Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund outperformed its benchmark index, the Russell 2500 Growth Index, and returned -22.24% net at the end of the second quarter. The firm’s investment strategy prioritizes risk management over potential returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds discussed stocks like Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) in the second quarter investor letter. Headquartered in Burnaby, Canada, Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) is an asset disposition and management company. On September 14, 2022, Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) stock closed at $65.83 per share. One-month return of Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) was -6.94% and its shares gained 3.08% of their value over the last 52 weeks. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) has a market capitalization of $7.3 billion.
Here is what Meridian Funds specifically said about Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) in its Q2 2022 investor letter:
“Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Auctioneers, Inc. operates an online marketplace for used industrial equipment, including earthmoving, agricultural, and transportation equipment. Given its large global network and scale advantages, we believe it is well-positioned for additional growth from its single-digit market share position today. After struggling amid a pandemic-related supply shortage for used equipment, the stock outperformed on signs that supply may be improving. A stronger pricing environment for used equipment also supported stock gains. We believe the operating environment will continue to improve and we are pleased to see Ritchie Bros. continuing to execute at a high level. For its most recently reported quarter, the company logged earnings growth of more than 40%. During the period, we maintained our position in Ritchie Bros.”
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Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) was held by 20 hedge fund portfolios at the end of the second quarter compared to 13 in the previous quarter.
We discussed Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) in another article and shared Carillon Tower Advisers’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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