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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names."
The Meridian Contrarian Fund returned 17.75% net in Q2 2026, underperforming the Russell 2500 Index's 20.26% return as momentum-driven technology stocks dominated small and mid-cap indices. The fund's top contributors were BlackBerry, CEVA, and PDF Solutions—all semiconductor-related positions benefiting from the accelerating AI investment cycle and strong operational execution. BlackBerry's QNX embedded software is gaining traction in automotive and physical AI applications. CEVA's neural processing IP portfolio is penetrating edge AI and robotics markets with notable design wins. PDF Solutions' AI-powered yield improvement tools are becoming increasingly valuable as semiconductor complexity rises. The fund's contrarian approach focuses on identifying mispriced recovery candidates where operational improvements can unlock value. Detractors included California Resources (oil price weakness on Middle East de-escalation), Trimble (software re-rating on AI competition concerns), and CACI International (defense funding concerns). The manager trimmed winners consistent with risk management discipline while maintaining conviction in the fund's bottom-up research process. The research pipeline remains strong despite uncertain macro conditions including elevated inflation and Fed policy uncertainty.
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