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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 24, 2025 | Meridian Contrarian Fund | 6.7% | - | HNST, KRNT, LASR, PENG, PL, PRGO | AI, defense, Electrification, small caps, turnaround | The fund focuses on undervalued companies with visible catalysts for recovery, highlighting themes in AI infrastructure, electrification, and defense technology. Managers see opportunities in overlooked small- and mid-cap firms benefiting from industrial automation and power transition. The contrarian strategy targets earnings rebounds from improving fundamentals despite macro uncertainty. | LASR PL KRNT PRGO HNST LASR PL KRNT PRGO HNST |
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| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | James England | Penguin Solutions, Inc. | Information Technology | Technology Hardware | Bull | NASDAQ | Computing, hyperscalers, Memory, turnaround, valuation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Eleceed Capital | Penguin Solution | Information Technology | Information Technology Services | Bull | NASDAQ | — | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.0M | 0.00% | 102,999 | -526,443 | -83.64% | 0.2005% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $266,955 | 0.00% | 13,648 | -16,565 | -54.83% | 0.0266% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.2M | 0.00% | 62,404 | -323,291 | -83.82% | 0.1215% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $2.0M | 0.04% | 100,000 | +82,187 | +72.99% | 0.1947% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $8.7M | 0.01% | 446,146 | -33,775 | -7.04% | 0.8686% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $5.6M | 0.01% | 283,966 | -39,191 | -12.13% | 0.5528% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.5M | 0.00% | 176,728 | -36,931 | -17.29% | 0.3441% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $1,193 | 0.00% | 61 | +61 | +100.00% | 0.0001% |