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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Meridian Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation."
The Meridian Growth Fund returned 19.10% in Q2 2026, trailing the Russell 2500 Growth Index's 24.02% return as U.S. equity markets staged a powerful recovery following the de-escalation of geopolitical tensions with Iran. The Fund's underperformance was driven by factor and style headwinds during the risk-on rally, as the market aggressively rewarded high-beta and high-momentum stocks while the portfolio's lower-volatility, quality-oriented positioning lagged. The highest-beta quintile returned roughly 44% versus roughly 3% for the lowest-beta quintile, creating a powerful headwind. Stock selection was a positive contributor, partially offsetting factor pressures. Top contributors included Hinge Health, which beat earnings and raised guidance; Definium Therapeutics, which reported positive Phase 3 results in major depressive disorder; and GlobalFoundries, which benefited from accelerating revenue and silicon photonics growth. The Fund's emphasis on downside protection proved effective, outperforming the benchmark on all three days when the index declined by 2% or more. Looking forward, the manager is monitoring the durability of risk appetite, Federal Reserve policy trajectory, and energy price volatility while maintaining focus on high-quality businesses with durable competitive advantages and sustainable earnings growth.
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