Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 5.82% (net) compared to a 7.56% gain for the S&P 500 Index benchmark. The firm focuses on quality businesses that have considerable competitive advantages, healthy balance sheets, robust cash flow characteristics, and muted volatility traits to mitigate capital losses during market fluctuations and experience upside participation during strong bull markets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Hedged Equity Fund highlighted stocks like Dole plc (NYSE:DOLE) in the Q4 2022 investor letter. Headquartered in Dublin, Ireland, Dole plc (NYSE:DOLE) is a fresh fruits and vegetables distributor. On March 28, 2023, Dole plc (NYSE:DOLE) stock closed at $11.61 per share. One-month return of Dole plc (NYSE:DOLE) was -2.27%, and its shares lost 6.52% of their value over the last 52 weeks. Dole plc (NYSE:DOLE) has a market capitalization of $1.102 billion.
Meridian Hedged Equity Fund made the following comment about Dole plc (NYSE:DOLE) in its Q4 2022 investor letter:
“Dole plc (NYSE:DOLE) sources, processes, markets, and distributes fresh fruit and vegetables on a global basis. The company reported solid quarterly results, with strength in the fresh fruit segment offsetting weakness in other parts of the business. We also believe the results provided evidence that company fundamentals may be turning the corner after a rough 2022, during which concerns about its floating rate debt, input cost inflation, temporary plant closures, and a salad recall weighed on the stock. We believe the market is overly focused on these matters and continues to overlook the significant value in Dole’s fixed asset base and its ability to offset cost inflation with price increases. Meanwhile, our covered call positions helped insulate the Fund from losses in Dole as we wait for the turnaround to play out.”
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Dole plc (NYSE:DOLE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Dole plc (NYSE:DOLE) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Dole plc (NYSE:DOLE) in another article and shared the list of best organic food and farming stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
