Meridian Growth Fund
Schedule of Investments
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |
Common Stocks - 89.0% | ||
Communication Services - 2.7% | ||
Entertainment - 1.9% | ||
Cinemark Holdings, Inc.1 | 1,024,295 | $39,578,759 |
Interactive Media & Services - 0.1% | ||
Cargurus, Inc.2 | 47,307 | 1,464,152 |
Media - 0.7% | ||
National CineMedia, Inc.1 | 1,836,706 | 15,060,989 |
Total Communication Services | 56,103,900 | |
Consumer Discretionary - 17.0% | ||
Auto Components - 0.1% | ||
Fox Factory Holding Corp.2 | 34,231 | 2,130,537 |
Diversified Consumer Services - 3.0% | ||
frontdoor, Inc.2 | 758,365 | 36,833,788 |
Grand Canyon Education, Inc.2 | 276,722 | 27,174,100 |
64,007,888 | ||
Internet & Direct Marketing Retail - 1.4% | ||
Chewy, Inc. Class A1,2 | 303,284 | 7,454,721 |
Shutterstock, Inc.1,2 | 633,226 | 22,872,123 |
30,326,844 | ||
Leisure Products - 1.3% | ||
Polaris, Inc. | 306,272 | 26,954,999 |
Specialty Retail - 2.5% | ||
Sally Beauty Holdings, Inc.1,2 | 3,546,939 | 52,813,922 |
Textiles, Apparel & Luxury Goods - 8.7% | ||
Carter's, Inc.1 | 301,746 | 27,522,253 |
Hanesbrands, Inc.1 | 4,233,428 | 64,856,117 |
Skechers U.S.A., Inc. Class A1,2 | 1,516,138 | 56,627,754 |
Under Armour, Inc. Class C1,2 | 869,028 | 15,755,478 |
Wolverine World Wide, Inc.1 | 624,578 | 17,650,574 |
182,412,176 | ||
Total Consumer Discretionary | 358,646,366 | |
Energy - 0.2% | ||
Energy Equipment & Services - 0.2% | ||
RigNet, Inc.2 | 635,695 | 4,926,636 |
Total Energy | 4,926,636 | |
Financials - 1.9% | ||
Banks - 0.3% | ||
Bank OZK | 243,216 | 6,632,500 |
Capital Markets - 1.6% | ||
LPL Financial Holdings, Inc. | 234,147 | 19,176,639 |
WisdomTree Investments, Inc. | 2,635,866 | 13,772,400 |
32,949,039 | ||
Total Financials | 39,581,539 |
Shares | Value | |
Health Care - 18.5% | ||
Biotechnology - 4.0% | ||
Agios Pharmaceuticals, Inc.1,2 | 267,384 | $8,663,242 |
DBV Technologies SA ADR (France)1,2 | 727,794 | 6,259,028 |
Deciphera Pharmaceuticals, Inc.1,2 | 337,383 | 11,450,779 |
Heron Therapeutics, Inc.1,2 | 684,621 | 12,665,488 |
Immunomedics, Inc.1,2 | 846,125 | 11,219,618 |
Kiniksa Pharmaceuticals Ltd. Class A2 | 286,938 | 2,441,842 |
Neurocrine Biosciences, Inc.2 | 110,789 | 9,983,197 |
Spectrum Pharmaceuticals, Inc.1,2 | 1,155,773 | 9,587,137 |
Viking Therapeutics, Inc.1,2 | 1,713,561 | 11,789,300 |
84,059,631 | ||
Health Care Equipment & Supplies - 7.6% | ||
ABIOMED, Inc.2 | 59,824 | 10,642,091 |
Axogen, Inc.2 | 1,195,080 | 14,914,598 |
Cooper Cos., Inc. (The) | 35,545 | 10,556,865 |
Endologix, Inc.1,2 | 169,778 | 674,019 |
Integra LifeSciences Holdings Corp.2 | 306,178 | 18,392,112 |
Masimo Corp.2 | 66,469 | 9,889,923 |
Merit Medical Systems, Inc.2 | 912,224 | 27,786,343 |
Nevro Corp.1,2 | 123,507 | 10,617,897 |
Quidel Corp.1,2 | 241,205 | 14,797,927 |
SmileDirectClub, Inc.2 | 590,855 | 8,201,067 |
STERIS Plc | 238,659 | 34,483,839 |
160,956,681 | ||
Health Care Providers & Services - 3.0% | ||
BioTelemetry, Inc.1,2 | 684,759 | 27,890,234 |
MEDNAX, Inc.2 | 1,537,239 | 34,772,346 |
62,662,580 | ||
Health Care Technology - 1.0% | ||
Medidata Solutions, Inc.2 | 217,601 | 19,910,492 |
Life Sciences Tools & Services - 1.2% | ||
Syneos Health, Inc.1,2 | 476,257 | 25,341,635 |
Pharmaceuticals - 1.7% | ||
Catalent, Inc.1,2 | 194,899 | 9,288,886 |
Prestige Consumer Healthcare, Inc.1,2 | 463,004 | 16,061,609 |
Revance Therapeutics, Inc.2 | 864,627 | 11,240,151 |
36,590,646 | ||
Total Health Care | 389,521,665 | |
Industrials - 25.3% | ||
Air Freight & Logistics - 0.7% | ||
Forward Air Corp. | 246,269 | 15,692,261 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
Building Products - 0.8% | ||
Allegion Plc | 169,679 | $17,587,228 |
Commercial Services & Supplies - 6.9% | ||
ABM Industries, Inc.1 | 902,595 | 32,782,250 |
Cimpress, N.V. (Netherlands)2 | 209,782 | 27,657,659 |
Clean Harbors, Inc.2 | 679,255 | 52,438,486 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 787,935 | 31,438,607 |
144,317,002 | ||
Electrical Equipment - 2.5% | ||
Sensata Technologies Holding Plc1,2 | 1,059,515 | 53,039,321 |
Machinery - 8.1% | ||
John Bean Technologies Corp.1 | 287,202 | 28,556,495 |
Kennametal, Inc. | 660,445 | 20,302,079 |
Middleby Corp. (The)1,2 | 310,826 | 36,335,560 |
Proto Labs, Inc.2 | 73,433 | 7,497,509 |
Tennant Co.1 | 401,352 | 28,375,586 |
Wabtec Corp.1 | 155,058 | 11,142,468 |
Woodward, Inc. | 350,059 | 37,746,862 |
169,956,559 | ||
Marine - 2.2% | ||
Kirby Corp.1,2 | 389,217 | 31,978,069 |
Matson, Inc. | 386,964 | 14,515,019 |
46,493,088 | ||
Professional Services - 1.4% | ||
TriNet Group, Inc.2 | 463,630 | 28,833,150 |
Road & Rail - 1.2% | ||
Heartland Express, Inc.1 | 1,185,250 | 25,494,727 |
Trading Companies & Distributors - 1.5% | ||
MSC Industrial Direct Co., Inc. Class A1 | 432,805 | 31,391,347 |
Total Industrials | 532,804,683 | |
Information Technology - 22.6% | ||
Electronic Equipment, Instruments & Components - 3.0% | ||
Belden, Inc.1 | 545,180 | 29,079,901 |
Trimble, Inc.2 | 890,070 | 34,543,617 |
63,623,518 | ||
IT Services - 4.1% | ||
Carbonite, Inc.1,2 | 833,516 | 12,911,163 |
Euronet Worldwide, Inc.2 | 67,609 | 9,891,197 |
Gartner, Inc.2 | 90,436 | 12,931,443 |
Presidio, Inc. | 1,558,542 | 26,339,360 |
Switch, Inc. Class A1 | 1,586,506 | 24,781,224 |
86,854,387 |
Shares | Value | |
Semiconductors & Semiconductor Equipment - 1.2% | ||
ON Semiconductor Corp.2 | 1,240,275 | $23,825,683 |
Software - 13.8% | ||
2U, Inc.1,2 | 1,009,589 | 16,436,109 |
ChannelAdvisor Corp.2 | 677,299 | 6,319,200 |
Cornerstone OnDemand, Inc.2 | 369,044 | 20,230,992 |
FireEye, Inc.1,2 | 1,268,439 | 16,920,976 |
j2 Global, Inc.1 | 538,350 | 48,892,947 |
LogMeIn, Inc.1 | 942,670 | 66,891,863 |
New Relic, Inc.2 | 255,707 | 15,713,195 |
Nuance Communications, Inc.2 | 1,385,381 | 22,595,564 |
RealPage, Inc.1,2 | 165,448 | 10,400,061 |
SolarWinds Corp.1,2 | 2,009,042 | 37,066,825 |
SS&C Technologies Holdings, Inc. | 552,504 | 28,492,632 |
289,960,364 | ||
Technology Hardware, Storage & Peripherals - 0.5% | ||
3D Systems Corp.1,2 | 1,312,410 | 10,696,141 |
Total Information Technology | 474,960,093 | |
Materials - 0.8% | ||
Containers & Packaging - 0.8% | ||
Graphic Packaging Holding Co.1 | 1,109,516 | 16,365,360 |
Total Materials | 16,365,360 | |
Total Common Stocks - 89.0% (Cost $1,785,401,028) | 1,872,910,242 | |
Warrants - 0.2% | ||
Health Care - 0.2% | ||
Health Care Equipment & Supplies - 0.2% | ||
Endologix, Inc., Strike Price $6.61, Expires 4/3/29 Acquisition Date: 4/1/19, Cost $5,061,2712,3,4 | 765,699 | 5,061,271 |
Total Health Care | 5,061,271 | |
Total Warrants - 0.2% (Cost $5,061,271) | 5,061,271 | |
Preferred Stocks - 1.4% | ||
Health Care - 0.4% | ||
Biotechnology - 0.4% | ||
Forte Biosciences, Inc. Acquisition Date: 12/31/18, Cost $4,000,0002,3,4 | 5,571,807 | 4,401,727 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
Precision BioSciences, Inc. Acquisition Date: 5/25/18-3/1/19, Cost $4,704,0382,4 | 408,976 | $3,431,309 |
Total Health Care | 7,833,036 | |
Information Technology - 1.0% | ||
Communications Equipment - 0.4% | ||
Starry, Inc. (Series C Shares) Acquisition Date: 5/14/18, Cost $4,220,0002,3,4 | 4,577,007 | 6,545,120 |
Starry, Inc. (Series D Shares) Acquisition Date: 3/6/19, Cost $1,835,0002,3,4 | 1,283,217 | 1,835,001 |
8,380,121 | ||
Software - 0.6% | ||
DraftKings, Inc. Acquisition Date: 8/17/18, Cost $7,018,5642,3,4 | 2,752,853 | 8,120,916 |
Sumo Logic, Inc. Series G Acquisition Date: 5/1/19, Cost $3,999,9972,3,4 | 363,131 | 3,999,997 |
12,120,913 | ||
Total Information Technology | 20,501,034 | |
Total Preferred Stocks - 1.4% (Cost $25,777,599) | 28,334,070 |
Shares/ Principal Amount | ||
Short-Term Investments - 2.8%5 | ||
Repurchase Agreements - 2.8% | ||
Bank of America Securities Inc., dated 9/30/19, due 10/1/19, 2.30% total to be received $4,084,175 (collateralized by various U.S. Treasury Obligations, 1.13% - 2.25%, 8/31/21 - 11/15/27, totaling $4,165,593) | $4,083,914 | 4,083,914 |
Shares/ Principal Amount | Value | |
BNP Paribas S.A., dated 9/30/19, due 10/1/19, 2.35% total to be received $3,962,431 (collateralized by various U.S. Treasury Obligations, 0.00% - 4.63%, 11/15/19 - 2/15/49, totaling $4,041,416) | $3,962,172 | $3,962,172 |
BNP Paribas S.A., dated 9/30/19, due 10/1/19, 2.37% total to be received $9,841,869 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 2/15/21 - 8/1/49, totaling $10,038,045) | 9,841,221 | 9,841,221 |
Citigroup Global Markets, Inc., dated 9/30/19, due 10/1/19, 2.32% total to be received $13,804,283 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 9.00%, 6/1/24 - 10/1/49, totaling $14,079,467) | 13,803,393 | 13,803,393 |
HSBC Securities, Inc., dated 9/30/19, due 10/1/19, 2.36% total to be received $13,804,298 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 2.50%, 1/30/20 - 5/15/46, totaling $14,079,461) | 13,803,393 | 13,803,393 |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Growth 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 $13,804,302 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/15/19 - 9/1/49, totaling $14,079,461) | $13,803,393 | $13,803,393 |
Total Repurchase Agreements | 59,297,486 | |
Total Short-Term Investments - 2.8% (Cost $59,297,486) | 59,297,486 | |
Total Investments -93.4% (Cost $1,875,537,384) | 1,965,603,069 | |
Cash and Other Assets, Less Liabilities - 6.6% | 139,578,763 | |
Net Assets - 100.0% | $2,105,181,832 |
ADR—American Depositary Receipt |
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company |
Plc—Public Limited Company |
1 | All or portion of this security is on loan at September 30, 2019. Total value of such securities at period-end amounts to $452,808,338 and represents 21.51% of net assets. |
2 | Non-income producing securities. |
3 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. |
4 | Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules. Acquisition date represents the date on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities at period-end amounts to $33,395,341 and represents 1.59% of net assets. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 4 | www.meridianfund.com |