Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 5.82% (net) compared to a 7.56% gain for the S&P 500 Index benchmark. The firm focuses on quality businesses that have considerable competitive advantages, healthy balance sheets, robust cash flow characteristics, and muted volatility traits to mitigate capital losses during market fluctuations and experience upside participation during strong bull markets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Hedged Equity Fund highlighted stocks like GFL Environmental Inc. (NYSE:GFL) in the Q4 2022 investor letter. Headquartered in Vaughan, Canada, GFL Environmental Inc. (NYSE:GFL) provides solid waste management and environmental services. On March 28, 2023, GFL Environmental Inc. (NYSE:GFL) stock closed at $32.85 per share. One-month return of GFL Environmental Inc. (NYSE:GFL) was 7.14%, and its shares gained 3.17% of their value over the last 52 weeks. GFL Environmental Inc. (NYSE:GFL) has a market capitalization of $12.125 billion.
Meridian Hedged Equity Fund made the following comment about GFL Environmental Inc. (NYSE:GFL) in its Q4 2022 investor letter:
“Two individual additions of note were dental device developer Align Technology, Inc., and solid waste hauler GFL Environmental Inc. (NYSE:GFL). After several years of large-scale acquisitions, GFL is currently the fourth-largest trash collection company in North America. We believe the company, having built an attractive platform, is shifting its focus toward optimizing and integrating services, and we were attracted to the non-discretionary nature of its offerings, pricing power, and multiple levers to unlock value. Additionally, we believed the stock was trading at a discount to its peers despite its higher growth potential.”
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GFL Environmental Inc. (NYSE:GFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held GFL Environmental Inc. (NYSE:GFL) at the end of the fourth quarter which was 28 in the previous quarter.
We discussed GFL Environmental Inc. (NYSE:GFL) in another article and shared the list of best recycling stocks to buy. 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.
