Meridian Contrarian Fund
Schedule of Investments
Schedule of Investments
March 31, 2020 (Unaudited)
Shares | Value | |
Common Stocks - 94.8% | ||
Consumer Discretionary - 8.0% | ||
Auto Components - 1.3% | ||
Aptiv Plc | 40,000 | $1,969,600 |
Lear Corp. | 37,000 | 3,006,250 |
4,975,850 | ||
Hotels, Restaurants & Leisure - 2.5% | ||
Brinker International, Inc.1 | 158,000 | 1,897,580 |
Papa John's International, Inc. | 10,000 | 533,700 |
Penn National Gaming, Inc.1,2 | 447,000 | 5,654,550 |
Playa Hotels & Resorts, N.V.2 | 339,000 | 593,250 |
PlayAGS, Inc.2 | 435,000 | 1,152,750 |
9,831,830 | ||
Household Durables - 1.2% | ||
Mohawk Industries, Inc.2 | 62,000 | 4,726,880 |
Leisure Products - 0.8% | ||
Polaris, Inc. | 66,000 | 3,177,900 |
Textiles, Apparel & Luxury Goods - 2.2% | ||
Hanesbrands, Inc.1 | 317,000 | 2,494,790 |
Skechers U.S.A., Inc. Class A2 | 248,000 | 5,887,520 |
8,382,310 | ||
Total Consumer Discretionary | 31,094,770 | |
Consumer Staples - 6.3% | ||
Food Products - 6.3% | ||
Nomad Foods Ltd. (United Kingdom)2 | 399,000 | 7,405,440 |
TreeHouse Foods, Inc.1,2 | 392,000 | 17,306,800 |
Total Consumer Staples | 24,712,240 | |
Energy - 1.1% | ||
Oil, Gas & Consumable Fuels - 1.1% | ||
Apache Corp.1 | 183,231 | 765,906 |
EOG Resources, Inc. | 92,000 | 3,304,640 |
Total Energy | 4,070,546 | |
Financials - 13.3% | ||
Banks - 3.6% | ||
Citizens Financial Group, Inc. | 431,409 | 8,114,803 |
Signature Bank | 77,000 | 6,190,030 |
14,304,833 | ||
Capital Markets - 5.8% | ||
Pivotal Investment Corp. II2 | 301,869 | 3,006,615 |
SEI Investments Co. | 251,000 | 11,631,340 |
State Street Corp. | 133,000 | 7,084,910 |
Victory Capital Holdings, Inc. Class A1 | 49,975 | 817,591 |
22,540,456 |
Shares | Value | |
Insurance - 3.9% | ||
American International Group, Inc. | 266,000 | $6,450,500 |
Assurant, Inc. | 83,000 | 8,639,470 |
15,089,970 | ||
Total Financials | 51,935,259 | |
Health Care - 10.6% | ||
Biotechnology - 4.7% | ||
Albireo Pharma, Inc.2 | 120,750 | 1,976,677 |
Deciphera Pharmaceuticals, Inc.2 | 129,000 | 5,310,930 |
Heron Therapeutics, Inc.1,2 | 317,790 | 3,730,855 |
Immunomedics, Inc.1,2 | 338,000 | 4,556,240 |
Orchard Therapeutics Plc ADR (United Kingdom)2 | 200,000 | 1,506,000 |
Precision BioSciences, Inc.1,2 | 229,151 | 1,381,781 |
18,462,483 | ||
Health Care Equipment & Supplies - 1.4% | ||
Merit Medical Systems, Inc.1,2 | 173,810 | 5,431,562 |
Health Care Providers & Services - 1.3% | ||
Acadia Healthcare Co., Inc.1,2 | 264,000 | 4,844,400 |
Life Sciences Tools & Services - 0.4% | ||
Accelerate Diagnostics, Inc.1,2 | 200,000 | 1,666,000 |
Pharmaceuticals - 2.8% | ||
Perrigo Co. Plc1 | 224,000 | 10,772,160 |
Total Health Care | 41,176,605 | |
Industrials - 13.1% | ||
Building Products - 2.4% | ||
Advanced Drainage Systems, Inc. | 324,000 | 9,538,560 |
Commercial Services & Supplies - 3.3% | ||
ABM Industries, Inc. | 231,059 | 5,628,597 |
Stericycle , Inc.1,2 | 147,000 | 7,141,260 |
12,769,857 | ||
Industrial Conglomerates - 2.0% | ||
Carlisle Cos., Inc. | 62,000 | 7,767,360 |
Machinery - 1.8% | ||
Evoqua Water Technologies Corp.2 | 251,000 | 2,813,710 |
Hillenbrand, Inc. | 212,000 | 4,051,320 |
6,865,030 | ||
Marine - 3.2% | ||
Kirby Corp.2 | 79,000 | 3,434,130 |
Matson, Inc. | 295,592 | 9,051,027 |
12,485,157 | ||
Road & Rail - 0.4% | ||
AMERCO | 6,000 | 1,743,300 |
Total Industrials | 51,169,264 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Information Technology - 23.2% | ||
Electronic Equipment, Instruments & Components - 1.4% | ||
Trimble, Inc.2 | 173,156 | $5,511,556 |
IT Services - 5.3% | ||
CACI International, Inc. Class A2 | 56,000 | 11,824,400 |
Switch, Inc. Class A | 625,656 | 9,028,216 |
20,852,616 | ||
Semiconductors & Semiconductor Equipment - 6.2% | ||
Advanced Micro Devices, Inc.2 | 247,000 | 11,233,560 |
Ambarella, Inc.1,2 | 65,000 | 3,156,400 |
Micron Technology, Inc.2 | 103,000 | 4,332,180 |
NVIDIA Corp. | 10,000 | 2,636,000 |
ON Semiconductor Corp.2 | 215,000 | 2,674,600 |
24,032,740 | ||
Software - 10.3% | ||
Cerence, Inc.1,2 | 394,250 | 6,071,450 |
FireEye, Inc.2 | 621,000 | 6,570,180 |
LogMeIn, Inc. | 61,000 | 5,080,080 |
Nuance Communications, Inc.2 | 605,000 | 10,151,900 |
Verint Systems, Inc.2 | 228,000 | 9,804,000 |
Zuora, Inc. Class A1,2 | 303,000 | 2,439,150 |
40,116,760 | ||
Total Information Technology | 90,513,672 | |
Materials - 6.1% | ||
Chemicals - 2.1% | ||
American Vanguard Corp.1 | 181,000 | 2,617,260 |
Huntsman Corp. | 379,000 | 5,468,970 |
8,086,230 | ||
Containers & Packaging - 0.8% | ||
Graphic Packaging Holding Co. | 250,000 | 3,050,000 |
Metals & Mining - 3.2% | ||
Newmont Goldcorp Corp. | 281,000 | 12,723,680 |
Total Materials | 23,859,910 | |
Real Estate - 7.9% | ||
Equity Real Estate Investment Trusts (REITS) - 5.3% | ||
Physicians Realty Trust | 465,614 | 6,490,659 |
VICI Properties, Inc.1 | 859,493 | 14,301,964 |
20,792,623 | ||
Real Estate Management & Development - 2.6% | ||
Kennedy-Wilson Holdings, Inc.1 | 748,000 | 10,038,160 |
Total Real Estate | 30,830,783 | |
Utilities - 5.2% | ||
Electric Utilities - 2.0% | ||
Avangrid, Inc.1 | 177,000 | 7,749,060 |
Shares | Value | |
Independent Power & Renewable Electricity Producers - 3.2% | ||
TerraForm Power, Inc. Class A | 788,000 | $12,426,760 |
Total Utilities | 20,175,820 | |
Total Common Stocks - 94.8% (Cost $408,825,170) | 369,538,869 | |
Warrants - 0.0% | ||
Information Technology - 0.0% | ||
Software - 0.0% | ||
KLDiscovery, Inc., Strike Price $11.50, Expires 12/1/252 | 450,000 | 85,500 |
Total Information Technology | 85,500 | |
Total Warrants - 0.0% (Cost $250,695) | 85,500 |
Shares/ Principal Amount | ||
Short-Term Investments - 0.8%3 | ||
Repurchase Agreements - 0.8% | ||
Citigroup Global Markets, Inc., dated 3/31/20, due 4/1/20, 0.02% total to be received $669,575 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 2.00% - 11.00%, 4/15/20 - 1/1/59, totaling $682,967) | $669,575 | 669,575 |
Daiwa Capital Markets America, Inc., dated 3/31/20, due 4/1/20, 0.02% total to be received $669,575 (collateralized by various U.S. Government Sponsored Agency, 1.88% - 6.50%, 3/1/22 - 3/1/52, totaling $682,967) | 669,575 | 669,575 |
HSBC Securities, Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $669,575 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 8.00%, 2/1/30 - 3/1/56, totaling $682,967) | 669,575 | 669,575 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares/ Principal Amount | Value | |
JP Morgan Securities LLC, dated 3/31/20, due 4/1/20, 0.01% total to be received $255,100 (collateralized by various U.S. Treasury Obligations, 2.88%, 11/30/23, totaling $260,202) | $255,100 | $255,100 |
RBC Dominion Securities Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $669,575 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.13%, 7/15/20 - 2/20/50, totaling $682,967) | 669,575 | 669,575 |
Total Repurchase Agreements | 2,933,400 | |
Total Short-Term Investments - 0.8% (Cost $2,933,400) | 2,933,400 | |
Total Investments -95.6% (Cost $412,009,265) | 372,557,769 | |
Cash and Other Assets, Less Liabilities - 4.4% | 17,191,667 | |
Net Assets - 100.0% | $389,749,436 |
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 March 31, 2020. Total value of such securities at period-end amounts to $55,803,023 and represents 14.32% of net assets. |
2 | Non-income producing securities. |
3 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.meridianfund.com |