Meridian Hedged Equity Fund
Schedule of Investments
Schedule of Investments
March 31, 2023 (Unaudited)
Shares | Value | |
Common Stocks - 129.3% | ||
Communication Services - 13.9% | ||
Diversified Telecommunication Services - 0.5% | ||
Starry, Inc. Acquisition Date: 3/28/22, Cost $1,250,0031,2 | 166,667 | $1,500 |
Verizon Communications, Inc. | 5,892 | 229,140 |
230,640 | ||
Entertainment - 5.0% | ||
Live Nation Entertainment, Inc.2,3 | 26,300 | 1,841,000 |
Madison Square Garden Entertainment Corp.2,4 | 4,977 | 293,992 |
Walt Disney Co. (The)2 | 3,546 | 355,061 |
2,490,053 | ||
Interactive Media & Services - 5.9% | ||
Alphabet, Inc. Class C2,3 | 18,400 | 1,913,600 |
IAC, Inc.2 | 4,170 | 215,172 |
Pinterest, Inc. Class A2,3 | 30,700 | 837,189 |
2,965,961 | ||
Media - 2.5% | ||
Boston Omaha Corp. Class A2 | 9,662 | 228,699 |
Liberty Broadband Corp. Class C2 | 7,553 | 617,080 |
Liberty Media Corp.-Liberty SiriusXM Class A2 | 12,951 | 363,794 |
Liberty Media Corp.-Liberty SiriusXM Class C2 | 799 | 22,364 |
1,231,937 | ||
Total Communication Services | 6,918,591 | |
Consumer Discretionary - 24.4% | ||
Automobiles - 7.2% | ||
Rivian Automotive, Inc. Class A2,3 | 232,370 | 3,597,088 |
Broadline Retail - 1.6% | ||
Amazon.com, Inc.2 | 7,494 | 774,055 |
Distributors - 2.0% | ||
Pool Corp.3 | 2,900 | 993,076 |
Hotels, Restaurants & Leisure - 2.4% | ||
Airbnb, Inc. Class A2,3 | 9,800 | 1,219,120 |
Specialty Retail - 7.2% | ||
Advance Auto Parts, Inc. | 1,717 | 208,804 |
Home Depot, Inc. (The) | 1,148 | 338,798 |
Lowe's Cos., Inc. | 1,853 | 370,544 |
Sally Beauty Holdings, Inc.2,3 | 170,000 | 2,648,600 |
3,566,746 | ||
Textiles, Apparel & Luxury Goods - 4.0% | ||
Levi Strauss & Co. Class A3 | 89,000 | 1,622,470 |
Shares | Value | |
NIKE, Inc. Class B | 3,025 | $370,986 |
1,993,456 | ||
Total Consumer Discretionary | 12,143,541 | |
Consumer Staples - 18.4% | ||
Consumer Staples Distribution & Retail - 1.5% | ||
Costco Wholesale Corp. | 773 | 384,081 |
Target Corp. | 2,234 | 370,017 |
754,098 | ||
Food Products - 13.1% | ||
Dole Plc4 | 32,645 | 383,252 |
Lamb Weston Holdings, Inc.3 | 58,500 | 6,114,420 |
6,497,672 | ||
Personal Care Products - 3.8% | ||
Coty, Inc. Class A2,3 | 158,000 | 1,905,480 |
Total Consumer Staples | 9,157,250 | |
Financials - 15.3% | ||
Banks - 6.8% | ||
Bank of America Corp.3 | 23,900 | 683,540 |
Citigroup, Inc.3 | 24,100 | 1,130,049 |
JPMorgan Chase & Co. | 4,000 | 521,240 |
U.S. Bancorp | 17,777 | 640,861 |
Wells Fargo & Co.3 | 11,700 | 437,346 |
3,413,036 | ||
Capital Markets - 4.8% | ||
Blue Owl Capital, Inc.3 | 72,000 | 797,760 |
Charles Schwab Corp. (The)3 | 12,200 | 639,036 |
Intercontinental Exchange, Inc. | 6,664 | 694,989 |
S&P Global, Inc. | 690 | 237,891 |
2,369,676 | ||
Financial Services - 3.7% | ||
PayPal Holdings, Inc.2,3 | 12,460 | 946,212 |
Visa, Inc. Class A | 3,911 | 881,774 |
1,827,986 | ||
Total Financials | 7,610,698 | |
Health Care - 7.8% | ||
Health Care Equipment & Supplies - 4.9% | ||
Align Technology, Inc.2,3 | 7,300 | 2,439,222 |
Health Care Providers & Services - 2.3% | ||
Laboratory Corp. of America Holdings3 | 5,100 | 1,170,042 |
Pharmaceuticals - 0.6% | ||
Johnson & Johnson | 1,775 | 275,125 |
Total Health Care | 3,884,389 | |
Industrials - 14.5% | ||
Aerospace & Defense - 8.4% | ||
Boeing Co. (The)2 | 1,195 | 253,854 |
Meridian Funds | 1 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Shares | Value | |
Maxar Technologies, Inc.3 | 77,000 | $3,931,620 |
4,185,474 | ||
Commercial Services & Supplies - 3.6% | ||
ACV Auctions, Inc. Class A2,4 | 26,594 | 343,329 |
GFL Environmental, Inc. (Canada) | 17,526 | 603,595 |
Ritchie Bros. Auctioneers, Inc. (Canada)3 | 14,500 | 816,205 |
1,763,129 | ||
Professional Services - 2.5% | ||
Alight, Inc. Class A2 | 27,247 | 250,945 |
CACI International, Inc. Class A2 | 840 | 248,875 |
CoStar Group, Inc.2,3 | 8,100 | 557,685 |
Dun & Bradstreet Holdings, Inc. | 17,376 | 203,994 |
1,261,499 | ||
Total Industrials | 7,210,102 | |
Information Technology - 25.1% | ||
IT Services - 1.3% | ||
Twilio, Inc. Class A2,3 | 9,700 | 646,311 |
Semiconductors & Semiconductor Equipment - 6.3% | ||
Allegro MicroSystems, Inc. (Japan)2 | 6,690 | 321,053 |
GLOBALFOUNDRIES, Inc.2 | 4,200 | 303,156 |
NVIDIA Corp.3 | 5,953 | 1,653,565 |
QUALCOMM, Inc.3 | 6,800 | 867,544 |
3,145,318 | ||
Software - 15.7% | ||
Alkami Technology, Inc.2 | 15,037 | 190,368 |
Microsoft Corp. | 3,849 | 1,109,667 |
Salesforce, Inc.2,3 | 3,229 | 645,090 |
ServiceNow, Inc.2,3 | 3,500 | 1,626,520 |
Splunk, Inc.2,3 | 11,800 | 1,131,384 |
Workday, Inc. Class A2,3 | 6,300 | 1,301,202 |
Zoom Video Communications, Inc. Class A2,3 | 24,300 | 1,794,312 |
7,798,543 | ||
Technology Hardware, Storage & Peripherals - 1.8% | ||
Apple, Inc. | 5,388 | 888,481 |
Total Information Technology | 12,478,653 | |
Materials - 2.3% | ||
Chemicals - 2.3% | ||
Huntsman Corp.3 | 43,000 | 1,176,480 |
Total Materials | 1,176,480 | |
Real Estate - 6.0% | ||
Office REITs - 0.7% | ||
Alexandria Real Estate Equities, Inc. | 2,549 | 320,129 |
Real Estate Management & Development - 3.5% | ||
DigitalBridge Group, Inc.3 | 146,000 | 1,750,540 |
Shares | Value | |
Specialized REITs - 1.8% | ||
American Tower Corp. | 1,721 | $351,669 |
Equinix, Inc. | 772 | 556,643 |
908,312 | ||
Total Real Estate | 2,978,981 | |
Utilities - 1.6% | ||
Independent Power & Renewable Electricity Producers - 1.6% | ||
Vistra Corp. | 33,609 | 806,616 |
Total Utilities | 806,616 | |
Total Common Stocks - 129.3% (Cost $60,118,905) | 64,365,301 | |
Warrants - 0.0% | ||
Energy - 0.0% | ||
Oil, Gas & Consumable Fuels - 0.0% | ||
Granite Ridge Resources, Inc., Strike Price $11.50, Expires 9/25/282 | 4,325 | 2,768 |
Total Energy | 2,768 | |
Total Warrants - 0.0% (Cost $3,409) | 2,768 |
Shares/ Principal Amount | ||
Short-Term Investments - 0.6%5 | ||
Repurchase Agreements - 0.6% | ||
Bank of America Securities, Inc., dated 3/31/23, due 4/3/23, 4.83% total to be received $18,646 (collateralized by various U.S. Government Sponsored Agency, 1.50% - 3.00%, 11/1/49 - 2/1/51, totaling $19,011) | $18,638 | 18,638 |
Meridian Funds | 2 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Shares/ Principal Amount | Value | |
RBC Dominion Securities, Inc., dated 3/31/23, due 4/3/23, 4.82% total to be received $250,100 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.38%, 4/6/23 - 2/20/53, totaling $255,000) | $250,000 | $250,000 |
Total Repurchase Agreements (Cost $268,638) | 268,638 | |
Total Short-Term Investments - 0.6% (Cost $268,638) | 268,638 | |
Total Investments - 129.9% (Cost $60,390,952) | 64,636,707 | |
Liabilities in Excess of Other Assets - (29.9)% | (14,863,430) | |
Net Assets - 100.0% | $49,773,277 |
Value | ||
Call Options Written - (42.3)% | ||
Total Call Options Written - (42.3)% (Premium received $(18,087,321)) | $(21,063,825) |
Plc—Public Limited Company |
1 | Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules and agreements. 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 $1,500 and represents 0.00% of net assets. |
2 | Non-income producing securities. |
3 | Securities, or a portion thereof, were pledged as collateral for written options by the fund. |
4 | All or portion of this security is on loan at March 31, 2023. Total value of such securities at period-end amounts to $897,948 and represents 1.80% of net assets. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
Call | ||||||||||||
Alphabet, Inc. Class C | 90.00 | 6/16/23 | 63 | $655,200 | $(167,291) | $(105,525) | ||||||
Citigroup, Inc. | 40.00 | 6/16/23 | 241 | 1,130,049 | (300,086) | (177,135) | ||||||
Pinterest, Inc. Class A | 10.00 | 6/16/23 | 107 | 291,789 | (144,231) | (187,785) | ||||||
Workday, Inc. Class A | 120.00 | 6/16/23 | 63 | 1,301,202 | (330,178) | ���(529,137) | ||||||
CoStar Group, Inc. | 65.00 | 7/21/23 | 81 | 557,685 | (125,331) | (62,370) | ||||||
ServiceNow, Inc. | 250.00 | 8/18/23 | 10 | 464,720 | (155,424) | (223,200) | ||||||
DigitalBridge Group, Inc. | 10.00 | 10/20/23 | 1,460 | 1,750,540 | (627,290) | (584,000) | ||||||
Pool Corp. | 270.00 | 12/15/23 | 29 | 993,076 | (300,894) | (269,990) | ||||||
Ritchie Bros. Auctioneers, Inc. (Canada) | 48.92 | 12/15/23 | 145 | 816,205 | (190,653) | (185,600) | ||||||
Airbnb, Inc. Class A | 65.00 | 1/19/24 | 98 | 1,219,120 | (515,960) | (631,120) | ||||||
Align Technology, Inc. | 120.00 | 1/19/24 | 73 | 2,439,222 | (733,917) | (1,637,390) | ||||||
Bank of America Corp. | 25.00 | 1/19/24 | 239 | 683,540 | (228,501) | (137,425) | ||||||
Blue Owl Capital, Inc. | 7.50 | 1/19/24 | 720 | 797,760 | (225,431) | (309,600) | ||||||
Coty, Inc. Class A | 7.00 | 1/19/24 | 1,580 | 1,905,480 | (764,267) | (869,000) | ||||||
Huntsman Corp. | 25.00 | 1/19/24 | 430 | 1,176,480 | (344,784) | (202,100) | ||||||
Laboratory Corp. of America Holdings | 210.00 | 1/19/24 | 51 | 1,170,042 | (266,264) | (194,310) | ||||||
Lamb Weston Holdings, Inc. | 45.00 | 1/19/24 | 585 | 6,114,420 | (994,441) | (3,691,350) | ||||||
Levi Strauss & Co. Class A | 20.00 | 1/19/24 | 890 | 1,622,470 | (612,832) | (144,180) | ||||||
Live Nation Entertainment, Inc. | 50.00 | 1/19/24 | 263 | 1,841,000 | (865,997) | (660,130) | ||||||
Maxar Technologies, Inc. | 17.50 | 1/19/24 | 770 | 3,931,620 | (957,646) | (2,664,200) | ||||||
PayPal Holdings, Inc. | 60.00 | 1/19/24 | 93 | 706,242 | (241,378) | (199,950) | ||||||
Pinterest, Inc. Class A | 10.00 | 1/19/24 | 200 | 545,400 | (190,320) | (362,000) | ||||||
QUALCOMM, Inc. | 125.00 | 1/19/24 | 68 | 867,544 | (166,543) | (126,140) | ||||||
Salesforce, Inc. | 110.00 | 1/19/24 | 15 | 299,670 | (74,987) | (146,175) | ||||||
Sally Beauty Holdings, Inc. | 12.50 | 1/19/24 | 1,700 | 2,648,600 | (1,342,714) | (850,000) | ||||||
ServiceNow, Inc. | 300.00 | 1/19/24 | 9 | 418,248 | (163,866) | (171,090) | ||||||
Splunk, Inc. | 90.00 | 1/19/24 | 118 | 1,131,384 | (440,686) | (237,770) | ||||||
Twilio, Inc. Class A | 70.00 | 1/19/24 | 97 | 646,311 | (485,616) | (126,585) | ||||||
Zoom Video Communications, Inc. Class A | 70.00 | 1/19/24 | 243 | 1,794,312 | (1,253,662) | (399,735) | ||||||
Alphabet, Inc. Class C | 68.00 | 6/21/24 | 58 | 603,200 | (182,094) | (261,000) | ||||||
Charles Schwab Corp. (The) | 27.50 | 6/21/24 | 122 | 639,036 | (406,057) | (344,040) | ||||||
NVIDIA Corp. | 125.00 | 6/21/24 | 26 | 722,202 | (153,216) | (439,400) | ||||||
Rivian Automotive, Inc. Class A | 5.00 | 6/21/24 | 2,282 | 3,532,536 | (3,261,407) | (2,578,660) | ||||||
Alphabet, Inc. Class C | 70.00 | 1/17/25 | 63 | 655,200 | (203,645) | (289,800) | ||||||
Salesforce, Inc. | 110.00 | 1/17/25 | 17 | 339,626 | (99,945) | (178,245) | ||||||
ServiceNow, Inc. | 300.00 | 1/17/25 | 16 | 743,552 | (251,749) | (343,520) | ||||||
Wells Fargo & Co. | 32.50 | 1/17/25 | 116 | 433,608 | (150,707) | (114,492) | ||||||
NVIDIA Corp. | 135.00 | 6/20/25 | 26 | 722,202 | (167,311) | (429,676) | ||||||
Total | $(18,087,321) | $(21,063,825) |
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |