Meridian Growth Fund
Schedule of Investments
Schedule of Investments
March 31, 2020 (Unaudited)
Shares | Value | |
Common Stocks - 88.6% | ||
Communication Services - 3.7% | ||
Entertainment - 1.1% | ||
Cinemark Holdings, Inc.1 | 1,721,646 | $17,543,573 |
Interactive Media & Services - 2.2% | ||
Cargurus, Inc.2 | 362,805 | 6,871,526 |
Pinterest, Inc. Class A1,2 | 1,700,545 | 26,256,415 |
33,127,941 | ||
Media - 0.4% | ||
National CineMedia, Inc.1 | 1,836,706 | 5,987,662 |
Total Communication Services | 56,659,176 | |
Consumer Discretionary - 13.7% | ||
Auto Components - 0.7% | ||
Fox Factory Holding Corp.1,2 | 251,813 | 10,576,146 |
Diversified Consumer Services - 2.4% | ||
frontdoor, Inc.2 | 754,469 | 26,240,432 |
Grand Canyon Education, Inc.2 | 129,045 | 9,844,198 |
36,084,630 | ||
Internet & Direct Marketing Retail - 1.0% | ||
Shutterstock, Inc.1 | 480,687 | 15,458,894 |
Leisure Products - 1.0% | ||
Polaris, Inc. | 301,400 | 14,512,410 |
Specialty Retail - 2.3% | ||
Sally Beauty Holdings, Inc.1,2 | 4,271,889 | 34,516,863 |
Textiles, Apparel & Luxury Goods - 6.3% | ||
Carter's, Inc.1 | 308,363 | 20,268,700 |
Hanesbrands, Inc.1 | 4,117,706 | 32,406,346 |
Skechers U.S.A., Inc. Class A2 | 1,810,152 | 42,973,008 |
Wolverine World Wide, Inc.1 | 33,359 | 507,057 |
96,155,111 | ||
Total Consumer Discretionary | 207,304,054 | |
Financials - 1.8% | ||
Banks - 0.5% | ||
Bank OZK | 400,578 | 6,689,653 |
Capital Markets - 1.3% | ||
LPL Financial Holdings, Inc. | 216,075 | 11,760,962 |
WisdomTree Investments, Inc. | 3,503,517 | 8,163,195 |
19,924,157 | ||
Total Financials | 26,613,810 | |
Health Care - 22.1% | ||
Biotechnology - 6.2% | ||
Agios Pharmaceuticals, Inc.1,2 | 285,531 | 10,130,640 |
DBV Technologies SA ADR (France)1,2 | 1,188,602 | 4,659,320 |
Deciphera Pharmaceuticals, Inc.2 | 337,383 | 13,890,058 |
Shares | Value | |
Exact Sciences Corp.1,2 | 160,607 | $9,315,206 |
Heron Therapeutics, Inc.1,2 | 684,621 | 8,037,451 |
Immunomedics, Inc.1,2 | 846,125 | 11,405,765 |
Kiniksa Pharmaceuticals Ltd. Class A2 | 313,590 | 4,854,373 |
Kodiak Sciences, Inc.1,2 | 218,512 | 10,423,023 |
Neurocrine Biosciences, Inc.2 | 118,308 | 10,239,557 |
Precision BioSciences, Inc.2 | 292,670 | 1,764,800 |
Viking Therapeutics, Inc.1,2 | 1,829,855 | 8,563,721 |
93,283,914 | ||
Health Care Equipment & Supplies - 9.8% | ||
ABIOMED, Inc.2 | 84,396 | 12,250,923 |
Axogen, Inc.2 | 1,276,186 | 13,272,334 |
Cooper Cos., Inc. (The) | 25,919 | 7,145,091 |
Endologix, Inc.1,2 | 169,778 | 117,300 |
Integra LifeSciences Holdings Corp.2 | 348,595 | 15,571,739 |
Masimo Corp.2 | 46,281 | 8,197,291 |
Merit Medical Systems, Inc.2 | 946,310 | 29,572,187 |
Nevro Corp.1,2 | 90,755 | 9,073,685 |
Quidel Corp.1,2 | 185,850 | 18,177,989 |
STERIS Plc | 254,856 | 35,672,194 |
149,050,733 | ||
Health Care Providers & Services - 4.1% | ||
BioTelemetry, Inc.1,2 | 853,467 | 32,867,014 |
HealthEquity, Inc.2 | 155,970 | 7,890,522 |
MEDNAX, Inc.2 | 1,854,364 | 21,584,797 |
62,342,333 | ||
Life Sciences Tools & Services - 1.2% | ||
Syneos Health, Inc.1,2 | 470,908 | 18,563,193 |
Pharmaceuticals - 0.8% | ||
Revance Therapeutics, Inc.1,2 | 790,915 | 11,705,542 |
Total Health Care | 334,945,715 | |
Industrials - 22.8% | ||
Air Freight & Logistics - 2.1% | ||
CH Robinson Worldwide, Inc.1 | 289,353 | 19,155,168 |
Forward Air Corp. | 246,269 | 12,473,525 |
31,628,693 | ||
Commercial Services & Supplies - 6.3% | ||
ABM Industries, Inc. | 995,735 | 24,256,105 |
Cimpress Plc (Ireland)1,2 | 224,019 | 11,917,811 |
Clean Harbors, Inc.2 | 633,821 | 32,540,370 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 787,935 | 26,931,618 |
95,645,904 | ||
Electrical Equipment - 2.0% | ||
Sensata Technologies Holding Plc2 | 1,032,221 | 29,862,154 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Machinery - 6.1% | ||
John Bean Technologies Corp.1 | 335,125 | $24,889,734 |
Kennametal, Inc.1 | 540,380 | 10,061,876 |
Middleby Corp. (The)1,2 | 415,143 | 23,613,334 |
Tennant Co. | 401,352 | 23,258,348 |
Woodward, Inc.1 | 194,415 | 11,556,027 |
93,379,319 | ||
Marine - 2.7% | ||
Kirby Corp.2 | 536,995 | 23,343,173 |
Matson, Inc. | 570,813 | 17,478,294 |
40,821,467 | ||
Professional Services - 2.6% | ||
TriNet Group, Inc.2 | 1,044,644 | 39,341,293 |
Road & Rail - 1.0% | ||
Heartland Express, Inc. | 814,660 | 15,128,236 |
Total Industrials | 345,807,066 | |
Information Technology - 24.0% | ||
Electronic Equipment, Instruments & Components - 2.6% | ||
Belden, Inc.1 | 620,343 | 22,381,975 |
Trimble, Inc.2 | 546,997 | 17,410,915 |
39,792,890 | ||
IT Services - 2.4% | ||
Euronet Worldwide, Inc.2 | 71,456 | 6,125,209 |
Gartner, Inc.2 | 96,574 | 9,615,873 |
Switch, Inc. Class A | 733,133 | 10,579,109 |
Wix.com Ltd.2 | 93,888 | 9,465,788 |
35,785,979 | ||
Semiconductors & Semiconductor Equipment - 1.7% | ||
ON Semiconductor Corp.2 | 2,099,031 | 26,111,946 |
Software - 17.3% | ||
2U, Inc.1,2 | 1,078,107 | 22,877,430 |
Cerence, Inc.1,2 | 173,172 | 2,666,849 |
ChannelAdvisor Corp.2 | 677,299 | 4,917,191 |
Cornerstone OnDemand, Inc.2 | 309,555 | 9,828,371 |
FireEye, Inc.2 | 1,354,524 | 14,330,864 |
j2 Global, Inc.1 | 574,886 | 43,030,217 |
LogMeIn, Inc. | 513,381 | 42,754,370 |
New Relic, Inc.2 | 273,061 | 12,626,341 |
Nuance Communications, Inc.2 | 1,114,389 | 18,699,447 |
Pluralsight, Inc. Class A1,2 | 1,676,820 | 18,411,484 |
Proofpoint, Inc.2 | 185,161 | 18,995,667 |
SolarWinds Corp.1,2 | 2,100,593 | 32,916,292 |
Shares | Value | |
SS&C Technologies Holdings, Inc. | 467,364 | $20,479,890 |
262,534,413 | ||
Total Information Technology | 364,225,228 | |
Materials - 0.5% | ||
Containers & Packaging - 0.5% | ||
Graphic Packaging Holding Co. | 669,186 | 8,164,069 |
Total Materials | 8,164,069 | |
Total Common Stocks - 88.6% (Cost $1,705,886,949) | 1,343,719,118 | |
Warrants - 0.0% | ||
Health Care - 0.0% | ||
Health Care Equipment & Supplies - 0.0% | ||
Endologix, Inc., Strike Price $6.61, Expires 4/3/29 Acquisition Date: 4/1/19, Cost $5,061,2712,3 | 765,699 | 521,364 |
Total Health Care | 521,364 | |
Total Warrants - 0.0% (Cost $5,061,271) | 521,364 | |
Preferred Stocks - 2.7% | ||
Communication Services - 0.4% | ||
Interactive Media & Services - 0.4% | ||
Vroom, Inc. Series H Acquisition Date: 11/21/19, Cost $5,499,7942,3,4 | 202,250 | 5,499,794 |
Total Communication Services | 5,499,794 | |
Health Care - 0.6% | ||
Biotechnology - 0.6% | ||
Forte Biosciences, Inc. Acquisition Date: 12/31/18, Cost $4,000,0002,3,4 | 5,571,807 | 8,413,429 |
Precision BioSciences, Inc. Acquisition Date: 5/25/18-3/1/19, Cost $1,337,7502,3 | 116,306 | 701,325 |
Total Health Care | 9,114,754 | |
Information Technology - 1.7% | ||
Communications Equipment - 0.4% | ||
Starry, Inc. (Series C Shares) Acquisition Date: 5/14/18, Cost $4,220,0002,3,4 | 4,577,007 | 4,988,938 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Starry, Inc. (Series D Shares) Acquisition Date: 3/6/19, Cost $1,835,0002,3,4 | 1,283,217 | $1,758,007 |
6,746,945 | ||
Software - 1.3% | ||
ACV Auctions, Inc. Series A Acquisition Date: 2/28/20, Cost $5,941,8392,3,4 | 1,143,016 | 5,941,839 |
DraftKings, Inc. Acquisition Date: 8/17/18, Cost $7,018,5642,3 | 2,752,853 | 9,277,115 |
Sumo Logic, Inc. Series G Acquisition Date: 5/1/19, Cost $3,999,9972,3,4 | 363,131 | 3,849,189 |
19,068,143 | ||
Total Information Technology | 25,815,088 | |
Total Preferred Stocks - 2.7% (Cost $33,852,946) | 40,429,636 |
Shares/ Principal Amount | ||
Short-Term Investments - 0.7%5 | ||
Money Market Funds - 0.1% | ||
BlackRock Liquidity Funds, FedFund, Institutional Class, 0.33% | 243,000 | 243,000 |
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.34% | 280,000 | 280,000 |
Goldman Sachs Financial Square Government Fund, Institutional Class, 0.34% | 327,000 | 327,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.32% | 306,000 | 306,000 |
Morgan Stanley Institutional Liquidity Funds, Government Portfolio, Institutional Class, 0.25% | 226,000 | 226,000 |
Total Money Market Funds | 1,382,000 |
Shares/ Principal Amount | Value | |
Repurchase Agreements - 0.6% | ||
Citigroup Global Markets, Inc., dated 3/31/20, due 4/1/20, 0.02% total to be received $2,532,820 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 2.00% - 11.00%, 4/15/20 - 1/1/59, totaling $2,583,475) | $2,532,819 | $2,532,819 |
HSBC Securities, Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $2,532,820 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 8.00%, 2/1/30 - 3/1/56, totaling $2,583,475) | 2,532,819 | 2,532,819 |
JP Morgan Securities LLC, dated 3/31/20, due 4/1/20, 0.01% total to be received $1,901,657 (collateralized by various U.S. Treasury Obligations, 2.88%, 11/30/23, totaling $1,939,689) | 1,901,656 | 1,901,656 |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares/ Principal Amount | Value | |
RBC Dominion Securities Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $2,532,820 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.13%, 7/15/20 - 2/20/50, totaling $2,583,475) | $2,532,819 | $2,532,819 |
Total Repurchase Agreements | 9,500,113 | |
Total Short-Term Investments - 0.7% (Cost $10,882,113) | 10,882,113 | |
Total Investments -92.0% (Cost $1,755,683,279) | 1,395,552,231 | |
Cash and Other Assets, Less Liabilities - 8.0% | 121,039,896 | |
Net Assets - 100.0% | $1,516,592,127 |
ADR—American Depositary Receipt |
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 $284,860,408 and represents 18.78% of net assets. |
2 | Non-income producing securities. |
3 | 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 $40,951,000 and represents 2.70% of net assets. |
4 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 4 | www.meridianfund.com |