Meridian Fund’s Top Contributor: Pinterest (PINS)

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 Pinterest, Inc. (NYSE:PINS) in the second quarter investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) operates as a visual discovery platform. On September 14, 2022, Pinterest, Inc. (NYSE:PINS) stock closed at $24.76 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was 9.75% and its shares lost 54.33% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $16.675 billion.

Here is what Meridian Funds specifically said about Pinterest, Inc. (NYSE:PINS) in its Q2 2022 investor letter:

“We took advantage of early-2021 volatility in Pinterest, Inc. (NYSE:PINS) to establish a hedged position in a well-established firm that we believe occupies a unique space in the social media landscape. Through its visual-first offering, users build portfolios of photos, videos, and inspirations around their hobbies and interests, which we believe will become increasingly valuable to advertisers. We believe our exposure is protected to a degree by the company’s high net cash balance and its underappreciated core franchise value. Furthermore, since we initiated our position, the company hired a new CEO with a relevant track record of success at both PayPal and Google.”

Pixabay/Public Domain

Pinterest, Inc. (NYSE:PINS) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Pinterest, Inc. (NYSE:PINS) at the end of the second quarter which was 56 in the previous quarter.

We discussed Pinterest, Inc. (NYSE:PINS) in another article and shared the list of stocks that will skyrocket. 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.