Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 11.10% (net) lagging behind the benchmark, the Russell 2500 Growth Index’s 12.59% return. The investment strategy of the Fund emphasizes investing in high-quality companies with recurring revenue and sustainable competitive advantages. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Meridian Growth Fund featured stocks like Matson, Inc. (NYSE:MATX) in the fourth quarter 2023 investor letter. Headquartered in Honolulu, Hawaii, Matson, Inc. (NYSE:MATX) is an ocean transportation and logistics services providing company. On March 28, 2024, Matson, Inc. (NYSE:MATX) stock closed at $112.40 per share. One-month return of Matson, Inc. (NYSE:MATX) was 1.22%, and its shares gained 88.53% of their value over the last 52 weeks. Matson, Inc. (NYSE:MATX) has a market capitalization of $3.876 billion.
Meridian Growth Fund stated the following regarding Matson, Inc. (NYSE:MATX) in its fourth quarter 2023 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. Matson’s unique terminal assets give it a significant speed advantage over competitors, which has been especially valuable amid supply chain disruptions. Matson’s premium service has enabled the company to keep its fleet utilization strong at a significant rate premium which has led to stronger-than-expected earnings. In addition, Matson continues to generate strong free cash flow which has enabled the company to pay down debt, repurchase shares and invest in high-return projects, including fleet additions and upgrades. During the quarter, we trimmed our position as the share price appreciated based on our valuation discipline.”
A processional line of imposing cargo ships in a large port, capturing the scope of the company’s ocean transportation business.
Matson, Inc. (NYSE:MATX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Matson, Inc. (NYSE:MATX) was held by 23 hedge fund portfolios, compared to 22 in the previous quarter, according to our database.
We discussed Matson, Inc. (NYSE:MATX) in another article and shared the list of best shipping stocks that pay dividends. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
