Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. News of declining inflation and the potential for lower interest rates in 2024 fueled optimism in the final months of the year. Equities saw a broad rally, with small caps surging over 14% and large caps adding to yearly gains, resulting in a 12% return for the quarter. In the quarter, the fund appreciated 8.96% (net), trailing its benchmark, the S&P 500 Index, which returned 11.69%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Meridian Hedged Equity Fund featured stocks like Levi Strauss & Co. (NYSE:LEVI) in the fourth quarter 2023 investor letter. Headquartered in San Francisco, California, Levi Strauss & Co. (NYSE:LEVI) designs, markets, and sells apparels and related accessories. On April 2, 2024, Levi Strauss & Co. (NYSE:LEVI) stock closed at $18.74 per share. One-month return of Levi Strauss & Co. (NYSE:LEVI) was 2.46%, and its shares gained 3.94% of their value over the last 52 weeks. Levi Strauss & Co. (NYSE:LEVI) has a market capitalization of $7.459 billion.
Meridian Hedged Equity Fund stated the following regarding Levi Strauss & Co. (NYSE:LEVI) in its fourth quarter 2023 investor letter:
“Levi Strauss & Co. (NYSE:LEVI) designs, markets, and sells jeans, casual wear, and related accessories under the Levi’s, Dockers, and Beyond Yoga brands. The company sells its products directly to consumers through its own stores and e-commerce sites and third-party retailers and distributors globally. In the quarter, the company delivered double-digit direct-to-consumer revenue growth driven by gains across its stores, outlets, and e-commerce. This signals the underlying health of the Levi’s brand and its ability to connect directly with loyal customers. Wholesale revenue, however, declined due to macro uncertainty and inventory issues weighing on the US and Europe. The stock appreciated during the quarter in response to general confidence in new management and growth initiatives that, we believe, will accelerate expansion in international markets and women’s apparel, which appear to have more runway.
In our view, Levi appears well-equipped to navigate challenges in the wholesale segment and capitalize on the strengths of its direct-to-consumer business, brand portfolio, and growth initiatives. We maintained our position in the company based on the underappreciated potential that remains to be unlocked across the company’s diverse brand offerings.”
A stylishly dressed man wearing jeans and a jacket from the company, smiling confidently.
Levi Strauss & Co. (NYSE:LEVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Levi Strauss & Co. (NYSE:LEVI) was held by 14 hedge fund portfolios, compared to 12 in the previous quarter, according to our database.
We discussed Levi Strauss & Co. (NYSE:LEVI) in another article and shared the list of stocks that will bounce back according to Reddit. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Fastest Growing Counties in the US
- 15 Best Places to Retire in Illinois
- 15 Most Congested Cities in Europe
Disclosure: None. This article is originally published at Insider Monkey.
