Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.92% net compared to -0.12% return for the Russell 2500 Growth Index. In the quarter, market dynamics worked against the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds highlighted stocks like QuidelOrtho Corporation (NASDAQ:QDEL) in the Q3 2022 investor letter. Headquartered in San Diego, California, QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing technologies manufacturer. On December 6, 2022, QuidelOrtho Corporation (NASDAQ:QDEL) stock closed at $92.19 per share. One-month return of QuidelOrtho Corporation (NASDAQ:QDEL) was 5.18% and its shares lost 35.37% of their value over the last 52 weeks. QuidelOrtho Corporation (NASDAQ:QDEL) has a market capitalization of $6.089 billion.
Meridian Funds made the following comment about QuidelOrtho Corporation (NASDAQ:QDEL) in its Q3 2022 investor letter:
“QuidelOrtho Corporation (NASDAQ:QDEL) is a global leader in the diagnostics industry. The merger of Quidel and Ortho Clinical Diagnostics has resulted in a top 10 player in the in-vitro diagnostics industry, combining Quidel’s strong point of care platform with Ortho’s blood chemistry and transfusion platform. We believe the new company will be much more consistent in its ability to deliver steady top-line growth at attractive margins to fuel free cash flow growth. Further boosting our conviction in QuidelOrtho is its robust product pipeline. Pipeline developments include the company’s Savanna platform, which solves a long-term need for near-patient molecular testing that is accurate, fast, and economical. We believe the stock weakness is due to the anticipated decline in COVID-19 testing. However, we believe the long-term earnings and free cash flow profile are underappreciated, and as a result we increased our position in the stock.”
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QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of the third quarter, which was 37 in the previous quarter.
We discussed QuidelOrtho Corporation (NASDAQ:QDEL) in another article and shared Alger Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
