6 days ago
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Soumya Eswaran
Thu, January 29, 2026 astatine 6:17 AM CST 4 min read
Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth-quarter 2025 capitalist letter. A transcript of the aforesaid tin beryllium downloaded here. U.S. equity markets experienced a 4th supported by optimism astir imaginable monetary easing and caution related to economical maturation and valuations. Early gains were driven by beardown AI-related net and the US Federal Reserve’s complaint chopped successful October, which improved expectations for fiscal conditions. However, marketplace sentiment cooled aboriginal successful the quarter. Despite this moderation, the 4th contributed positively to robust yearly results. Value stocks outperformed growth, returning 3.3% versus 1.2% for the quarter. Against this backdrop, the Fund delivered a instrumentality of 2.18% (net) successful the quarter, underperforming the Russell 2500 Index’s 2.22% instrumentality and the secondary benchmark, the Russell 2500 Value Index’ 3.15% return. As the marketplace heads into 2026, the steadfast is intimately watching factors that whitethorn impact marketplace returns, including monetary argumentation changes with a caller Fed Chair and the sustainability of AI investments owed to precocious valuations among hyperscalers. In the unpredictable backdrop, the steadfast concentrates connected its systematic and accordant concern approach, which aims to pinpoint opportunities successful companies that tin execute beardown show careless of macroeconomic factors. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2025.
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In its fourth-quarter 2025 capitalist letter, Meridian Contrarian Fund highlighted Advanced Micro Devices, Inc. (NASDAQ:AMD) arsenic 1 of its starring contributors. Advanced Micro Devices, Inc. (NASDAQ:AMD) is simply a starring semiconductor institution that designs cardinal processing units. Advanced Micro Devices, Inc. (NASDAQ:AMD) shares traded betwixt $76.48 and $267.08 implicit the past 52 weeks. On January 28, 2026, Advanced Micro Devices, Inc. (NASDAQ:AMD) banal closed astatine $252.74 per share. One-month instrumentality of Advanced Micro Devices, Inc. (NASDAQ:AMD) was 18.01%. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a marketplace capitalization of $411.47 billion.
Meridian Contrarian Fund stated the pursuing regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) successful its 4th fourth 2025 capitalist letter:
"Advanced Micro Devices, Inc. (NASDAQ:AMD) is simply a planetary semiconductor institution that designs cardinal processing units (CPUs), which are the halfway constituent of astir computing devices, and graphics processing units (GPUs), which accelerate operations moving connected CPUs. We invested successful AMD successful 2018 erstwhile the institution was emerging from a prolonged play of underperformance resulting from lagging exertion and marketplace stock losses to Intel and Nvidia. Our probe astatine the clip indicated that changes and investments nether CEO Lisa Su had yet resulted successful compelling exertion that positioned AMD with competitive, and successful immoderate cases superior, products. We invested connected the content that AMD’s valuation astatine that clip did not bespeak the imaginable for its exertion enactment to make important marketplace stock gains and improved profits. That thesis has continued to play retired implicit respective years. During the quarter, the banal reacted positively to continued advancement by AMD to found its GPU servers arsenic a viable alternate to Nvidia’s offerings. We reduced our vulnerability to AMD into spot during the play arsenic portion of our risk-management practice."
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