Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -10.24% (net) in the third quarter compared to the Russell 2000 Growth Index’s -7.32% return. Overall, underperformance during the quarter resulted from the market’s muted or occasionally negative response to macroeconomic reports, even though several of the firms the strategy owned exceeded earnings estimates and improved outlook. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Meridian Small Cap Growth Fund highlighted stocks like Silk Road Medical, Inc (NASDAQ:SILK) in the third quarter 2023 investor letter. Headquartered in Sunnyvale, California, Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company. On December 22, 2023, Silk Road Medical, Inc (NASDAQ:SILK) stock closed at $11.69 per share. One-month return of Silk Road Medical, Inc (NASDAQ:SILK) was 43.26%, and its shares lost 78.35% of their value over the last 52 weeks. Silk Road Medical, Inc (NASDAQ:SILK) has a market capitalization of $455.273 million.
Meridian Small Cap Growth Fund made the following comment about Silk Road Medical, Inc (NASDAQ:SILK) in its Q3 2023 investor letter:
“Silk Road Medical, Inc (NASDAQ:SILK) is a medical technology and device company that has pioneered a minimally invasive approach to the treatment of carotid artery disease. The firm’s transcarotid artery revascularization (TCAR) procedure has only 14% of a ~$1.2 billion market currently dominated by carotid endarterectomy (CEA), a more invasive procedure that carries higher risk of procedural complications and death. Despite posting 37% growth in the quarter, the stock came under pressure when CMS extended coverage to other competitive treatment options. While this will likely cause some noise in the near term, we believe the efficacy and safety of the company’s TCAR procedure will continue to drive further penetration and growth over time. Given our favorable long-term outlook, we added to our position in the company during the quarter as the share price declined.”
A skilled surgeon surrounded by a team of medical professionals performing a Transcatheter Heart Valve Replacement.
Silk Road Medical, Inc (NASDAQ:SILK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Silk Road Medical, Inc (NASDAQ:SILK) at the end of third quarter which was 20 in the previous quarter.
We discussed Silk Road Medical, Inc (NASDAQ:SILK) in another article and shared Wasatch Small Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.
