Meridian Funds, managed by ArrowMark Partners, released its third-quarter 2025 investor letter for the “Meridian Small Cap Growth Fund.” A copy of the letter can be downloaded here. Driven by continued gains in technology and falling bond yields, equities reached record highs in the quarter. U.S. small caps outperformed in the quarter, gaining 12.4%, while large caps returned 5.3%. Among small caps, value stocks slightly surpassed growth stocks, returning 12.6% and 12.2%, respectively, according to Russell indices. In this environment, the fund returned 4.20% (net) in the third quarter...
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