.
Sep 30 2024	2024 Q3	AGS, BYRN, CARG, EVRI, LZ, MIR, MMSI, RBA, SEAT, SMAR, SRI, TMDX, TPB	Automotive, consumer, gaming, growth, healthcare, small caps	STRI LZ VICI BYRN EVRI TPB	Meridian Small Cap Growth Fund returned 6.15% in Q3, underperforming its benchmark due to headwinds from high-momentum market leadership versus their valuation-disciplined approach. The defensive strategy effectively protected downside during volatile periods. Management remains cautious on consumer stocks while gaining confidence in healthcare given attractive valuations and improving fundamentals.
Jun 30 2024	2024 Q2	ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB	downside protection, growth, Medical Devices, Quality, small caps, technology	LZ BYRN ALIT TMDX SILK AGS	Meridian Small Cap Growth Fund underperformed in Q2 2024 with -3.54% returns versus -2.92% for the Russell 2000 Growth Index. The fund's risk-focused strategy proved effective during volatility, with medical technology holdings like TransMedics and Silk Road Medical contributing positively. Management continues emphasizing high-quality businesses with recurring revenue at attractive valuations while prioritizing downside protection over momentum plays.
Apr 15 2024	2024 Q1	ACVA, ALIT, BYRN, CARG, CNCL, FORR, LZ, MATX, MIR, MMSI, NRGN, QDEL, RBA, SG, STNE, TPB	Automation, Diagnostics, growth, healthcare, small cap, technology	CNCL QDEL FORR BYRN NRGN SG	Small cap growth fund underperformed in Q1 as momentum stocks dominated, creating headwinds for the risk-focused strategy. Portfolio emphasizes quality companies with recurring revenue streams. Healthcare holdings faced macro pressures while automation and e-commerce themes showed promise. Manager expects continued volatility but remains positioned to capitalize on weakness, especially in overvalued technology sectors.
Dec 31 2023	2023 Q4	ALIT, CARG, CCCC, CCSI, EVRI, HDSN, MATX, MIR, QDEL, RBA, SKIN, SONX, TPB	Biotechnology, gaming, growth, healthcare, small cap, technology, value	MRAD CARG CCCC	Meridian Small Cap Growth outperformed in Q4 2023 with a risk-first approach targeting high-quality companies with recurring revenue. Strong performance from Mirion Technologies and CarGurus offset weakness in medical technology holdings. The manager expects continued volatility but remains positioned to capitalize on market weakness, particularly in overvalued technology sectors, while anticipating Fed rate cuts supporting economic soft landing.
Sep 30 2023	2023 Q3	ALIT, ALKT, CCCS, HCCI, HDSN, MATX, MIR, QDEL, RBA, TPB	growth, healthcare, industrials, small caps, technology	-	Small-cap growth fund managed by experienced team since 2013, focusing on downside risk management. Portfolio of 95 holdings concentrated in Industrials and Healthcare sectors, trading at attractive 14.6x forward P/E. Fund has outperformed Russell 2000 Growth benchmark since inception with 8.17% annualized returns versus 6.47% for the index.
Jun 30 2023	2023 Q2	-	-	-
Mar 31 2023	2023 Q1	ACVA, ALBO, CCSI, FTDR, HDSN, PMVP	-	-
Jan 31 2023	2022 Q4	DICE, HDSN, OMCL, SYNH, TIL	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 16 2026

2026 Q1

ALKT, ALM, AMPL, CGON, KEX, ZBIO

AI, Biotechnology, Geopolitical, growth, healthcare, small cap, technology, Trade Policy

Meridian Small Cap Growth Fund declined 8.37% in Q1 2026, underperforming on healthcare allocation headwinds amid Iran conflict and trade tensions. Software holdings pressured by AI fears while tungsten producer Almonty surged on Chinese export restrictions. Manager maintains quality-focused approach, targeting businesses with sustainable advantages positioned to navigate geopolitical uncertainty and benefit from AI infrastructure spending.

Jan 21 2026

2025 Q4

ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS

Biotechnology, growth, healthcare, Quality, small caps, technology, value

CERT
DOCS
RELY
GMED
TNDM
EXAS
CCSI
CERT
RELY
GPCR
AXGN
ZBIO

Meridian Small Cap Growth Fund returned 0.90% in Q4 2025, underperforming its benchmark due to quality bias headwinds. Healthcare overweight drove performance as the sector led markets. The fund emphasizes high-quality businesses with recurring revenue and competitive advantages, prioritizing downside protection. Biotech holdings including Structure Therapeutics and Axogen contributed positively amid promising clinical developments.

Oct 24 2025

2025 Q3

ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA

AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations

SPT
KEX
CCSI
SPT
ALGN
MDGL
HALO
ZD
ALIT
SPT
KEX
TPB
ZENAS
CCSI

Meridian Small Cap Growth Fund returned 4.20% in Q3 2025, underperforming the Russell 2000 Growth Index's 12.19% as markets favored high-momentum, speculative names over quality. The fund maintains discipline in avoiding overvalued AI infrastructure companies while focusing on high-quality businesses with sustainable competitive advantages and strong balance sheets.

Aug 2 2025

2025 Q2

ALIT, AXGN, CARG, CCSI, FSS, KEX, MIR, NTIC, PACK, RELY, SPT, TPB, VNOM

energy, growth, healthcare, nuclear, Quality, Resilience, small caps

PACK
AXGN
VNOM
RANP
AXGN
VNOM
MIR
TPB
NPKI

Meridian Small Cap Growth Fund returned 6.96% in Q2 2025, underperforming its benchmark due to market preference for high-beta stocks over quality names. The fund's disciplined approach focusing on recurring revenue businesses with competitive advantages demonstrated strong downside protection during volatile periods. Healthcare overweight weighed on performance while energy and industrials positioning added value.

Mar 31 2025

2025 Q1

ALIT, CARG, CSOD, IMXI, LZ, MMSI, RBA, TNDM, TPB, VCYT, VNOM, WAY

Diagnostics, growth, healthcare, Medical Devices, small caps, tariffs, Trade Policy, volatility

TNDM
IMXI
VCYT
LZ
RBA
MMSI

Meridian Small Cap Growth Fund declined -12.21% in Q1 2025, underperforming its benchmark amid tariff uncertainty and small-cap underperformance. The strategy's defensive positioning and valuation discipline provided some downside protection while healthcare holdings faced mixed results. Management remains confident in the portfolio's resilience and ability to capitalize on market volatility through quality stock selection.

Feb 10 2025

2024 Q4

AGS, ALIT, ANGI, BYRN, CARG, CCSI, MIR, RBA, SMAR, STNE, TMDX, TPB, WAY

growth, healthcare, nuclear, Quality, risk management, small caps, technology

MRAD
TPB
BYRN
TMDX
SRI
ANGI

Meridian Small Cap Growth Fund outperformed in Q4 with a 2.85% return, driven by nuclear power beneficiary Mirion Technologies and quality execution from Turning Point Brands. Healthcare represents the largest allocation with attractive valuations. The strategy prioritizes risk management and quality businesses with recurring revenues while navigating inflation concerns and measured Fed policy.

Sep 30 2024

2024 Q3

AGS, BYRN, CARG, EVRI, LZ, MIR, MMSI, RBA, SEAT, SMAR, SRI, TMDX, TPB

Automotive, consumer, gaming, growth, healthcare, small caps

STRI
LZ
VICI
BYRN
EVRI
TPB

Meridian Small Cap Growth Fund returned 6.15% in Q3, underperforming its benchmark due to headwinds from high-momentum market leadership versus their valuation-disciplined approach. The defensive strategy effectively protected downside during volatile periods. Management remains cautious on consumer stocks while gaining confidence in healthcare given attractive valuations and improving fundamentals.

Jun 30 2024

2024 Q2

ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB

downside protection, growth, Medical Devices, Quality, small caps, technology

LZ
BYRN
ALIT
TMDX
SILK
AGS

Meridian Small Cap Growth Fund underperformed in Q2 2024 with -3.54% returns versus -2.92% for the Russell 2000 Growth Index. The fund's risk-focused strategy proved effective during volatility, with medical technology holdings like TransMedics and Silk Road Medical contributing positively. Management continues emphasizing high-quality businesses with recurring revenue at attractive valuations while prioritizing downside protection over momentum plays.

Apr 15 2024

2024 Q1

ACVA, ALIT, BYRN, CARG, CNCL, FORR, LZ, MATX, MIR, MMSI, NRGN, QDEL, RBA, SG, STNE, TPB

Automation, Diagnostics, growth, healthcare, small cap, technology

CNCL
QDEL
FORR
BYRN
NRGN
SG

Small cap growth fund underperformed in Q1 as momentum stocks dominated, creating headwinds for the risk-focused strategy. Portfolio emphasizes quality companies with recurring revenue streams. Healthcare holdings faced macro pressures while automation and e-commerce themes showed promise. Manager expects continued volatility but remains positioned to capitalize on weakness, especially in overvalued technology sectors.

Dec 31 2023

2023 Q4

ALIT, CARG, CCCC, CCSI, EVRI, HDSN, MATX, MIR, QDEL, RBA, SKIN, SONX, TPB

Biotechnology, gaming, growth, healthcare, small cap, technology, value

MRAD
CARG
CCCC

Meridian Small Cap Growth outperformed in Q4 2023 with a risk-first approach targeting high-quality companies with recurring revenue. Strong performance from Mirion Technologies and CarGurus offset weakness in medical technology holdings. The manager expects continued volatility but remains positioned to capitalize on market weakness, particularly in overvalued technology sectors, while anticipating Fed rate cuts supporting economic soft landing.

Sep 30 2023

2023 Q3

ALIT, ALKT, CCCS, HCCI, HDSN, MATX, MIR, QDEL, RBA, TPB

growth, healthcare, industrials, small caps, technology

Small-cap growth fund managed by experienced team since 2013, focusing on downside risk management. Portfolio of 95 holdings concentrated in Industrials and Healthcare sectors, trading at attractive 14.6x forward P/E. Fund has outperformed Russell 2000 Growth benchmark since inception with 8.17% annualized returns versus 6.47% for the index.

Jun 30 2023

2023 Q2

Mar 31 2023

2023 Q1

ACVA, ALBO, CCSI, FTDR, HDSN, PMVP

Jan 31 2023

2022 Q4

DICE, HDSN, OMCL, SYNH, TIL

QUARTER	THEMES	TAGS
2025 Q4	Pharmaceuticals Health 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 Spending Defense-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
	Valuation The manager expresses concern about high valuations across most asset categories, particularly US equities. They note that despite international equity outperformance, the gap in valuation between US and non-US equities remains quite significant and should serve them well given their non-US-centric postures.	Valuation Value Pricing
	AI The manager discusses market enthusiasm around artificial intelligence and its ability to dramatically impact productivity, comparing it to internet emergence in the 1990s. However, they cite research suggesting that even profound technological revolutions aren't one-way streets to prosperity.	AI Technology Productivity
2025 Q3	AI The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. Many companies are trading at historically elevated valuations despite being potential one-time beneficiaries of the AI investment cycle. The fund remains disciplined and avoids high-momentum AI names lacking meaningful revenues or profitability.	Data Centers Infrastructure Speculation Valuations Technology
	Small Caps U.S. small caps led market performance, rallying 12.4% compared to 5.3% for large caps during the quarter. The fund focuses on small-cap growth companies with high-quality businesses, recurring revenue, and sustainable competitive advantages. Market environment favored high-momentum, high-valuation companies over the fund's quality-oriented, lower-beta approach.	Russell 2000 Growth Quality Beta Performance
	Quality The fund's investment approach prioritizes high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality-oriented approach faced headwinds in a market environment rewarding high-momentum, high-valuation companies with limited earnings.	Recurring Revenue Competitive Advantages Balance Sheets Earnings Discipline
2025 Q2	Small Caps The fund focuses exclusively on small-cap growth companies, with the Russell 2000 Growth Index as its benchmark. Small caps returned 8.5% in the quarter, recovering 24.0% from April lows, with growth stocks outperforming value stocks significantly.	Small Cap Russell 2000 Growth Recovery Outperformance
	Quality The investment approach emphasizes high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy prioritizes risk management over return opportunity and focuses on companies with predictable cash flows and strong business models.	Quality Recurring Revenue Competitive Advantages Risk Management Predictable
	Resilience The portfolio is constructed to be resilient and capable of mitigating capital losses during volatile markets while participating in gains during robust conditions. The strategy outperformed the benchmark on all six days when the index declined by 2% or more, demonstrating downside protection.	Resilience Downside Protection Volatility Capital Preservation Risk Mitigation
	Energy The fund holds energy-related positions including Viper Energy, which owns mineral and royalty assets in the Permian Basin. The energy sector faced headwinds from OPEC+ production increases and temporary oil price spikes related to Middle East conflicts.	Energy Oil Royalties Permian Basin OPEC
	Nuclear Mirion Technologies provides critical radiation measurement technologies for nuclear power and medical sectors. The stock benefited from progress in its Westinghouse partnership and discussions of potential new nuclear power facilities in the U.S. and Europe.	Nuclear Radiation Westinghouse Nuclear Power Medical
2025 Q1	Small Caps The fund focuses exclusively on small-cap growth stocks, with the Russell 2000 Growth Index as its benchmark. Small-cap stocks fell more sharply than large-caps during the quarter, declining 9.5% versus 4.5% for large-caps. The strategy's emphasis on smaller cap stocks within the index was a headwind during the quarter as larger-cap stocks outperformed.	Small Cap Russell 2000 Growth Outperformance Volatility
	Trade Policy Uncertainty surrounding prospective tariff policies weighed on investor sentiment and risk assets during the quarter. The fund is actively assessing the potential impact of tariffs on a case-by-case basis. Generally, smaller companies tend to have less international exposure and are therefore less affected by tariffs compared to larger multinational corporations.	Tariffs Trade War International Exposure Consumer Discretionary Policy
	Medical Devices The fund holds positions in medical device companies including Tandem Diabetes Care, which provides automated insulin delivery systems, and Merit Medical Systems, which designs single-use medical devices. Merit Medical's renewed emphasis on margin improvement has yielded positive results, with recent FDA approval of a new hemodialysis device supporting growth outlook.	Medical Devices FDA Approval Diabetes Hemodialysis Healthcare
	Diagnostics Veracyte is a diagnostics company that helps clinicians make more accurate diagnostic, prognostic, and treatment decisions for certain cancers. Its flagship commercial tests, Afirma and Decipher, continue to drive solid revenue growth and improving profitability despite some operational challenges in its French subsidiary.	Diagnostics Cancer Revenue Growth Profitability Clinical Tests
2024 Q4	Nuclear Mirion Technologies operates in industries with strong secular trends tied to rising demand for nuclear power, including AI-related data center energy needs. The company provides critical technologies for the nuclear power sector with recurring revenues.	Nuclear Data Centers AI Energy
	Healthcare The 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.	Healthcare Biotechnology Valuations Recovery
2024 Q3	Gaming The fund holds Everi Holdings, a gaming technology company with hardware manufacturing and financial technology segments. The stock rose after a private equity acquisition offer at a 56% premium, reinforcing confidence in the financial technology segment.	Gaming Technology Financial Technology Cash Access Loyalty Programs
	Healthcare The fund is gaining confidence in healthcare outlook after years of underperformance. Healthcare stocks are trading below historical valuations with stable to improving fundamentals, supporting the portfolio's overweight position in this sector.	Healthcare Valuations Medical Devices Healthcare Fundamentals
	Automotive Stoneridge develops electronic safety systems for automotive and commercial vehicles. The company provides exposure to commercial truck and passenger vehicle markets with flagship product MirrorEye offering safety benefits and fuel economy gains.	Electronic Safety Commercial Vehicles Automotive Technology Safety Systems
2024 Q2	Medical Devices The fund holds multiple medical technology companies including TransMedics Group with their revolutionary organ transplant technology and Silk Road Medical with their minimally invasive carotid artery treatment. These companies are taking market share with innovative solutions that improve patient outcomes.	Medical Technology Organ Transplant Minimally Invasive Market Share Innovation
	Small Caps The fund focuses exclusively on small-cap growth companies, emphasizing high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy seeks to build an enduring portfolio that can mitigate capital losses during market turbulence while participating in upside during strong environments.	Small Cap Growth Quality Recurring Revenue Competitive Advantages
2024 Q1	Healthcare The fund holds multiple healthcare positions including QuidelOrtho Corporation in diagnostics, Consensus Cloud Solutions serving healthcare data security, and Neurogene in gene therapy. Healthcare IT staffing issues are creating macro pressure on enterprise-level adoptions.	Diagnostics Gene Therapy Healthcare IT Medical Devices Biotechnology
	Automation Sweetgreen's investment in automation technology called the Infinite Kitchen shows promise for significant labor cost savings, reduction of order fulfillment errors, and increased restaurant throughput. Initial data supports the potential for automation technology to significantly improve both margins and average unit volumes.	Restaurant Automation Labor Cost Savings Throughput Efficiency Technology
	E-commerce Byrna Technologies primarily sells through its e-commerce store and Amazon storefront. The company experienced a significant pullback when restrictions on online advertising cut nearly half of its website traffic overnight, but has since pivoted to alternative advertising strategies that restored revenue momentum.	Online Sales Amazon Digital Marketing Website Traffic Revenue Recovery
2023 Q4	Biotechnology The fund holds C4 Therapeutics, a biotechnology firm specializing in protein degradation therapies for cancer treatment. The company has three treatments in early-stage clinical trials targeting multiple cancers and announced a formal agreement with Merck for co-development. Positive clinical readout on a leading compound provided encouraging signals for therapeutic efficacy.	Protein Degradation Cancer Treatment Clinical Trials Merck Partnership Therapeutics
	Medical Devices The fund invested in medical technology companies including Sonendo with its GentleWave System for root canal therapy replacement and The Beauty Health Company with HydraFacial systems for medical spas. Both companies faced execution challenges during the quarter, with Sonendo experiencing capital spending slowdowns and Beauty Health dealing with platform performance issues.	Root Canal Technology Medical Spas HydraFacial Capital Equipment Healthcare Technology
	Gaming Everi Holdings operates in gaming technology with hardware manufacturing and financial technology segments. The company faced market share stagnation in anticipation of a new product cycle but maintains a stable installed base. The new product cycle includes seven new cabinets and 86 new game themes expected to rejuvenate growth.	Gaming Technology Casino Equipment Financial Technology Product Cycles Cash Flow

QUARTER

THEMES

Pharmaceuticals

Health 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 Spending

Defense-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

Valuation

The manager expresses concern about high valuations across most asset categories, particularly US equities. They note that despite international equity outperformance, the gap in valuation between US and non-US equities remains quite significant and should serve them well given their non-US-centric postures.

Valuation Value Pricing

AI

The manager discusses market enthusiasm around artificial intelligence and its ability to dramatically impact productivity, comparing it to internet emergence in the 1990s. However, they cite research suggesting that even profound technological revolutions aren't one-way streets to prosperity.

AI Technology Productivity

2025 Q3

AI

The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. Many companies are trading at historically elevated valuations despite being potential one-time beneficiaries of the AI investment cycle. The fund remains disciplined and avoids high-momentum AI names lacking meaningful revenues or profitability.

Data Centers Infrastructure Speculation Valuations Technology

Small Caps

U.S. small caps led market performance, rallying 12.4% compared to 5.3% for large caps during the quarter. The fund focuses on small-cap growth companies with high-quality businesses, recurring revenue, and sustainable competitive advantages. Market environment favored high-momentum, high-valuation companies over the fund's quality-oriented, lower-beta approach.

Russell 2000 Growth Quality Beta Performance

Quality

The fund's investment approach prioritizes high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality-oriented approach faced headwinds in a market environment rewarding high-momentum, high-valuation companies with limited earnings.

Recurring Revenue Competitive Advantages Balance Sheets Earnings Discipline

2025 Q2

Small Caps

The fund focuses exclusively on small-cap growth companies, with the Russell 2000 Growth Index as its benchmark. Small caps returned 8.5% in the quarter, recovering 24.0% from April lows, with growth stocks outperforming value stocks significantly.

Small Cap Russell 2000 Growth Recovery Outperformance

Quality

The investment approach emphasizes high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy prioritizes risk management over return opportunity and focuses on companies with predictable cash flows and strong business models.

Quality Recurring Revenue Competitive Advantages Risk Management Predictable

Resilience

The portfolio is constructed to be resilient and capable of mitigating capital losses during volatile markets while participating in gains during robust conditions. The strategy outperformed the benchmark on all six days when the index declined by 2% or more, demonstrating downside protection.

Resilience Downside Protection Volatility Capital Preservation Risk Mitigation

Energy

The fund holds energy-related positions including Viper Energy, which owns mineral and royalty assets in the Permian Basin. The energy sector faced headwinds from OPEC+ production increases and temporary oil price spikes related to Middle East conflicts.

Energy Oil Royalties Permian Basin OPEC

Nuclear

Mirion Technologies provides critical radiation measurement technologies for nuclear power and medical sectors. The stock benefited from progress in its Westinghouse partnership and discussions of potential new nuclear power facilities in the U.S. and Europe.

Nuclear Radiation Westinghouse Nuclear Power Medical

2025 Q1

Small Caps

The fund focuses exclusively on small-cap growth stocks, with the Russell 2000 Growth Index as its benchmark. Small-cap stocks fell more sharply than large-caps during the quarter, declining 9.5% versus 4.5% for large-caps. The strategy's emphasis on smaller cap stocks within the index was a headwind during the quarter as larger-cap stocks outperformed.

Small Cap Russell 2000 Growth Outperformance Volatility

Trade Policy

Uncertainty surrounding prospective tariff policies weighed on investor sentiment and risk assets during the quarter. The fund is actively assessing the potential impact of tariffs on a case-by-case basis. Generally, smaller companies tend to have less international exposure and are therefore less affected by tariffs compared to larger multinational corporations.

Tariffs Trade War International Exposure Consumer Discretionary Policy

Medical Devices

The fund holds positions in medical device companies including Tandem Diabetes Care, which provides automated insulin delivery systems, and Merit Medical Systems, which designs single-use medical devices. Merit Medical's renewed emphasis on margin improvement has yielded positive results, with recent FDA approval of a new hemodialysis device supporting growth outlook.

Medical Devices FDA Approval Diabetes Hemodialysis Healthcare

Diagnostics

Veracyte is a diagnostics company that helps clinicians make more accurate diagnostic, prognostic, and treatment decisions for certain cancers. Its flagship commercial tests, Afirma and Decipher, continue to drive solid revenue growth and improving profitability despite some operational challenges in its French subsidiary.

Diagnostics Cancer Revenue Growth Profitability Clinical Tests

2024 Q4

Nuclear

Mirion Technologies operates in industries with strong secular trends tied to rising demand for nuclear power, including AI-related data center energy needs. The company provides critical technologies for the nuclear power sector with recurring revenues.

Nuclear Data Centers AI Energy

Healthcare

The 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.

Healthcare Biotechnology Valuations Recovery

2024 Q3

Gaming

The fund holds Everi Holdings, a gaming technology company with hardware manufacturing and financial technology segments. The stock rose after a private equity acquisition offer at a 56% premium, reinforcing confidence in the financial technology segment.

Gaming Technology Financial Technology Cash Access Loyalty Programs

Healthcare

The fund is gaining confidence in healthcare outlook after years of underperformance. Healthcare stocks are trading below historical valuations with stable to improving fundamentals, supporting the portfolio's overweight position in this sector.

Healthcare Valuations Medical Devices Healthcare Fundamentals

Automotive

Stoneridge develops electronic safety systems for automotive and commercial vehicles. The company provides exposure to commercial truck and passenger vehicle markets with flagship product MirrorEye offering safety benefits and fuel economy gains.

Electronic Safety Commercial Vehicles Automotive Technology Safety Systems

2024 Q2

Medical Devices

The fund holds multiple medical technology companies including TransMedics Group with their revolutionary organ transplant technology and Silk Road Medical with their minimally invasive carotid artery treatment. These companies are taking market share with innovative solutions that improve patient outcomes.

Medical Technology Organ Transplant Minimally Invasive Market Share Innovation

Small Caps

The fund focuses exclusively on small-cap growth companies, emphasizing high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy seeks to build an enduring portfolio that can mitigate capital losses during market turbulence while participating in upside during strong environments.

Small Cap Growth Quality Recurring Revenue Competitive Advantages

2024 Q1

Healthcare

The fund holds multiple healthcare positions including QuidelOrtho Corporation in diagnostics, Consensus Cloud Solutions serving healthcare data security, and Neurogene in gene therapy. Healthcare IT staffing issues are creating macro pressure on enterprise-level adoptions.

Diagnostics Gene Therapy Healthcare IT Medical Devices Biotechnology

Automation

Sweetgreen's investment in automation technology called the Infinite Kitchen shows promise for significant labor cost savings, reduction of order fulfillment errors, and increased restaurant throughput. Initial data supports the potential for automation technology to significantly improve both margins and average unit volumes.

Restaurant Automation Labor Cost Savings Throughput Efficiency Technology

E-commerce

Byrna Technologies primarily sells through its e-commerce store and Amazon storefront. The company experienced a significant pullback when restrictions on online advertising cut nearly half of its website traffic overnight, but has since pivoted to alternative advertising strategies that restored revenue momentum.

Online Sales Amazon Digital Marketing Website Traffic Revenue Recovery

2023 Q4

Biotechnology

The fund holds C4 Therapeutics, a biotechnology firm specializing in protein degradation therapies for cancer treatment. The company has three treatments in early-stage clinical trials targeting multiple cancers and announced a formal agreement with Merck for co-development. Positive clinical readout on a leading compound provided encouraging signals for therapeutic efficacy.

Protein Degradation Cancer Treatment Clinical Trials Merck Partnership Therapeutics

Medical Devices

The fund invested in medical technology companies including Sonendo with its GentleWave System for root canal therapy replacement and The Beauty Health Company with HydraFacial systems for medical spas. Both companies faced execution challenges during the quarter, with Sonendo experiencing capital spending slowdowns and Beauty Health dealing with platform performance issues.

Root Canal Technology Medical Spas HydraFacial Capital Equipment Healthcare Technology

Gaming

Everi Holdings operates in gaming technology with hardware manufacturing and financial technology segments. The company faced market share stagnation in anticipation of a new product cycle but maintains a stable installed base. The new product cycle includes seven new cabinets and 86 new game themes expected to rejuvenate growth.

Gaming Technology Casino Equipment Financial Technology Product Cycles Cash Flow

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Chad Meade	CERT	Certara, Inc.	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Biosimulation, divestiture, drug development, Software, turnaround	Login
Jan 21, 2026	Fund Letters	Chad Meade	DOCS	Doximity, Inc.	Health Care	Health Care Technology	Bull	New York Stock Exchange	advertising, guidance, healthcare, network, platform	Login
Jan 21, 2026	Fund Letters	Chad Meade	RELY	Remitly Global, Inc.	Financials	Transaction & Payment Processing Services	Bull	NASDAQ	Fintech, Payments, profitability, Remittances, scale	Login
Jan 21, 2026	Fund Letters	Chad Meade	GMED	Globus Medical, Inc.	Health Care	Health Care Equipment	Bull	New York Stock Exchange	Acquisitions, growth, leverage, Medtech, Spine	Login
Jan 21, 2026	Fund Letters	Chad Meade	TNDM	Tandem Diabetes Care, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Automation, Devices, Diabetes, Pharmacy, pipeline	Login
Jan 21, 2026	Fund Letters	Chad Meade	EXAS	Exact Sciences Corporation	Health Care	Health Care Technology	Bull	NASDAQ	acquisition, Cancer, diagnostics, growth, Screening	Login
Jan 21, 2026	Fund Letters	Chad Meade	CCSI	Consensus Cloud Solutions, Inc.	Information Technology	Application Software	Bear	NASDAQ	cashflow, Cloudsoftware, Healthcareit, Recurringrevenue, valuation	Login
Jan 21, 2026	Fund Letters	Chad Meade	CERT	Certara, Inc.	Health Care	Life Sciences Tools & Services	Bear	NASDAQ	Biosimulation, Drugdevelopment, growth, restructuring, Software	Login
Jan 21, 2026	Fund Letters	Chad Meade	RELY	Remitly Global, Inc.	Financials	Transaction & Payment Processing Services	Bear	NASDAQ	Fintech, growth, Payments, profitability, Remittances	Login
Jan 21, 2026	Fund Letters	Chad Meade	GPCR	Structure Therapeutics, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Clinicaltrials, Glp1, Obesity, Oraltherapy	Login
Jan 21, 2026	Fund Letters	Chad Meade	AXGN	Axogen, Inc.	Health Care	Medical Devices	Bull	NASDAQ	FDA, Medicaldevices, Nerves, Regeneration, Reimbursement	Login
Jan 21, 2026	Fund Letters	Chad Meade	ZBIO	Zenas BioPharma, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Autoimmune, biologics, Clinicaltrials, growth, pipeline	Login
Oct 24, 2025	Fund Letters	Chad Meade	SPT	Sprout Social Inc.	Information Technology	Software	Bull	NASDAQ	Adoption, enterprise, FCF, growth, guidance, Margins, Marketing, SaaS	Login
Oct 24, 2025	Fund Letters	Chad Meade	KEX	Kirby Corp.	Industrials	Marine Transportation	Bull	NYSE	cash flow, compounder, energy, Logistics, Marine, Petrochemicals, Transportation, Utilization	Login
Oct 24, 2025	Fund Letters	Chad Meade	CCSI	Consensus Cloud Solutions Inc.	Information Technology	Software	Bull	NASDAQ	acquisition, FCF, healthcare, Margins, recurring revenue, Software, turnaround, valuation	Login
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	Human Capital Software	Bear	NYSE	AI integration, Execution, HCM, Margin recovery, Retention, Software, transformation, valuation	Login
Oct 24, 2025	Fund Letters	Chad Meade	SPT	Sprout Social Inc.	Information Technology	Software	Bull	NASDAQ	Adoption, enterprise, FCF, growth, guidance, Margins, Marketing, SaaS	Login
Oct 24, 2025	Fund Letters	Chad Meade	KEX	Kirby Corp.	Industrials	Marine Transportation	Bull	NYSE	cash flow, compounder, energy, Logistics, Marine, Petrochemicals, Transportation, Utilization	Login
Oct 24, 2025	Fund Letters	Chad Meade	TPB	Turning Point Brands Inc.	Consumer Staples	Tobacco Products	Bull	NYSE	Consumer products, growth, innovation, Margins, market share, Nicotine, profitability, tobacco	Login
Oct 24, 2025	Fund Letters	Chad Meade	ZENAS	Zenas BioPharma Inc.	Health Care	Biotechnology	Bull	-	Autoimmune, Biotech, Commercialization, Financing, Immunology, Phase 3, Trials	Login
Oct 24, 2025	Fund Letters	Chad Meade	CCSI	Consensus Cloud Solutions Inc.	Information Technology	Software	Bull	NASDAQ	acquisition, FCF, healthcare, Margins, recurring revenue, Software, turnaround, valuation	Login
Aug 2, 2025	Fund Letters	Chad Meade	PACK	Ranpak Holdings Corp.	Materials	Packaging	Bear	New York Stock Exchange	Automation, ecommerce, Margins, Packaging, Sustainability	Login
Aug 2, 2025	Fund Letters	Chad Meade	AXGN	Axogen Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, growth, Margins, Nerve, Regeneration	Login
Aug 2, 2025	Fund Letters	Chad Meade	VNOM	Viper Energy Inc.	Energy	Oil & Gas Exploration & Production	Bear	NASDAQ	cashflow, Commodities, energy, Permian, royalties	Login
Jun 30, 2025	Fund Letters	Meridian Small Cap Growth Fund	RANP	Ranpak Holdings Corp.	Materials	Paper Packaging	Bull	NYSE	Automation, Consumables, Environmental, Packaging, Paper, recurring revenue, Sustainability	Login
Jun 30, 2025	Fund Letters	Meridian Small Cap Growth Fund	AXGN	Axogen, Inc.	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Biotech, Clinical, manufacturing, margin expansion, medical technology, Nerve Regeneration, Specialized	Login
Jun 30, 2025	Fund Letters	Meridian Small Cap Growth Fund	VNOM	Viper Energy, Inc.	Energy	Oil & Gas Exploration & Production	Neutral	NASDAQ	energy, lower risk, mineral rights, natural gas, oil, Permian Basin, royalties	Login
Jun 30, 2025	Fund Letters	Meridian Small Cap Growth Fund	MIR	Mirion Technologies, Inc.	Technology	Electronic Equipment & Instruments	Bull	NYSE	Medical, Nuclear Power, Partnership, Radiation Detection, recurring revenue, technology, Westinghouse	Login
Jun 30, 2025	Fund Letters	Meridian Small Cap Growth Fund	TPB	Turning Point Brands, Inc.	Consumer Staples	Tobacco	Bull	NYSE	Brand management, Consumer products, growth, market share, Nicotine pouches, Tobacco Alternatives	Login
Jun 30, 2025	Fund Letters	Meridian Small Cap Growth Fund	NPKI	NPK International, Inc.	Industrials	Trading Companies & Distributors	Bull	NASDAQ	Composite Matting, divestiture, Industrials, market leader, Rental Fleet, Sustainable, utilities	Login
Mar 31, 2025	Fund Letters	Meridian Small Cap Growth Fund	TNDM	Tandem Diabetes Care, Inc.	Health Care Equipment & Services	Health Care Equipment	Bull	NASDAQ	Automated Insulin Delivery, diabetes care, Healthcare Technology, international expansion, market share gains, Medical devices, Type 1 Diabetes	Login
Mar 31, 2025	Fund Letters	Meridian Small Cap Growth Fund	IMXI	International Money Express, Inc.	Financial Services	Financial Exchanges & Data	Bull	NASDAQ	digital platform, financial technology, Free Cash Flow, Latin America, money transfer, Remittance Services, strategic review	Login
Mar 31, 2025	Fund Letters	Meridian Small Cap Growth Fund	VCYT	Veracyte, Inc.	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	NASDAQ	Afirma, Cancer Testing, Decipher, diagnostics, genomic sequencing, Profitability Improvement, strategic focus	Login
Mar 31, 2025	Fund Letters	Meridian Small Cap Growth Fund	LZ	LegalZoom.com, Inc.	Communication Services	Interactive Media & Services	Neutral	NASDAQ	Digital transformation, gross margin improvement, Legal Services, Online Platform, small business, subscription model, Valuation Discipline	Login
Mar 31, 2025	Fund Letters	Meridian Small Cap Growth Fund	RBA	RB Global, Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	acquisition integration, asset disposition, EBITDA margins, Global Marketplace, Industrial Equipment, Salvage Vehicles, Scale Advantages	Login
Mar 31, 2025	Fund Letters	Meridian Small Cap Growth Fund	MMSI	Merit Medical Systems, Inc.	Health Care Equipment & Services	Health Care Equipment	Bull	NASDAQ	earnings growth, FDA approval, Hemodialysis, Interventional Procedures, Margin Improvement, Medical devices, Single-Use	Login
Dec 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	MRAD	Mirion Technologies, Inc.	Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	AI data centers, energy infrastructure, medical technology, Nuclear Power, Radiation Detection, recurring revenue, technology	Login
Dec 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	TPB	Turning Point Brands, Inc.	Consumer Staples	Tobacco	Bull	NYSE	Branded Products, Consumer products, consumer staples, market share growth, Nicotine pouches, Tobacco Alternatives	Login
Dec 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	BYRN	Byrna Technologies, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Amazon, Consumer products, direct-to-consumer, e-commerce, law enforcement, Non-lethal Defense, Self-defense	Login
Dec 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	TMDX	TransMedics Group, Inc.	Health Care	Health Care Equipment & Supplies	Bear	NASDAQ	growth deceleration, Healthcare Equipment, market share, Medical devices, medical technology, Organ Transplantation	Login
Dec 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	SRI	Stoneridge, Inc.	Consumer Discretionary	Auto Components	Bear	NYSE	Auto Components, Automotive Supplier, balance sheet, commercial vehicles, Electronic Safety Systems, execution risk, product launch	Login
Dec 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	ANGI	Angi, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	digital platform, EBITDA margins, Home Services, Lead Generation, network effects, online marketplace, Service Professionals	Login
Sep 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	STRI	Stoneridge, Inc.	Consumer Discretionary	Automobile Components	Bull	NASDAQ	Automotive Components, commercial vehicles, Electronic Safety Systems, Free Cash Flow, Fuel Economy, Insurance Savings, margin expansion, MirrorEye Technology	Login
Sep 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	LZ	LegalZoom.com Inc.	Communication Services	Interactive Media & Services	Neutral	NASDAQ	attractive valuation, Compliance Services, Leadership Change, Legal Services, Online Platform, small business, Tax Services, Wait-and-See	Login
Sep 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	VICI	Vivid Seats, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Advertising Market, Competitive pressure, entertainment, live events, online marketplace, Private Equity Overhang, Revenue Growth, Ticket Reseller	Login
Sep 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	BYRN	Byrna Technologies, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Advertising Strategy, Amazon, e-commerce, law enforcement, No Background Checks, Non-lethal Defense, Revenue Growth, Self-defense Solutions	Login
Sep 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	EVRI	Everi Holdings, Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	56% Premium, Cash Access, Compliance Services, Fintech, Gaming Technology, Hardware Manufacturing, Loyalty Programs, private equity acquisition	Login
Sep 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	TPB	Turning Point Brands, Inc.	Consumer Staples	Tobacco	Bull	NYSE	$5 Billion Market, Alternative Smoking, Consumer products, market share gains, Nicotine pouches, Tobacco Alternatives, Tobacco-free Category, Triple-digit Growth	Login
Jun 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	LZ	LegalZoom.com, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Brand moat, Legal Services, network effects, Online Platform, operating leverage, SaaS, small business	Login
Jun 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	BYRN	Byrna Technologies, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Consumer products, direct-to-consumer, e-commerce, innovation, law enforcement, Non-lethal Defense, Personal Security	Login
Jun 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	ALIT	Alight, Inc.	Information Technology	IT Services	Bull	NYSE	Automation, cloud-based, Cost Reduction, Enterprise software, Hr Technology, Human Capital, SaaS	Login
Jun 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	TMDX	TransMedics Group, Inc.	Health Care	Health Care Equipment & Supplies	Bull	NASDAQ	Healthcare Equipment, Logistics Network, Market expansion, medical technology, Organ Transplant, profitability, Proprietary technology	Login
Jun 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	SILK	Silk Road Medical, Inc.	Health Care	Health Care Equipment & Supplies	Neutral	NASDAQ	acquisition target, Boston Scientific, Carotid Artery, market share, Medical Device, Minimally Invasive, TCAR Procedure	Login
Jun 30, 2024	Fund Letters	Meridian Small Cap Growth Fund	AGS	PlayAGS, Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Neutral	NYSE	acquisition target, Equipment Manufacturing, Gaming Hardware, gaming industry, private equity, recurring revenue, Slot Machines	Login
Mar 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	CNCL	Consensus Cloud Solutions, Inc.	Information Technology	Application Software	Bull	NASDAQ	cloud services, Data Security, Digital transformation, Enterprise software, Healthcare IT, recurring revenue, SaaS, turnaround	Login
Mar 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	QDEL	QuidelOrtho Corporation	Health Care	Health Care Equipment	Bull	NASDAQ	Clinical Diagnostics, COVID Testing, diagnostics, Healthcare Equipment, Medical devices, Merger Integration, Point-of-Care Testing, product launch	Login
Mar 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	FORR	Forrester Research, Inc.	Communication Services	Research & Consulting Services	Bull	NASDAQ	AI, consulting services, cybersecurity, Digital transformation, Market Research, Salesforce Transition, subscription revenue, Technology Research	Login
Mar 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	BYRN	Byrna Technologies, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Amazon, Consumer products, direct-to-consumer, e-commerce, law enforcement, Non-Lethal Weapons, Personal Defense, Self-defense	Login
Mar 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	NRGN	Neurogene, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Batten Disease, biotechnology, clinical stage, gene therapy, neurological disorders, rare diseases, Rett Syndrome, Reverse merger	Login
Mar 31, 2024	Fund Letters	Meridian Small Cap Growth Fund	SG	Sweetgreen, Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	Automation Technology, Fast-Casual Restaurants, Healthy Food, Labor Efficiency, margin expansion, New Position, same-store sales, supply chain	Login
Dec 31, 2023	Fund Letters	Meridian Small Cap Growth Fund	MRAD	Mirion Technologies, Inc.	Technology Hardware & Equipment	Electronic Equipment, Instruments & Components	Bull	NYSE	Equity, Industrial technology, medical technology, Mission-Critical, Nuclear Power, Radiation Detection, recurring revenue	Login
Dec 31, 2023	Fund Letters	Meridian Small Cap Growth Fund	CARG	CarGurus, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	automotive, digital platform, e-commerce, Equity, Lead Generation, online marketplace, Two-Sided Market	Login
Dec 31, 2023	Fund Letters	Meridian Small Cap Growth Fund	CCCC	C4 Therapeutics, Inc.	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Cancer Therapy, Clinical trials, Equity, Novel Therapeutics, Pharmaceutical Partnership, Protein degradation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 21, 2026

Fund Letters

Chad Meade

CERT

Certara, Inc.

Health Care

Life Sciences Tools & Services

Bull

NASDAQ

Biosimulation, divestiture, drug development, Software, turnaround

Jan 21, 2026

Fund Letters

Chad Meade

DOCS

Doximity, Inc.

Health Care

Health Care Technology

Bull

New York Stock Exchange

advertising, guidance, healthcare, network, platform

Jan 21, 2026

Fund Letters

Chad Meade

RELY

Remitly Global, Inc.

Financials

Transaction & Payment Processing Services

Bull

NASDAQ

Fintech, Payments, profitability, Remittances, scale

Jan 21, 2026

Fund Letters

Chad Meade

GMED

Globus Medical, Inc.

Health Care

Health Care Equipment

Bull

New York Stock Exchange

Acquisitions, growth, leverage, Medtech, Spine

Jan 21, 2026

Fund Letters

Chad Meade

TNDM

Tandem Diabetes Care, Inc.

Health Care

Health Care Equipment

Bull

NASDAQ

Automation, Devices, Diabetes, Pharmacy, pipeline

Jan 21, 2026

Fund Letters

Chad Meade

EXAS

Exact Sciences Corporation

Health Care

Health Care Technology

Bull

NASDAQ

acquisition, Cancer, diagnostics, growth, Screening

Jan 21, 2026

Fund Letters

Chad Meade

CCSI

Consensus Cloud Solutions, Inc.

Information Technology

Application Software

Bear

NASDAQ

cashflow, Cloudsoftware, Healthcareit, Recurringrevenue, valuation

Jan 21, 2026

Fund Letters

Chad Meade

CERT

Certara, Inc.

Health Care

Life Sciences Tools & Services

Bear

NASDAQ

Biosimulation, Drugdevelopment, growth, restructuring, Software

Jan 21, 2026

Fund Letters

Chad Meade

RELY

Remitly Global, Inc.

Financials

Transaction & Payment Processing Services

Bear

NASDAQ

Fintech, growth, Payments, profitability, Remittances

Jan 21, 2026

Fund Letters

Chad Meade

GPCR

Structure Therapeutics, Inc.

Health Care

Biotechnology

Bull

NASDAQ

Biotech, Clinicaltrials, Glp1, Obesity, Oraltherapy

Jan 21, 2026

Fund Letters

Chad Meade

AXGN

Axogen, Inc.

Health Care

Medical Devices

Bull

NASDAQ

FDA, Medicaldevices, Nerves, Regeneration, Reimbursement

Jan 21, 2026

Fund Letters

Chad Meade

ZBIO

Zenas BioPharma, Inc.

Health Care

Biotechnology

Bull

NASDAQ

Autoimmune, biologics, Clinicaltrials, growth, pipeline

Oct 24, 2025

Fund Letters

Chad Meade

SPT

Sprout Social Inc.

Information Technology

Software

Bull

NASDAQ

Adoption, enterprise, FCF, growth, guidance, Margins, Marketing, SaaS

Oct 24, 2025

Fund Letters

Chad Meade

KEX

Kirby Corp.

Industrials

Marine Transportation

Bull

NYSE

cash flow, compounder, energy, Logistics, Marine, Petrochemicals, Transportation, Utilization

Oct 24, 2025

Fund Letters

Chad Meade

CCSI

Consensus Cloud Solutions Inc.

Information Technology

Software

Bull

NASDAQ

acquisition, FCF, healthcare, Margins, recurring revenue, Software, turnaround, valuation

Oct 24, 2025

Fund Letters

Chad Meade

SPT

Sprout Social, Inc.

Information Technology

Application Software

Bull

NASDAQ

enterprise, guidance, Margins, recurring revenue, Retention, SaaS

Oct 24, 2025

Fund Letters

Chad Meade

ALGN

Align Technology, Inc.

Health Care

Health Care Supplies

Bear

NASDAQ

Asp, Competition, Demand, Dental, Mix, Pricing

Oct 24, 2025

Fund Letters

Chad Meade

MDGL

Madrigal Pharmaceuticals, Inc.

Health Care

Biotechnology

Bull

NASDAQ

GLP-1, growth, Launch, MASH, pipeline, valuation

Oct 24, 2025

Fund Letters

Chad Meade

HALO

Halozyme Therapeutics, Inc.

Health Care

Biotechnology

Bull

NASDAQ

drug delivery, FCF, guidance, Partners, platform, royalties

Oct 24, 2025

Fund Letters

Chad Meade

Ziff Davis, Inc.

Communication Services

Digital Media

Bull

NASDAQ

cloud services, digital media, FCF, M&A, Margins, organic growth

Oct 24, 2025

Fund Letters

Chad Meade

ALIT

Alight Inc.

Information Technology

Human Capital Software

Bear

NYSE

AI integration, Execution, HCM, Margin recovery, Retention, Software, transformation, valuation

Oct 24, 2025

Fund Letters

Chad Meade

SPT

Sprout Social Inc.

Information Technology

Software

Bull

NASDAQ

Adoption, enterprise, FCF, growth, guidance, Margins, Marketing, SaaS

Oct 24, 2025

Fund Letters

Chad Meade

KEX

Kirby Corp.

Industrials

Marine Transportation

Bull

NYSE

cash flow, compounder, energy, Logistics, Marine, Petrochemicals, Transportation, Utilization

Oct 24, 2025

Fund Letters

Chad Meade

TPB

Turning Point Brands Inc.

Consumer Staples

Tobacco Products

Bull

NYSE

Consumer products, growth, innovation, Margins, market share, Nicotine, profitability, tobacco

Oct 24, 2025

Fund Letters

Chad Meade

ZENAS

Zenas BioPharma Inc.

Health Care

Biotechnology

Bull

Autoimmune, Biotech, Commercialization, Financing, Immunology, Phase 3, Trials

Oct 24, 2025

Fund Letters

Chad Meade

CCSI

Consensus Cloud Solutions Inc.

Information Technology

Software

Bull

NASDAQ

acquisition, FCF, healthcare, Margins, recurring revenue, Software, turnaround, valuation

Aug 2, 2025

Fund Letters

Chad Meade

PACK

Ranpak Holdings Corp.

Materials

Packaging

Bear

New York Stock Exchange

Automation, ecommerce, Margins, Packaging, Sustainability

Aug 2, 2025

Fund Letters

Chad Meade

AXGN

Axogen Inc.

Health Care

Biotechnology

Bull

NASDAQ

Biotech, growth, Margins, Nerve, Regeneration

Aug 2, 2025

Fund Letters

Chad Meade

VNOM

Viper Energy Inc.

Energy

Oil & Gas Exploration & Production

Bear

NASDAQ

cashflow, Commodities, energy, Permian, royalties

Jun 30, 2025

Fund Letters

Meridian Small Cap Growth Fund

RANP

Ranpak Holdings Corp.

Materials

Paper Packaging

Bull

NYSE

Automation, Consumables, Environmental, Packaging, Paper, recurring revenue, Sustainability

Jun 30, 2025

Fund Letters

Meridian Small Cap Growth Fund

AXGN

Axogen, Inc.

Health Care

Life Sciences Tools & Services

Bull

NASDAQ

Biotech, Clinical, manufacturing, margin expansion, medical technology, Nerve Regeneration, Specialized

Jun 30, 2025

Fund Letters

Meridian Small Cap Growth Fund

VNOM

Viper Energy, Inc.

Energy

Oil & Gas Exploration & Production

Neutral

NASDAQ

energy, lower risk, mineral rights, natural gas, oil, Permian Basin, royalties

Jun 30, 2025

Fund Letters

Meridian Small Cap Growth Fund

MIR

Mirion Technologies, Inc.

Technology

Electronic Equipment & Instruments

Bull

NYSE

Medical, Nuclear Power, Partnership, Radiation Detection, recurring revenue, technology, Westinghouse

Jun 30, 2025

Fund Letters

Meridian Small Cap Growth Fund

TPB

Turning Point Brands, Inc.

Consumer Staples

Tobacco

Bull

NYSE

Brand management, Consumer products, growth, market share, Nicotine pouches, Tobacco Alternatives

Jun 30, 2025

Fund Letters

Meridian Small Cap Growth Fund

NPKI

NPK International, Inc.

Industrials

Trading Companies & Distributors

Bull

NASDAQ

Composite Matting, divestiture, Industrials, market leader, Rental Fleet, Sustainable, utilities

Mar 31, 2025

Fund Letters

Meridian Small Cap Growth Fund

TNDM

Tandem Diabetes Care, Inc.

Health Care Equipment & Services

Health Care Equipment

Bull

NASDAQ

Automated Insulin Delivery, diabetes care, Healthcare Technology, international expansion, market share gains, Medical devices, Type 1 Diabetes

Mar 31, 2025

Fund Letters

Meridian Small Cap Growth Fund

IMXI

International Money Express, Inc.

Financial Services

Financial Exchanges & Data

Bull

NASDAQ

digital platform, financial technology, Free Cash Flow, Latin America, money transfer, Remittance Services, strategic review

Mar 31, 2025

Fund Letters

Meridian Small Cap Growth Fund

VCYT

Veracyte, Inc.

Health Care Equipment & Services

Life Sciences Tools & Services

Bull

NASDAQ

Afirma, Cancer Testing, Decipher, diagnostics, genomic sequencing, Profitability Improvement, strategic focus

Mar 31, 2025

Fund Letters

Meridian Small Cap Growth Fund

LegalZoom.com, Inc.

Communication Services

Interactive Media & Services

Neutral

NASDAQ

Digital transformation, gross margin improvement, Legal Services, Online Platform, small business, subscription model, Valuation Discipline

Mar 31, 2025

Fund Letters

Meridian Small Cap Growth Fund

RBA

RB Global, Inc.

Communication Services

Interactive Media & Services

Bull

NYSE

acquisition integration, asset disposition, EBITDA margins, Global Marketplace, Industrial Equipment, Salvage Vehicles, Scale Advantages

Mar 31, 2025

Fund Letters

Meridian Small Cap Growth Fund

MMSI

Merit Medical Systems, Inc.

Health Care Equipment & Services

Health Care Equipment

Bull

NASDAQ

earnings growth, FDA approval, Hemodialysis, Interventional Procedures, Margin Improvement, Medical devices, Single-Use

Dec 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

MRAD

Mirion Technologies, Inc.

Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

AI data centers, energy infrastructure, medical technology, Nuclear Power, Radiation Detection, recurring revenue, technology

Dec 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

TPB

Turning Point Brands, Inc.

Consumer Staples

Tobacco

Bull

NYSE

Branded Products, Consumer products, consumer staples, market share growth, Nicotine pouches, Tobacco Alternatives

Dec 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

BYRN

Byrna Technologies, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

Amazon, Consumer products, direct-to-consumer, e-commerce, law enforcement, Non-lethal Defense, Self-defense

Dec 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

TMDX

TransMedics Group, Inc.

Health Care

Health Care Equipment & Supplies

Bear

NASDAQ

growth deceleration, Healthcare Equipment, market share, Medical devices, medical technology, Organ Transplantation

Dec 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

SRI

Stoneridge, Inc.

Consumer Discretionary

Auto Components

Bear

NYSE

Auto Components, Automotive Supplier, balance sheet, commercial vehicles, Electronic Safety Systems, execution risk, product launch

Dec 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

ANGI

Angi, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

digital platform, EBITDA margins, Home Services, Lead Generation, network effects, online marketplace, Service Professionals

Sep 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

STRI

Stoneridge, Inc.

Consumer Discretionary

Automobile Components

Bull

NASDAQ

Automotive Components, commercial vehicles, Electronic Safety Systems, Free Cash Flow, Fuel Economy, Insurance Savings, margin expansion, MirrorEye Technology

Sep 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

LegalZoom.com Inc.

Communication Services

Interactive Media & Services

Neutral

NASDAQ

attractive valuation, Compliance Services, Leadership Change, Legal Services, Online Platform, small business, Tax Services, Wait-and-See

Sep 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

VICI

Vivid Seats, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Advertising Market, Competitive pressure, entertainment, live events, online marketplace, Private Equity Overhang, Revenue Growth, Ticket Reseller

Sep 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

BYRN

Byrna Technologies, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

Advertising Strategy, Amazon, e-commerce, law enforcement, No Background Checks, Non-lethal Defense, Revenue Growth, Self-defense Solutions

Sep 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

EVRI

Everi Holdings, Inc.

Consumer Discretionary

Hotels, Restaurants & Leisure

Bull

NYSE

56% Premium, Cash Access, Compliance Services, Fintech, Gaming Technology, Hardware Manufacturing, Loyalty Programs, private equity acquisition

Sep 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

TPB

Turning Point Brands, Inc.

Consumer Staples

Tobacco

Bull

NYSE

$5 Billion Market, Alternative Smoking, Consumer products, market share gains, Nicotine pouches, Tobacco Alternatives, Tobacco-free Category, Triple-digit Growth

Jun 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

LegalZoom.com, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Brand moat, Legal Services, network effects, Online Platform, operating leverage, SaaS, small business

Jun 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

BYRN

Byrna Technologies, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

Consumer products, direct-to-consumer, e-commerce, innovation, law enforcement, Non-lethal Defense, Personal Security

Jun 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

ALIT

Alight, Inc.

Information Technology

IT Services

Bull

NYSE

Automation, cloud-based, Cost Reduction, Enterprise software, Hr Technology, Human Capital, SaaS

Jun 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

TMDX

TransMedics Group, Inc.

Health Care

Health Care Equipment & Supplies

Bull

NASDAQ

Healthcare Equipment, Logistics Network, Market expansion, medical technology, Organ Transplant, profitability, Proprietary technology

Jun 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

SILK

Silk Road Medical, Inc.

Health Care

Health Care Equipment & Supplies

Neutral

NASDAQ

acquisition target, Boston Scientific, Carotid Artery, market share, Medical Device, Minimally Invasive, TCAR Procedure

Jun 30, 2024

Fund Letters

Meridian Small Cap Growth Fund

AGS

PlayAGS, Inc.

Consumer Discretionary

Hotels, Restaurants & Leisure

Neutral

NYSE

acquisition target, Equipment Manufacturing, Gaming Hardware, gaming industry, private equity, recurring revenue, Slot Machines

Mar 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

CNCL

Consensus Cloud Solutions, Inc.

Information Technology

Application Software

Bull

NASDAQ

cloud services, Data Security, Digital transformation, Enterprise software, Healthcare IT, recurring revenue, SaaS, turnaround

Mar 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

QDEL

QuidelOrtho Corporation

Health Care

Health Care Equipment

Bull

NASDAQ

Clinical Diagnostics, COVID Testing, diagnostics, Healthcare Equipment, Medical devices, Merger Integration, Point-of-Care Testing, product launch

Mar 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

FORR

Forrester Research, Inc.

Communication Services

Research & Consulting Services

Bull

NASDAQ

AI, consulting services, cybersecurity, Digital transformation, Market Research, Salesforce Transition, subscription revenue, Technology Research

Mar 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

BYRN

Byrna Technologies, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

Amazon, Consumer products, direct-to-consumer, e-commerce, law enforcement, Non-Lethal Weapons, Personal Defense, Self-defense

Mar 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

NRGN

Neurogene, Inc.

Health Care

Biotechnology

Bull

NASDAQ

Batten Disease, biotechnology, clinical stage, gene therapy, neurological disorders, rare diseases, Rett Syndrome, Reverse merger

Mar 31, 2024

Fund Letters

Meridian Small Cap Growth Fund

Sweetgreen, Inc.

Consumer Discretionary

Restaurants

Bull

NYSE

Automation Technology, Fast-Casual Restaurants, Healthy Food, Labor Efficiency, margin expansion, New Position, same-store sales, supply chain

Dec 31, 2023

Fund Letters

Meridian Small Cap Growth Fund

MRAD

Mirion Technologies, Inc.

Technology Hardware & Equipment

Electronic Equipment, Instruments & Components

Bull

NYSE

Equity, Industrial technology, medical technology, Mission-Critical, Nuclear Power, Radiation Detection, recurring revenue

Dec 31, 2023

Fund Letters

Meridian Small Cap Growth Fund

CARG

CarGurus, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

automotive, digital platform, e-commerce, Equity, Lead Generation, online marketplace, Two-Sided Market

Dec 31, 2023

Fund Letters

Meridian Small Cap Growth Fund

CCCC

C4 Therapeutics, Inc.

Health Care

Biotechnology

Bull

NASDAQ

biotechnology, Cancer Therapy, Clinical trials, Equity, Novel Therapeutics, Pharmaceutical Partnership, Protein degradation

TICKER	COMMENTARY
AMPL	Amplitude, Inc. is a leading digital analytics platform that enables product and engineering teams to measure user engagement, identify behavioral patterns, and make data-driven decisions about product development. The company is benefiting from the proliferation of AI-native software companies that rely on analytics to inform rapid development cycles, and has demonstrated six consecutive quarters of accelerating ARR growth. Despite delivering a strong quarter with improving growth metrics and expanding enterprise adoption, shares declined sharply amid a broad selloff in software names driven by fears that AI will displace existing software platforms. We believe Amplitude is a beneficiary rather than a victim of AI trends and view the current valuation as compelling.
ZBIO	Zenas BioPharma, Inc. is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases, with its lead candidate targeting IgG4-related disease, a rare and underserved inflammatory condition. The company offers a differentiated approach with a potentially safer profile and more convenient at-home dosing compared to existing therapies. Shares declined after Phase 3 clinical data, while meeting statistical significance, showed a flare reduction rate that fell short of market expectations and compared unfavorably to a competing therapy. We continue to evaluate the opportunity but believe the company's differentiated safety and dosing profile may still support a meaningful role in treatment.
ALKT	Alkami Technology, Inc. is a leading cloud-based digital banking platform serving community banks and credit unions, enabling them to compete with larger institutions through modern digital experiences. The company benefits from a large addressable market of nearly 1,900 institutions still on legacy systems, and its bundled digital sales and service platform is driving higher win rates and increased revenue per user. Shares declined during the quarter as extended implementation timelines for new clients weighed on near-term revenue growth expectations, compounded by the broader software selloff. We believe the highly regulated nature of Alkami's bank and credit union customer base provides meaningful insulation from AI disruption, and that revenue growth should reaccelerate as new client implementations ramp into production.
ALM	Almonty Industries, Inc. is a global producer of tungsten concentrate with mining operations in Portugal, Spain, and South Korea. The company is uniquely positioned as one of the few significant tungsten producers outside of China offering Western defense and industrial supply chains a critical alternative source. During the period, China imposed severe export curbs on tungsten, sending prices to historic highs and driving shares up significantly. The timing coincided with the commencement of production at Almonty's flagship Sangdong mine, amplifying investor enthusiasm for the company's role in securing non-Chinese critical mineral supply.
CGON	CG Oncology, Inc. is a clinical-stage biotechnology company developing oncolytic immunotherapies for bladder cancer. The company targets non-muscle invasive bladder cancer, a large and underserved market where existing treatments carry significant side-effect profiles, positioning its lead candidate as a differentiated therapeutic alternative. Shares advanced sharply following the release of pivotal clinical data that exceeded expectations, reinforcing the competitive potential of the company's lead program. The strong efficacy signals drove renewed investor interest and positioned the company favorably ahead of key regulatory milestones that could further unlock value.
KEX	Kirby Corp. is the largest domestic tank barge operator in the United States, transporting petrochemicals, refined products, and agricultural chemicals through its inland and coastal marine fleets, with an additional distribution and services segment. The company benefits from a disciplined supply environment in the inland market and a rapidly expanding power generation backlog. During the quarter, shares advanced as strong performance in the coastal marine and power generation businesses more than offset ongoing pricing pressure in the inland market, while the substantial backlog provided confidence in forward growth visibility.

TICKER

COMMENTARY

AMPL

Amplitude, Inc. is a leading digital analytics platform that enables product and engineering teams to measure user engagement, identify behavioral patterns, and make data-driven decisions about product development. The company is benefiting from the proliferation of AI-native software companies that rely on analytics to inform rapid development cycles, and has demonstrated six consecutive quarters of accelerating ARR growth. Despite delivering a strong quarter with improving growth metrics and expanding enterprise adoption, shares declined sharply amid a broad selloff in software names driven by fears that AI will displace existing software platforms. We believe Amplitude is a beneficiary rather than a victim of AI trends and view the current valuation as compelling.

ZBIO

Zenas BioPharma, Inc. is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases, with its lead candidate targeting IgG4-related disease, a rare and underserved inflammatory condition. The company offers a differentiated approach with a potentially safer profile and more convenient at-home dosing compared to existing therapies. Shares declined after Phase 3 clinical data, while meeting statistical significance, showed a flare reduction rate that fell short of market expectations and compared unfavorably to a competing therapy. We continue to evaluate the opportunity but believe the company's differentiated safety and dosing profile may still support a meaningful role in treatment.

ALKT

Alkami Technology, Inc. is a leading cloud-based digital banking platform serving community banks and credit unions, enabling them to compete with larger institutions through modern digital experiences. The company benefits from a large addressable market of nearly 1,900 institutions still on legacy systems, and its bundled digital sales and service platform is driving higher win rates and increased revenue per user. Shares declined during the quarter as extended implementation timelines for new clients weighed on near-term revenue growth expectations, compounded by the broader software selloff. We believe the highly regulated nature of Alkami's bank and credit union customer base provides meaningful insulation from AI disruption, and that revenue growth should reaccelerate as new client implementations ramp into production.

ALM

Almonty Industries, Inc. is a global producer of tungsten concentrate with mining operations in Portugal, Spain, and South Korea. The company is uniquely positioned as one of the few significant tungsten producers outside of China offering Western defense and industrial supply chains a critical alternative source. During the period, China imposed severe export curbs on tungsten, sending prices to historic highs and driving shares up significantly. The timing coincided with the commencement of production at Almonty's flagship Sangdong mine, amplifying investor enthusiasm for the company's role in securing non-Chinese critical mineral supply.

CGON

CG Oncology, Inc. is a clinical-stage biotechnology company developing oncolytic immunotherapies for bladder cancer. The company targets non-muscle invasive bladder cancer, a large and underserved market where existing treatments carry significant side-effect profiles, positioning its lead candidate as a differentiated therapeutic alternative. Shares advanced sharply following the release of pivotal clinical data that exceeded expectations, reinforcing the competitive potential of the company's lead program. The strong efficacy signals drove renewed investor interest and positioned the company favorably ahead of key regulatory milestones that could further unlock value.

KEX

Kirby Corp. is the largest domestic tank barge operator in the United States, transporting petrochemicals, refined products, and agricultural chemicals through its inland and coastal marine fleets, with an additional distribution and services segment. The company benefits from a disciplined supply environment in the inland market and a rapidly expanding power generation backlog. During the quarter, shares advanced as strong performance in the coastal marine and power generation businesses more than offset ongoing pricing pressure in the inland market, while the substantial backlog provided confidence in forward growth visibility.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Pharmaceuticals

Defense Spending

Valuation

AI

AI

Small Caps

Quality

Small Caps

Quality

Resilience

Energy

Nuclear

Small Caps

Trade Policy

Medical Devices

Diagnostics

Nuclear

Healthcare

Gaming

Healthcare

Automotive

Medical Devices

Small Caps

Healthcare

Automation

E-commerce

Biotechnology

Medical Devices

Gaming

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Chad Meade Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Meridian Small Cap Growth Fund