Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -9.91% (net) compared to a -6.84% return for the Russell 2500 Growth Index. The firm’s investment process prioritizes the management of risk over the opportunity for a return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Meridian Growth Fund highlighted stocks like Matson, Inc. (NYSE:MATX) in the third quarter 2023 investor letter. Headquartered in Honolulu, Hawaii, Matson, Inc. (NYSE:MATX) is an ocean transportation and logistics services providing company. On December 5, 2023, Matson, Inc. (NYSE:MATX) stock closed at $96.32 per share. One-month return of Matson, Inc. (NYSE:MATX) was 7.11%, and its shares gained 59.13% of their value over the last 52 weeks. Matson, Inc. (NYSE:MATX) has a market capitalization of $3.475 billion.
Meridian Growth Fund made the following comment about Matson, Inc. (NYSE:MATX) in its Q3 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 upgrades. During the period, we added to our position in the company.”
A row of modern-day container ships, showing the power of the company’s logistics service.
Matson, Inc. (NYSE:MATX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Matson, Inc. (NYSE:MATX) at the end of third quarter which was 17 in the previous quarter.
We discussed Matson, Inc. (NYSE:MATX) in another article and shared the list of best shipping and container stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
