CARG

CARG

CARG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Meridian Growth Fund	4.1%	-	ALGN, CARG, CHDN, COO, CW, DKNG, DOCS, EEFT, FSS, GFS, HALO, RBA, SPT, TRMB, ZD	growth, healthcare, industrials, Quality, risk management, small cap, technology	The fund's investment approach is grounded in investing in high-quality businesses with recurring revenue and sustainable competitive advantages. This emphasis on quality businesses with stable revenues and attractive valuations remains the core strategy going forward.	DKNG FSS CW COO HALO ZD COO HALO ZD	View
2025 Q2	Aug 2, 2025	Meridian Small Cap Growth Fund	6.9%	-	ALIT, AXGN, CARG, CCSI, FSS, KEX, MIR, NTIC, PACK, RELY, SPT, TPB, VNOM	energy, growth, healthcare, nuclear, Quality, Resilience, 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.	NPKI TPB MIR VNOM AXGN RANP VNOM AXGN PACK	View
2024 Q1	Apr 15, 2024	Meridian Growth Fund	6.8%	0.0%	ACVA, ALIT, CARG, EEFT, IRDM, MATX, QDEL, RBA, SHC, ST, STE, TRMB, ZD	growth, Quality, Recurring Revenue, risk management, small caps, technology	QuidelOrtho Corporation is a global leader in the diagnostics industry following the merger of Quidel and Ortho Clinical Diagnostics. The company faced challenges from a dramatic slowdown in Covid-19 testing volumes but maintains steady performance in its core clinical diagnostic division with EBITDA margins north of 20%.	RBA ACVA TRMB SHC IRDM QDEL	View
2024 Q1	Apr 15, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, ALIT, BYRN, CARG, CNCL, FORR, LZ, MATX, MIR, MMSI, NRGN, QDEL, RBA, SG, STNE, TPB	Automation, Diagnostics, growth, healthcare, small cap, technology	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.	SG NRGN BYRN FORR QDEL CNCL	View
2025 Q1	Mar 31, 2025	Meridian Growth Fund	-8.0%	-8.0%	ALIT, CARG, CHDN, COO, EEFT, HALO, OKTA, RBA, STE, TNDM, TRMB, WAY, ZD	Biotechnology, cybersecurity, growth, healthcare, Quality, Resilience, small caps, tariffs	The fund focuses on small-cap growth investing through the Russell 2500 Growth Index benchmark, with emphasis on high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy demonstrated resilience during the quarter's market decline, outperforming on six of seven days when the index declined 2% or more.	CARG TNDM ZD RBA HALO OKTA	View
2025 Q1	Mar 31, 2025	Meridian Small Cap Growth Fund	-12.2%	-12.2%	ALIT, CARG, CSOD, IMXI, LZ, MMSI, RBA, TNDM, TPB, VCYT, VNOM, WAY	Diagnostics, growth, healthcare, Medical Devices, small caps, tariffs, Trade Policy, volatility	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.	MMSI RBA LZ VCYT IMXI TNDM	View
2024 Q4	Feb 10, 2025	Meridian Growth Fund	-0.8%	6.3%	ALIT, CARG, CHDN, DOCS, EEFT, GNRC, OKTA, RBA, RELY, ST, STE, TMDX, TRMB, ZD	growth, healthcare, industrials, Quality, small caps, technology	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.	CARG RELY DOCS STE ST TMDX	View
2024 Q4	Feb 10, 2025	Meridian Small Cap Growth Fund	2.8%	11.7%	AGS, ALIT, ANGI, BYRN, CARG, CCSI, MIR, RBA, SMAR, STNE, TMDX, TPB, WAY	growth, healthcare, nuclear, Quality, risk management, small caps, technology	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.	ANGI SRI TMDX BYRN TPB MRAD	View
2023 Q4	Dec 31, 2023	Meridian Growth Fund	6.8%	0.0%	ALIT, CARG, CHDN, EEFT, FOXF, GOOS, HSIC, MATX, RBA, ST, STE, TRMB, ZD	growth, industrials, Quality, small caps, technology	The Fund's investment approach focuses on high-quality companies with recurring revenue and sustainable competitive advantages. The strategy emphasizes building an enduring portfolio that can mitigate capital losses during turbulent bear market environments.	MATX EEFT CARG HSIC FOXF GOOS.TO	View
2023 Q4	Dec 31, 2023	Meridian Small Cap Growth Fund	6.2%	0.0%	ALIT, CARG, CCCC, CCSI, EVRI, HDSN, MATX, MIR, QDEL, RBA, SKIN, SONX, TPB	Biotechnology, gaming, growth, healthcare, small cap, technology, value	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.	CCCC CARG MRAD	View
2025 Q3	Oct 30, 2025	Spheria Global Opportunities Fund	-1.7%	-	CARG, FERG, HEM.ST, ITRK, LPLA, SPNS, UHR.SW, USLM, WMK	AI, fundamentals, global, Quality, risk management, small cap, Speculation, value	Markets remained captivated by the relentless momentum of all things AI, a theme increasingly shaping narratives around productivity, employment, and market structure, even as a growing chorus warned of speculative excess.	USLM LPLA	View
2025 Q3	Oct 24, 2025	Meridian Growth Fund	-1.8%	-	ALGN, ALIT, ALKT, CARG, CHDN, COO, DT, GFS, HALO, MDGL, RELY, SPT, STE, TRMB, ZD	AI, growth, healthcare, industrials, Quality, small caps, SMID, technology	The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. While AI remains transformative long-term, valuations have become disconnected from fundamentals with companies exceeding $10 billion market caps lacking profits or revenues. The fund remains disciplined and unlikely to pursue high-momentum AI names without meaningful revenues or profitability.	ZD HALO MDGL ALGN SPT ALIT	View
2025 Q3	Oct 24, 2025	Meridian Small Cap Growth Fund	4.2%	-	ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA	AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations	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.	CCSI ZENAS TPB KEX SPT ALIT ZD HALO MDGL ALGN SPT CCSI KEX SPT	View
2025 Q4	Jan 29, 2026	abrdn U.S. Small Cap Equity Fund	0.5%	8.8%	ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV	healthcare, industrials, infrastructure, Quality, small caps, technology	The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure.	CORT	View
2025 Q4	Jan 14, 2026	Spheria Global Opportunities Fund	-3.0%	2.9%	ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI	financials, global, industrials, Quality, small caps, technology	The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies.	PAYC JKHY	View
2024 Q3	Sep 30, 2024	Meridian Growth Fund	6.8%	0.0%	CARG, CHDN, COO, DOCS, EEFT, GFS, OKTA, RBA, SMAR, ST, STE, TRMB, ZD	growth, healthcare, semiconductors, small caps, software, technology	The fund is gaining confidence in healthcare outlook after years of underperformance. Healthcare stocks are trading slightly below historical valuations with stable to improving fundamentals. Recent company checks reinforce a sound basis for the portfolio's overweight position in this sector.	COO SMAR DOCS GFS ZD OKTA	View
2024 Q3	Sep 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	AGS, BYRN, CARG, EVRI, LZ, MIR, MMSI, RBA, SEAT, SMAR, SRI, TMDX, TPB	Automotive, consumer, gaming, growth, healthcare, small caps	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.	TPB EVRI BYRN VICI LZ STRI	View
2022 Q3	Sep 30, 2022	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AZZ, CARG, CMP, ECVT, GBLI, HCCI, LGF/A, VSAT, WSTG	-			View
2024 Q2	Jun 30, 2024	Meridian Growth Fund	6.8%	0.0%	ACVA, AGIO, ALIT, CARG, CHDN, CHWY, EEFT, RBA, RELY, SMAR, ST, STE, TMDX, TRMB, ZD	consumer discretionary, growth, healthcare, industrials, Quality, small cap, technology	The fund holds Transmedics Group, a medical technology company with a differentiated capability to facilitate organ transplants through their Organ Care System (OCS). The company reported increased adoption and buildout of its OCS platform with strong top-line growth and profitability metrics ahead of plan.	RELY TRMB ALIT AGIO CHWY TMDX	View
2024 Q2	Jun 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB	downside protection, growth, Medical Devices, Quality, small caps, technology	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.	AGS SILK TMDX ALIT BYRN LZ	View
2023 Q2	Jun 30, 2023	Meridian Growth Fund	6.8%	0.0%	ACTA, CARG, CERT, ST, STE, ZD	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Meridian Growth Fund	CarGurus, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	CarOffer Acquisition, Dealer Services, digital advertising, inventory normalization, Lead Generation, Online Automotive Marketplace, Pricing power	View Pitch
Apr 28, 2026	Fund Letters	Meridian Small Cap Growth Fund	CarGurus, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	automotive, digital platform, e-commerce, Equity, Lead Generation, online marketplace, Two-Sided Market	View Pitch
Apr 13, 2026	Fund Letters	Meridian Growth Fund	CarGurus, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	automotive, Dealer Services, digital platform, Free Cash Flow, online marketplace, restructuring, Wholesaling Business	View Pitch
Apr 13, 2026	Fund Letters	Meridian Growth Fund	CarGurus, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Auction Business, automotive marketplace, Bull, Dealer Network, digital platform, e-commerce, Operational Leverage	View Pitch
Nov 25, 2025	Substack	Scalpavelli	CarGurus, Inc.	Consumer Discretionary	Auto & Truck Dealerships	Bull		automotive marketplace, Competition, earnings yield, financial discipline, goodco/badco, innovation, market consolidation, market presence, primary business growth, user-friendly platform	View Pitch

BSD Shareholders of CARG

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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