Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund slightly underperformed its benchmark index, the Russell 2000 Growth Index, and returned -20.24% net at the end of the second quarter. All the sectors posted a decline during the quarter resulting in a broad-based market decline. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds discussed stocks like Momentive Global Inc. (NASDAQ:MNTV) in the second quarter investor letter. Headquartered in San Mateo, California, Momentive Global Inc. (NASDAQ:MNTV) is a Software-as-a-Service solutions provider. On September 14, 2022, Momentive Global Inc. (NASDAQ:MNTV) stock closed at $7.35 per share. One-month return of Momentive Global Inc. (NASDAQ:MNTV) was -4.30% and its shares lost 62.29% of their value over the last 52 weeks. Momentive Global Inc. (NASDAQ:MNTV) has a market capitalization of $1.085 billion.
Here is what Meridian Funds specifically said about Momentive Global Inc. (NASDAQ:MNTV) in its Q2 2022 investor letter:
“Momentive Global Inc. (NASDAQ:MNTV) develops survey software that enables organizations to collect and analyze feedback and insights. Its most recognized brand is the online survey tool SurveyMonkey. Momentive offers customers a free, selfservice software solution and then applies an upsell strategy to convert customers to a more robust, paid version of the product. By investing profits from this self-service business into its enterprise-grade product, Momentive has been able to build an enterprise business that now makes up 35% of total revenues. During the period, despite the noise around the Zendesk acquisition being voted down, the company reported a solid quarter with revenues growing 14%, including 32% growth for the enterprise segment. Impressively, adjusted operating margins expanded by 230 basis points driven by disciplined spending. The company also repurchased $36M of stock in the quarter, signaling management’s confidence in the business plan. The stock declined due mostly to a continued disappointment that the Zendesk acquisition was voted down, and that no other potential suitors have subsequently expressed interest. Additionally, there is some level of concern that a slower pace of investment spending will negatively impact revenue growth in future quarters, and that an economic downturn could impact spending on surveys to a larger degree than it will on other segments of software. We believe Momentive will continue to generate a healthy combination of growth and profitability going forward, even during a potential downturn. We also believe the company’s relatively nascent enterprise business can take share in a downturn owing to its position as the low-cost survey solution. During the quarter, we trimmed our position in Momentive Global.”
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Momentive Global Inc. (NASDAQ:MNTV) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Momentive Global Inc. (NASDAQ:MNTV) at the end of the second quarter which was 38 in the previous quarter.
We discussed Momentive Global Inc. (NASDAQ:MNTV) in another article and shared the list of stocks to sell according to Julian Robertson’s hedge fund. 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.
Co-Founder and Research Director at Insider Monkey
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