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 VICI Properties Inc. (NYSE:VICI) in the second quarter investor letter. VICI Properties Inc. (NYSE:VICI) is a real estate investment trust company. On September 14, 2022, VICI Properties Inc. (NYSE:VICI) stock closed at $33.22 per share. One-month return of VICI Properties Inc. (NYSE:VICI) was -5.30% and its shares gained 10.73% of their value over the last 52 weeks. VICI Properties Inc. (NYSE:VICI) has a market capitalization of $31.994 billion.
Here is what Meridian Funds specifically said about VICI Properties Inc. (NYSE:VICI) in its Q2 2022 investor letter:
“VICI Properties Inc. (NYSE:VICI) is a real estate investment trust company specializing in casinos and other entertainment properties. We invested in VICI in 2018 when earnings were declining due to dilutive acquisitions. Our thesis was that, as investors grew more comfortable with casinos as a REIT subsector, the value of their properties would increase. We also liked the defensive characteristics of the company, specifically the triple-net lease structure, which dictates that lessees pay all maintenance and capital expenditures, and the history of casino REITs with zero rent payments missed by casinos during either the global financial crisis or the 2020 pandemic. Furthermore, we were confident that VICI’s growth prospects would increase as more casinos monetized land holdings with VICI’s ability to use its extensive cash and liquidity to make acquisitions. VICI’s stock outperformed in the quarter due to its appeal as a fairly defensive investment and the news that it would be included in the S&P 500 Index. We maintained our position in VICI.”
VICI Properties Inc. (NYSE:VICI) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held VICI Properties Inc. (NYSE:VICI) at the end of the second quarter which was 36 in the previous quarter.
We discussed VICI Properties Inc. (NYSE:VICI) in another article and shared stock picks of billionaire Ray Dalio. 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.
