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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize covered call overlays to mitigate downside risks in an elevated valuation environment."
In the quarter ending September 30, 2025, the Meridian Hedged Equity Fund posted a net gain of 1.67%, underperforming the S&P 500 Index's gain of 8.13% and the CBOE S&P 500 BuyWrite Index's return of 3.53%. Market gains were driven by monetary easing and robust AI-focused momentum, despite underlying macroeconomic risks like persistent inflation, stagflation concerns, and a softening labor market. Key contributors included Figure Technology Solutions, D.R. Horton, and Johnson & Johnson, while Liberty Broadband, Kenvue, and Intercontinental Exchange detracted from performance. The fund remains constructive yet disciplined, using a covered call hedging strategy (with 38% of the portfolio unhedged at quarter-end) to balance long-term growth and capital preservation.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Growth Outlook
Market outlook remains above average conviction: The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Risk Appetite
Risk appetite posture is moderate conviction: The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Forward Guidance
Forward guidance signal: The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Language Signal
Tone analysis indicates above average conviction language: The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Meridian Hedged Equity Fund achieved a 1.67% return in Q3 2025, lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize cov...
