Meridian Funds Continues to Maintain Exposure in Paramount Global (PARA)

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here.  In the second quarter, the fund returned -12.74% net, outperforming its benchmark, the S&P 500 Index, which fell by -16.10%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds discussed stocks like Paramount Global (NASDAQ:PARA) in the second quarter investor letter. Headquartered in New York, New York, Paramount Global (NASDAQ:PARA) is a media and entertainment company. On September 15, 2022, Paramount Global (NASDAQ:PARA) stock closed at $23.05 per share. One-month return of Paramount Global (NASDAQ:PARA) was -11.24% and its shares lost 42.99% of their value over the last 52 weeks. Paramount Global (NASDAQ:PARA) has a market capitalization of $15.098 billion.

Here is what Meridian Funds specifically said about Paramount Global (NASDAQ:PARA) in its Q2 2022 investor letter:

Paramount Global (NASDAQ:PARA), is a global media and entertainment company that operates properties in the television broadcast, cable network, and filmed entertainment industries. Previously known as ViacomCBS, its stock underperformed during the quarter as solid subscriber gains in the company’s Paramount+ streaming platform failed to satisfy analysts clamoring for sharper improvements in streaming profits. Given Paramount’s powerful combination of incomparable content—for example, its “Top Gun: Maverick” movie is a summer blockbuster—and the distribution muscle to deliver entertainment to audiences anytime and anywhere, we believe the stock has fallen too far relative to the irreplaceable nature of the company’s assets and we continue to maintain exposure.”

Fox Entertainment Group

Paramount Global (NASDAQ:PARA) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Paramount Global (NASDAQ:PARA) at the end of the second quarter which was 40 in the previous quarter. 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.