Meridian Contrarian Fund
Schedule of Investments
Schedule of Investments
September 30, 2023 (Unaudited)
Shares | Value | |
Common Stocks - 92.3% | ||
Communication Services - 3.9% | ||
Interactive Media & Services - 3.9% | ||
Cars.com, Inc.1 | 758,515 | $12,788,563 |
Pinterest, Inc. Class A1 | 345,000 | 9,325,350 |
Total Communication Services | 22,113,913 | |
Consumer Discretionary - 8.0% | ||
Automobile Components - 2.0% | ||
Aptiv Plc1 | 117,000 | 11,535,030 |
Hotels, Restaurants & Leisure - 3.1% | ||
Bowlero Corp. Class A1,2 | 781,803 | 7,520,945 |
Everi Holdings, Inc.1 | 468,000 | 6,186,960 |
PlayAGS, Inc.1 | 603,622 | 3,935,615 |
17,643,520 | ||
Specialty Retail - 1.0% | ||
National Vision Holdings, Inc.1 | 363,448 | 5,880,589 |
Textiles, Apparel & Luxury Goods - 1.9% | ||
Levi Strauss & Co. Class A2 | 355,000 | 4,820,900 |
Skechers U.S.A., Inc. Class A1 | 119,000 | 5,825,050 |
10,645,950 | ||
Total Consumer Discretionary | 45,705,089 | |
Consumer Staples - 6.1% | ||
Beverages - 3.0% | ||
Molson Coors Beverage Co. Class B | 269,000 | 17,105,710 |
Food Products - 1.2% | ||
Lancaster Colony Corp. | 42,000 | 6,931,260 |
Household Products - 1.2% | ||
Spectrum Brands Holdings, Inc. | 88,000 | 6,894,800 |
Personal Care Products - 0.7% | ||
Honest Co., Inc. (The)1,2 | 3,261,137 | 4,109,032 |
Total Consumer Staples | 35,040,802 | |
Energy - 8.1% | ||
Oil, Gas & Consumable Fuels - 8.1% | ||
APA Corp. | 284,000 | 11,672,400 |
California Resources Corp. | 227,000 | 12,714,270 |
Cameco Corp. (Canada) | 542,000 | 21,484,880 |
Total Energy | 45,871,550 | |
Financials - 8.4% | ||
Banks - 5.5% | ||
First Citizens BancShares, Inc. Class A | 15,800 | 21,805,580 |
Texas Capital Bancshares, Inc.1 | 160,000 | 9,424,000 |
31,229,580 | ||
Insurance - 2.9% | ||
Axis Capital Holdings Ltd. | 198,000 | 11,161,260 |
Shares | Value | |
Universal Insurance Holdings, Inc. | 375,000 | $5,257,500 |
16,418,760 | ||
Total Financials | 47,648,340 | |
Health Care - 9.8% | ||
Biotechnology - 3.2% | ||
ImmunoGen, Inc.1 | 183,000 | 2,904,210 |
Legend Biotech Corp. ADR1 | 187,821 | 12,615,937 |
ORIC Pharmaceuticals, Inc.1,2 | 320,000 | 1,936,000 |
SpringWorks Therapeutics, Inc.1,2 | 37,000 | 855,440 |
18,311,587 | ||
Health Care Equipment & Supplies - 2.1% | ||
Paragon 28, Inc.1 | 261,000 | 3,275,550 |
QuidelOrtho Corp.1 | 121,000 | 8,837,840 |
12,113,390 | ||
Health Care Providers & Services - 1.9% | ||
Tenet Healthcare Corp.1 | 162,000 | 10,674,180 |
Pharmaceuticals - 2.6% | ||
Perrigo Co. Plc | 454,855 | 14,532,617 |
Total Health Care | 55,631,774 | |
Industrials - 18.1% | ||
Aerospace & Defense - 3.2% | ||
BWX Technologies, Inc. | 124,223 | 9,314,240 |
L3Harris Technologies, Inc. | 50,000 | 8,706,000 |
18,020,240 | ||
Building Products - 1.3% | ||
Hayward Holdings, Inc.1 | 514,000 | 7,247,400 |
Commercial Services & Supplies - 1.8% | ||
ACV Auctions, Inc. Class A1 | 471,000 | 7,149,780 |
VSE Corp. | 60,000 | 3,026,400 |
10,176,180 | ||
Electrical Equipment - 0.5% | ||
American Superconductor Corp.1 | 381,432 | 2,879,812 |
Ground Transportation - 1.9% | ||
Knight-Swift Transportation Holdings, Inc. | 166,230 | 8,336,434 |
U-Haul Holding Co.1 | 51,000 | 2,783,070 |
11,119,504 | ||
Machinery - 3.4% | ||
CNH Industrial, N.V. (United Kingdom) | 731,006 | 8,845,173 |
Hillenbrand, Inc. | 152,000 | 6,431,120 |
Toro Co. (The) | 53,493 | 4,445,268 |
19,721,561 |
Meridian Funds | 1 | www.arrowmarkpartners.com/meridian/ |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares | Value | |
Professional Services - 4.8% | ||
CACI International, Inc. Class A1 | 65,000 | $20,405,450 |
Clarivate Plc1,2 | 641,000 | 4,301,110 |
Planet Labs PBC1,2 | 927,000 | 2,410,200 |
27,116,760 | ||
Trading Companies & Distributors - 1.2% | ||
Custom Truck One Source, Inc.1,2 | 1,099,883 | 6,819,275 |
Total Industrials | 103,100,732 | |
Information Technology - 16.0% | ||
Communications Equipment - 1.5% | ||
Juniper Networks, Inc. | 307,070 | 8,533,476 |
Electronic Equipment, Instruments & Components - 4.3% | ||
nLight, Inc.1 | 340,000 | 3,536,000 |
Rogers Corp.1 | 60,000 | 7,888,200 |
Trimble, Inc.1 | 238,156 | 12,827,082 |
24,251,282 | ||
IT Services - 1.4% | ||
Okta, Inc.1 | 96,000 | 7,824,960 |
Semiconductors & Semiconductor Equipment - 6.8% | ||
Advanced Micro Devices, Inc.1 | 118,000 | 12,132,760 |
Ambarella, Inc.1 | 76,000 | 4,030,280 |
Meyer Burger Technology AG ADR (Switzerland)1 | 1,400,000 | 1,008,420 |
Navitas Semiconductor Corp.1 | 548,000 | 3,808,600 |
NVIDIA Corp. | 6,000 | 2,609,940 |
SMART Global Holdings, Inc.1,2 | 628,000 | 15,291,800 |
38,881,800 | ||
Software - 2.0% | ||
Adeia, Inc. | 375,000 | 4,005,000 |
Cerence, Inc.1 | 30,250 | 616,192 |
LiveRamp Holdings, Inc.1 | 240,314 | 6,930,656 |
11,551,848 | ||
Total Information Technology | 91,043,366 | |
Materials - 4.0% | ||
Chemicals - 1.2% | ||
Olin Corp. | 135,000 | 6,747,300 |
Containers & Packaging - 2.8% | ||
Crown Holdings, Inc. | 131,605 | 11,644,410 |
Ranpak Holdings Corp.1 | 806,000 | 4,384,640 |
16,029,050 | ||
Total Materials | 22,776,350 | |
Real Estate - 7.4% | ||
Diversified REITs - 2.3% | ||
Alexander & Baldwin, Inc. | 779,000 | 13,032,670 |
Real Estate Management & Development - 2.6% | ||
DigitalBridge Group, Inc. | 845,750 | 14,868,285 |
Shares | Value | |
Specialized REITs - 2.5% | ||
VICI Properties, Inc. | 487,000 | $14,171,700 |
Total Real Estate | 42,072,655 | |
Utilities - 2.5% | ||
Electric Utilities - 1.5% | ||
ALLETE, Inc. | 163,000 | 8,606,400 |
Independent Power & Renewable Electricity Producers - 1.0% | ||
Brookfield Renewable Corp. Class A2 | 231,800 | 5,549,292 |
Total Utilities | 14,155,692 | |
Total Common Stocks - 92.3% (Cost $436,393,036) | 525,160,263 | |
Warrants - 0.0% | ||
Information Technology - 0.0% | ||
Software - 0.0% | ||
KLDiscovery, Inc., Strike Price $11.50, Expires 12/19/241 | 450,000 | 990 |
Total Information Technology | 990 | |
Total Warrants - 0.0% (Cost $250,695) | 990 | |
Preferred Stocks - 0.5% | ||
Information Technology - 0.5% | ||
Software - 0.5% | ||
Casters Holdings, Inc. dba Fyllo Compliance Cloud Series C Acquisition Date: 10/25/21, Cost $3,000,0001,3,4 | 2,821,405 | 1,467,131 |
Fyllo Series C-2 Shares Acquisition Date: 10/21/22, Cost $3,000,0001,3,4 | 2,272,727 | 1,431,818 |
Total Information Technology | 2,898,949 | |
Total Preferred Stocks - 0.5% (Cost $6,000,000) | 2,898,949 | |
Rights - 0.1% | ||
Health Care - 0.1% | ||
Biotechnology - 0.1% | ||
Albireo Pharma, Inc. CVR1,4 | 150,750 | 331,650 |
Total Health Care | 331,650 | |
Total Rights - 0.1% (Cost $0) | 331,650 |
Meridian Funds | 2 | www.arrowmarkpartners.com/meridian/ |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares/ Principal Amount | Value | |
Short-Term Investments - 12.5% | ||
Money Market Funds - 10.1% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.23% (Cost $57,397,586) | 57,397,586 | $57,397,586 |
Repurchase Agreements - 2.4%5 | ||
Bank of America Securities, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $3,291,963 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 5.50%, 4/20/43 - 9/1/53, totaling $3,356,320) | $3,290,510 | 3,290,510 |
Citigroup Global Markets, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $3,291,963 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.09%, 8/5/25 - 5/20/72, totaling $3,356,320) | 3,290,510 | 3,290,510 |
Daiwa Capital Markets America, Inc., dated 9/29/23, due 10/2/23, 5.32% total to be received $606,056 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 1/31/24 - 10/1/53, totaling $617,941) | 605,787 | 605,787 |
Shares/ Principal Amount | Value | |
National Bank Financial, Inc., dated 9/29/23, due 10/2/23, 5.34% total to be received $3,291,974 (collateralized by various U.S. Treasury Obligations, 0.00% - 4.75%, 10/2/23, totaling $3,356,320) | $3,290,510 | $3,290,510 |
RBC Dominion Securities, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $3,291,963 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 10/5/23 - 9/1/53, totaling $3,356,320) | 3,290,510 | 3,290,510 |
Total Repurchase Agreements (Cost $13,767,827) | 13,767,827 | |
Total Short-Term Investments - 12.5% (Cost $71,165,413) | 71,165,413 | |
Total Investments - 105.4% (Cost $513,809,144) | 599,557,265 | |
Liabilities in Excess of Other Assets - (5.4)% | (30,870,275) | |
Net Assets - 100.0% | $568,686,990 |
Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
ADR—American Depositary Receipt |
CVR—Contingent Value Rights |
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company |
PBC—Public Benefit Corporation |
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at September 30, 2023. Total value of such securities at period-end amounts to $20,325,065 and represents 3.57% of net assets. Securities loaned with a value of $20,346 are pending settlement as of September 30, 2023. |
3 | 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 $2,898,949 and represents 0.51% 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 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |