Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -12.74% net, outperforming its benchmark, the S&P 500 Index, which fell by -16.10%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds discussed stocks like Coty Inc. (NYSE:COTY) in the second quarter investor letter. Based in New York, New York, Coty Inc. (NYSE:COTY) is into beauty products business. On September 14, 2022, Coty Inc. (NYSE:COTY) stock closed at $7.84 per share. One-month return of Coty Inc. (NYSE:COTY) was 0.26% and its shares lost 5.66% of their value over the last 52 weeks. Coty Inc. (NYSE:COTY) has a market capitalization of $6.579 billion.
Here is what Meridian Funds specifically said about Coty Inc. (NYSE:COTY) in its Q2 2022 investor letter:
“Similarly, Coty Inc. (NYSE:COTY) benefited from the market’s rising appetite for more defensive names during the quarter. The beauty products Coty manufactures and distributes saw steady market share gains, especially as core customers expanded their work and leisure activities outside of the home. The company also operates a broad distribution network and holds a deep intellectual property portfolio across key categories within the cosmetic and fragrance industries. Additionally, Coty is building momentum around a business transformation that’s in the early innings but has already seen success in e-commerce and direct-to-consumer gains, as well as a rising presence in China.”
Coty Inc. (NYSE:COTY) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Coty Inc. (NYSE:COTY) at the end of the second quarter which was 30 in the previous quarter.
We discussed Coty Inc. (NYSE:COTY) in another article and shared the list of stocks that the Russia-Ukraine war is crushing. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.