Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -12.74% net compared to a -16.10% return for the S&P 500 Index. The portfolio strategy to mitigate capital losses helped the fund to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds highlighted stocks like The Boeing Company (NYSE:BA) in the Q3 2022 investor letter. Headquartered in Chicago, Illinois, The Boeing Company (NYSE:BA) is an aircraft manufacturing company that operates through Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital segments. On December 8, 2022, The Boeing Company (NYSE:BA) stock closed at $179.08 per share. One-month return of The Boeing Company (NYSE:BA) was 0.90% and its shares lost 12.67% of their value over the last 52 weeks. The Boeing Company (NYSE:BA) has a market capitalization of $106.729 billion.
Meridian Funds made the following comment about The Boeing Company (NYSE:BA) in its Q3 2022 investor letter:
“We similarly remained invested in largely out-of-favor The Boeing Company (NYSE:BA) , a global leader in developing and producing commercial jet aircraft. Due to some self-inflicted wounds and a bit of bad luck, as well as dramatic declines in air travel early in the pandemic, investor sentiment for this company has simply been awful. As part of our contrarian thinking, however, we view the business as critical to global transportation needs and see multiple catalysts to improve sentiment. In addition to the current surge in air travel worldwide, ramped up production of the 737 MAX aircraft and the pending restart of 787 Dreamliner deliveries should help turn broader sentiment. Additionally, we anticipate a meaningful inflection in cash flow as Boeing starts delivering aircraft currently in storage as well as the eventual expansion of its production in both core platforms.”
The Boeing Company (NYSE:BA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Boeing Company (NYSE:BA) at the end of the third quarter, which was 51 in the previous quarter.
We discussed The Boeing Company (NYSE:BA) in another article and shared the best robotics stocks to buy according to hedge funds. 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.
