Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 4.69% (net) compared to a 4.72% return for the Russell 2500 Growth Index. Positive factors during the quarter helped the fund’s performance. An emphasis on quality was beneficial for the fund in the upmarket. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Growth Fund highlighted stocks like Skechers U.S.A., Inc. (NYSE:SKX) in the Q4 2022 investor letter. Headquartered in Manhattan Beach, California, Skechers U.S.A., Inc. (NYSE:SKX) is a global foot ware company operates through Wholesale and Direct-to-Consumer segments. On March 16, 2023, Skechers U.S.A., Inc. (NYSE:SKX) stock closed at $44.71 per share. One-month return of Skechers U.S.A., Inc. (NYSE:SKX) was -0.02%, and its shares gained 12.99% of their value over the last 52 weeks. Skechers U.S.A., Inc. (NYSE:SKX) has a market capitalization of $6.943 billion.
Meridian Growth Fund made the following comment about Skechers U.S.A., Inc. (NYSE:SKX) in its Q4 2022 investor letter:
“Skechers U.S.A., Inc. (NYSE:SKX), designs and sells lifestyle and athletic footwear. It is the third-largest footwear company in the U.S. and has a strong and growing international presence. In our view, the market does not fully recognize the growth opportunity represented by Skechers’ international business. During the quarter, the company reported strong gains worldwide, led by a 48% increase in sales in the EMEA region and a 9% rise in the APAC region despite COVID-related slowdowns, as well as 16% growth in the Americas, powered by healthy demand in the U.S. and Canada. The company is still contending with some expense issues, primarily related to ongoing supply chain and distribution channel challenges, but investors are increasingly recognizing management’s success at managing through the issues and setting the company up for potentially strong cash flow growth in 2023. Amid the growing optimism, we maintained our position in the stock.”
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Skechers U.S.A., Inc. (NYSE:SKX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Skechers U.S.A., Inc. (NYSE:SKX) at the end of the fourth quarter which was 35 in the previous quarter.
We discussed Skechers U.S.A., Inc. (NYSE:SKX) in another article and shared the list of most valuable clothing companies in the worldn. 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.
