Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -16.52%, compared to a -16.98% return for its benchmark index the Russell 2500 Index. However, it underperformed the Russell 2500 Value Index, the fund’s secondary benchmark, which returned -15.39% in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds discussed stocks like Micron Technology, Inc. (NASDAQ:MU) in the second quarter investor letter. Headquartered in Boise, Idaho, Micron Technology, Inc. (NASDAQ:MU) offers memory and storage products. On September 14, 2022, Micron Technology, Inc. (NASDAQ:MU) stock closed at $53.11 per share. One-month return of Micron Technology, Inc. (NASDAQ:MU) was -15.67% and its shares lost 28.84% of their value over the last 52 weeks. Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $58.588 billion.
Here is what Meridian Funds specifically said about Micron Technology, Inc. (NASDAQ:MU) in its Q2 2022 investor letter:
“Micron Technology, Inc. (NASDAQ:MU) is a leader in the production of DRAM and NAND memory. We invested in the stock in the third quarter of 2019 during a cyclical downturn in the memory industry. Our rationale was that, while the memory industry is cyclical, we believed there are strong secular drivers in place that will lead to higher peaks and long-term growth. Our secular thesis is based on our conviction that the quest for ever-increasing compute speeds will increasingly rely on memory to solve bottlenecks and that increased memory content in nearly everything from mobile phones to automobiles will drive demand. Micron’s stock traded lower during the quarter due to macroeconomic concerns that led to lower earnings expectations. We increased our stake in the company, as we believe our secular thesis remains intact. We wanted to take advantage of what we view as temporary cyclical concerns that caused the stock to trade at less than 10x reasonable trough earnings per share (EPS) estimates and less than 7x recent peak EPS.”
Micron Technology, Inc. (NASDAQ:MU) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Micron Technology, Inc. (NASDAQ:MU) at the end of the second quarter which was 78 in the previous quarter.
We discussed Micron Technology, Inc. (NASDAQ:MU) in another article and shared the best autonomous vehicle ETFs and stocks to invest in. 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.
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