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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-conscious investment style."
During the quarter ended June 30, 2025, the Meridian Growth Fund returned 4.10% (net), underperforming its benchmark, the Russell 2500 Growth Index, which posted a robust 11.31% return. U.S. equity markets staged a remarkable recovery from their April lows, fueled by a 90-day pause in President Trump's 'Liberation Day' tariff implementation, ultimately closing near record highs with large-cap growth stocks leading the way. The Fund's defensive, high-quality posture, which prioritizes risk management and avoids expensive, high-momentum stocks, created a relative headwind during this sharp, high-beta market rebound. Underweight exposures to real estate and energy, combined with solid stock selection in consumer staples and industrials, supported performance, whereas overweight exposures to healthcare and communication services acted as detractors. Top individual contributors included Curtiss-Wright Corp., Federal Signal Corp., and new position DraftKings, Inc., while Ziff Davis, Inc., Halozyme Therapeutics, Inc., and The Cooper Companies, Inc. were the primary detractors. Looking ahead, the Fund's managers maintain a constructive but disciplined outlook, expecting potential relief from tariff negotiations and possible Fed easing later in the year, while remaining committed to quality businesses with stable revenues and attractive valuations.
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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 Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Growth Outlook
Market outlook remains above average conviction: The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Risk Appetite
Risk appetite posture is moderate conviction: The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Forward Guidance
Forward guidance signal: The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Language Signal
Tone analysis indicates moderate conviction language: The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Meridian Growth Fund returned 4.10% in Q2 2025, underperforming its benchmark's 11.31% return as a sharp high-beta market recovery penalized the Fund's disciplined, risk-consci...
