Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 4.69% (net) compared to a 4.72% return for the Russell 2500 Growth Index. Positive factors during the quarter helped the fund’s performance. An emphasis on quality was beneficial for the fund in the upmarket. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Growth Fund highlighted stocks like Generac Holdings Inc. (NYSE:GNRC) in the Q4 2022 investor letter. Headquartered in Waukesha, Wisconsin, Generac Holdings Inc. (NYSE:GNRC) is a power generation equipment, energy storage systems, and other power product manufacturer and supplier. On March 16, 2023, Generac Holdings Inc. (NYSE:GNRC) stock closed at $115.53 per share. One-month return of Generac Holdings Inc. (NYSE:GNRC) was -8.87%, and its shares lost 63.82% of their value over the last 52 weeks. Generac Holdings Inc. (NYSE:GNRC) has a market capitalization of $7.15 billion.
Meridian Growth Fund made the following comment about Generac Holdings Inc. (NYSE:GNRC) in its Q4 2022 investor letter:
“Generac Holdings Inc. (NYSE:GNRC), is a manufacturer of power generation equipment with a leading position in home standby generators. Generac also offers consumers a home energy management system that harnesses and stores power from the sun to be used for backup during utility power outages. Severe weather events that strained already-overburdened power grids in California, Texas, and other key markets have created a significant opportunity for home power generation equipment manufacturers. Moreover, with the future potential to aggregate these distributed energy resources through the company’s grid services business, homeowners have the potential to monetize these assets. The stock declined during the quarter as the company reduced its full-year revenue guidance due largely to labor shortages in Generac’s dealer network which resulted in a slowdown in installations and implementations. As a consequence, dealers have reduced their on-site inventory. During the period, we exited our position in the company.”
Generac Holdings Inc. (NYSE:GNRC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Generac Holdings Inc. (NYSE:GNRC) at the end of the fourth quarter which was 36 in the previous quarter.
We discussed Generac Holdings Inc. (NYSE:GNRC) in another article and shared Alger Mid Cap Focus Fund. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
