SBH

SBH

SBH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM	energy, Hedging, large cap, Quality, risk management, technology	AI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements.	AMZN NVDA VST RIVN LBRDA SBH	View
2024 Q4	Dec 31, 2024	Polaris Global Equity	-5.8%	6.2%	000660.KS, 005930.KS, 066570.KS, 6758.T, ALSN, CFR, COF, CROX, CVS, ELV, GD, GILD, JAZZ, JPM, ML.PA, SAIC, SBH, SLM, TGLS, UNH	banks, financials, Geopolitical, global, inflation, value	Portfolio positioned as value-oriented with strong current earnings and cash flows, expected to benefit from higher-for-longer interest rates. Manager continues to find and add attractively priced companies to supplement compelling valuation profile.		View
2023 Q4	Dec 31, 2023	Meridian Hedged Equity Fund	6.2%	0.0%	ALGM, AMZN, COTY, LBRDK, LEVI, LW, LYV, MSFT, RIVN, SBH, SPHR, VST, ZM	consumer, Hedged Equity, Quality, risk management, technology, value	Allegro Microsystems faced headwinds from weaker guidance and inventory corrections in automotive and industrial markets. The company continues to see strong traction in e-mobility business targeting electric and autonomous vehicles. Long-term outlook remains positive despite near-term uncertainty around recovery pace.	AAPL\|MSFT\|NFLX\|NVDA\|UNH LEVI SBH SPHR ALGM LBRDK	View
2025 Q3	Oct 16, 2025	Polaris Global Equity	5.0%	18.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS	AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations	The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts.		View
2025 Q4	Jan 20, 2026	Polaris Global Equity	7.0%	26.8%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL	AI, diversification, global, international, Outperformance, semiconductors, technology, value	AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure.	267260 KS UTHR JAZZ CAP FP MKSI 000660 KS	View
2024 Q3	Sep 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU	Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel	Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets.	AMZN MGM PGNY YOU SBH VST	View
2024 Q3	Sep 30, 2024	Polaris Global Equity	6.9%	12.7%	ABBV, ALSN, BPOP, CTC.TO, GILD, GLPI, INGR, MPC, MSFT, MTB, NOV, NVDA, SAIC, SBH, UTHR	AI, Biotechnology, cyclicals, financials, global, rates, value	Interest rates finally peaked with most central banks globally initiating an easing cycle. The era of 0% interest and free money has ended, with rates expected to remain higher than the prior cycle. This normalized rate environment makes current earnings and dividend payments more valuable while future earnings projections become less so.		View
2023 Q3	Sep 30, 2023	Meridian Hedged Equity Fund	6.2%	0.0%	COTY, DBRG, LEVI, LW, LYV, MSFT, RIVN, SBH, VST, ZM	consumer, Diversified, Equity, large cap, technology			View
2024 Q2	Jul 30, 2024	Schroders Value Perspective Global	0.0%	0.0%	5991.T, 6995.T, 9404.T, BMY, LZB, MHK, PFE, SBH, SWK	Concentration, Cyclical, global, Japan, Midcaps, underperformance, Valuations, value	The fund maintains a concentrated value approach despite recent underperformance relative to growth stocks. The manager emphasizes that valuations matter over longer time horizons and believes the cheapest part of the market is meaningfully undervalued versus its long-term history. They expect value to outperform in the coming decade as market concentration reverses.		View
2024 Q2	Jun 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU	Covered Calls, Hedging, large cap, Quality, risk management, technology, value	Strong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads.	AMZN RIVN VST USB DIS LSXMK	View
2025 Q1	Mar 31, 2025	Polaris Global Equity	4.1%	4.1%	000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC	AI, energy, Europe, financials, global, tariffs, technology, Trade	The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth.		View
2023 Q1	Mar 31, 2023	Meridian Hedged Equity Fund	6.2%	0.0%	AAP, AAPL, LEVI, LMACU, SBH, USB	-			View
2022 Q4	Jan 31, 2023	Meridian Hedged Equity Fund	6.2%	0.0%	4CB, AMZN, COTY, DIS, SBH, STRYQ	-			View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		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 Hedged Equity Fund	Sally Beauty Holdings, Inc.	Consumer Discretionary	Specialty Retail	Bull	NYSE	beauty products, covered calls, Free Cash Flow, margin expansion, share repurchases, Specialty retail, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Meridian Hedged Equity Fund	Sally Beauty Holdings, Inc.	Consumer Discretionary	Specialty Retail	Neutral	NYSE	beauty products, Consumer Discretionary, inflation impact, margin expansion, Private-label, Specialty retail, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Meridian Hedged Equity Fund	Sally Beauty Holdings, Inc.	Consumer Discretionary	Specialty Retail	Bull	NYSE	beauty products, Consumer Discretionary, Customer Acquisition, DIY Care, Free Cash Flow, Performance Marketing, Professional Beauty, Specialty retail, Value	View Pitch

BSD Shareholders of SBH

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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