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 Matson, Inc. (NYSE:MATX) in the second quarter investor letter. Headquartered in Honolulu, Hawaii, Matson, Inc. (NYSE:MATX) is ocean transportation and logistics providing company. On September 14, 2022, Matson, Inc. (NYSE:MATX) stock closed at $71.94 per share. One-month return of Matson, Inc. (NYSE:MATX) was -11.27% and its shares lost 14.99% of their value over the last 52 weeks. Matson, Inc. (NYSE:MATX) has a market capitalization of $2.804 billion.
Here is what Meridian Funds specifically said about Matson, Inc. (NYSE:MATX) in its Q2 2022 investor letter:
“Matson, Inc. (NYSE:MATX) is a US-based ocean and logistics company with a leading position in Pacific shipping that provides a vital lifeline to Hawaii, Alaska, and Guam as well as premium and expedited service from China to the US. Given its unique position and terminal assets, Matson has an unparalleled speed advantage over other ocean transportation companies. This speed advantage has been highly valuable to customers given supply chain disruptions which has helped improve inventory velocity. Although the company recently reported strong quarterly earnings growth, its stock declined on signs of slower shipping demand due to rising inventories within the consumer channel and improving port congestion. Given these dynamics, overall container rates have begun to recede from the robust levels experienced in 2021 but still remain at levels that are nearly 4x that of pre-pandemic levels. Although we expect container rates to continue to normalize, we believe the company’s unique speed advantage and increased service capacity between Asia and the U.S. could help offset some of these headwinds. Matson continues to generate strong free cash flow and has proven to be a strong allocator of capital, including increasing dividend payouts for shareholders and buying back stock. During the period, we trimmed our position in the company.”
Matson, Inc. (NYSE:MATX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Matson, Inc. (NYSE:MATX) at the end of the second quarter which was 22 in the previous quarter.
We discussed Matson, Inc. (NYSE:MATX) in another article and shared new stock picks of Bruce Kovner’s Caxton Associates. 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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