Meridian Contrarian Fund
Schedule of Investments
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |
Common Stocks - 93.0% | ||
Communication Services - 1.0% | ||
Interactive Media & Services - 1.0% | ||
Eventbrite, Inc. Class A1,2 | 321,000 | $5,684,910 |
Total Communication Services | 5,684,910 | |
Consumer Discretionary - 16.3% | ||
Auto Components - 1.4% | ||
Lear Corp. | 67,000 | 7,899,300 |
Hotels, Restaurants & Leisure - 2.9% | ||
Brinker International, Inc. | 199,000 | 8,491,330 |
Penn National Gaming, Inc.1,2 | 427,000 | 7,952,875 |
16,444,205 | ||
Leisure Products - 1.9% | ||
Polaris, Inc. | 119,000 | 10,473,190 |
Specialty Retail - 3.3% | ||
Children's Place, Inc. (The)2 | 133,000 | 10,239,670 |
Designer Brands, Inc. Class A2 | 491,000 | 8,405,920 |
18,645,590 | ||
Textiles, Apparel & Luxury Goods - 6.8% | ||
Gildan Activewear, Inc. (Canada) | 463,000 | 16,436,500 |
Hanesbrands, Inc.2 | 635,000 | 9,728,200 |
Skechers U.S.A., Inc. Class A1 | 333,000 | 12,437,550 |
38,602,250 | ||
Total Consumer Discretionary | 92,064,535 | |
Consumer Staples - 4.5% | ||
Food Products - 4.5% | ||
Nomad Foods Ltd. (United Kingdom)1 | 429,000 | 8,794,500 |
TreeHouse Foods, Inc.1,2 | 299,000 | 16,579,550 |
Total Consumer Staples | 25,374,050 | |
Energy - 3.2% | ||
Energy Equipment & Services - 1.4% | ||
Liberty Oilfield Services, Inc. Class A2 | 558,000 | 6,043,140 |
Nine Energy Service, Inc.1,2 | 349,000 | 2,153,330 |
8,196,470 | ||
Oil, Gas & Consumable Fuels - 1.8% | ||
California Resources Corp.1,2 | 204,571 | 2,086,624 |
EOG Resources, Inc. | 107,000 | 7,941,540 |
10,028,164 | ||
Total Energy | 18,224,634 | |
Financials - 14.6% | ||
Banks - 5.3% | ||
Bank of Hawaii Corp.2 | 140,968 | 12,113,380 |
Citizens Financial Group, Inc. | 338,409 | 11,969,527 |
Shares | Value | |
Umpqua Holdings Corp. | 354,000 | $5,826,840 |
29,909,747 | ||
Capital Markets - 5.8% | ||
Credit Suisse Group AG ADR (Switzerland) | 741,000 | 9,047,610 |
Pivotal Acquisition Corp.1 | 450,000 | 5,181,750 |
Pivotal Acquisition Corp. Class A1 | 100,000 | 1,018,000 |
Pivotal Investment Corp. II1,2 | 300,000 | 3,054,000 |
SEI Investments Co. | 251,000 | 14,873,005 |
33,174,365 | ||
Insurance - 3.5% | ||
American International Group, Inc. | 251,000 | 13,980,700 |
Assurant, Inc. | 45,000 | 5,661,900 |
19,642,600 | ||
Total Financials | 82,726,712 | |
Health Care - 7.1% | ||
Biotechnology - 4.1% | ||
Agios Pharmaceuticals, Inc.1,2 | 62,000 | 2,008,800 |
Deciphera Pharmaceuticals, Inc.1 | 169,000 | 5,735,860 |
Heron Therapeutics, Inc.1,2 | 422,790 | 7,821,615 |
Immunomedics, Inc.1,2 | 445,000 | 5,900,700 |
Precision BioSciences, Inc.1,2 | 229,151 | 1,922,577 |
23,389,552 | ||
Health Care Equipment & Supplies - 1.5% | ||
Axogen, Inc.1 | 230,747 | 2,879,723 |
Merit Medical Systems, Inc.1 | 192,000 | 5,848,320 |
8,728,043 | ||
Life Sciences Tools & Services - 0.7% | ||
Accelerate Diagnostics, Inc.1,2 | 200,000 | 3,714,000 |
Pharmaceuticals - 0.8% | ||
WaVe Life Sciences Ltd.1,2 | 212,000 | 4,352,360 |
Total Health Care | 40,183,955 | |
Industrials - 12.5% | ||
Air Freight & Logistics - 0.6% | ||
Echo Global Logistics, Inc.1 | 151,000 | 3,420,150 |
Building Products - 1.8% | ||
Advanced Drainage Systems, Inc. | 312,000 | 10,068,240 |
Commercial Services & Supplies - 4.6% | ||
ABM Industries, Inc.2 | 386,752 | 14,046,833 |
Covanta Holding Corp.2 | 704,020 | 12,172,506 |
26,219,339 | ||
Industrial Conglomerates - 2.5% | ||
Carlisle Cos., Inc. | 95,000 | 13,826,300 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
Machinery - 1.1% | ||
Xylem, Inc. | 75,610 | $6,020,068 |
Marine - 1.9% | ||
Matson, Inc. | 291,886 | 10,948,644 |
Total Industrials | 70,502,741 | |
Information Technology - 19.7% | ||
Electronic Equipment, Instruments & Components - 1.3% | ||
Trimble, Inc.1 | 197,156 | 7,651,624 |
IT Services - 3.2% | ||
CACI International, Inc. Class A1 | 40,800 | 9,435,408 |
Switch, Inc. Class A | 545,656 | 8,523,147 |
17,958,555 | ||
Semiconductors & Semiconductor Equipment - 4.0% | ||
Advanced Micro Devices, Inc.1,2 | 360,000 | 10,436,400 |
Ambarella, Inc.1 | 60,000 | 3,770,100 |
Micron Technology, Inc.1 | 65,000 | 2,785,250 |
NVIDIA Corp. | 32,000 | 5,570,240 |
22,561,990 | ||
Software - 11.2% | ||
Benefitfocus, Inc.1 | 116,335 | 2,769,936 |
FireEye, Inc.1,2 | 653,000 | 8,711,020 |
LogMeIn, Inc. | 164,000 | 11,637,440 |
Microsoft Corp. | 40,700 | 5,658,521 |
Nuance Communications, Inc.1 | 1,026,000 | 16,734,060 |
Verint Systems, Inc.1 | 284,000 | 12,149,520 |
Zuora, Inc. Class A1,2 | 378,000 | 5,688,900 |
63,349,397 | ||
Total Information Technology | 111,521,566 | |
Materials - 4.7% | ||
Containers & Packaging - 2.4% | ||
Graphic Packaging Holding Co. | 900,000 | 13,275,000 |
Metals & Mining - 2.3% | ||
Newmont Goldcorp Corp. | 346,000 | 13,120,320 |
Total Materials | 26,395,320 | |
Real Estate - 6.1% | ||
Equity Real Estate Investment Trusts (REITS) - 3.2% | ||
VICI Properties, Inc.2 | 795,493 | 18,017,916 |
Real Estate Management & Development - 2.9% | ||
Kennedy-Wilson Holdings, Inc.2 | 748,000 | 16,396,160 |
Total Real Estate | 34,414,076 | |
Utilities - 3.3% | ||
Independent Power & Renewable Electricity Producers - 2.4% | ||
TerraForm Power, Inc. Class A | 745,000 | 13,577,625 |
Shares | Value | |
Water Utilities - 0.9% | ||
AquaVenture Holdings Ltd.1,2 | 255,000 | $4,954,650 |
Total Utilities | 18,532,275 | |
Total Common Stocks - 93.0% (Cost $459,044,845) | 525,624,774 |
Shares/ Principal Amount | ||
Short-Term Investments - 3.8%3 | ||
Repurchase Agreements - 3.8% | ||
Bank of America Securities Inc., dated 9/30/19, due 10/1/19, 2.30% total to be received $1,475,547 (collateralized by various U.S. Treasury Obligations, 1.13% - 2.25%, 8/31/21 - 11/15/27, totaling $1,504,962) | $1,475,453 | 1,475,453 |
BNP Paribas S.A., dated 9/30/19, due 10/1/19, 2.36% total to be received $4,987,841 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.25%, 11/21/19 - 5/15/49, totaling $5,087,264) | 4,987,514 | 4,987,514 |
Citigroup Global Markets, Inc., dated 9/30/19, due 10/1/19, 2.32% total to be received $4,987,835 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 9.00%, 6/1/24 - 10/1/49, totaling $5,087,266) | 4,987,514 | 4,987,514 |
National Bank Financial Ltd. dated 9/30/19, due 10/1/19, 1.91% total to be received $4,987,779 (collateralized by various U.S. Treasury Obligations, 0.00% - 5.25%, 10/1/19 - 2/15/40, totaling $5,087,264) | 4,987,514 | 4,987,514 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares/ Principal Amount | Value | |
RBC Dominion Securities Inc., dated 9/30/19, due 10/1/19, 2.37% total to be received $4,987,842 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/15/19 - 9/1/49, totaling $5,087,264) | $4,987,514 | $4,987,514 |
Total Repurchase Agreements | 21,425,509 | |
Total Short-Term Investments - 3.8% (Cost $21,425,509) | 21,425,509 | |
Total Investments -96.8% (Cost $480,470,354) | 547,050,283 | |
Cash and Other Assets, Less Liabilities - 3.2% | 17,948,615 | |
Net Assets - 100.0% | $564,998,898 |
ADR—American Depositary Receipt |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at September 30, 2019. Total value of such securities at period-end amounts to $120,164,142 and represents 21.27% of net assets. Securities loaned with a value of $1,803,230 have been sold and are pending settlement as of September 30, 2019. |
3 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.meridianfund.com |