Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the fund declined -1.36% (net), outperforming its benchmark, the S&P...

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the fund declined -1.36% (net), outperforming its benchmark, the S&P 500 Index, which declined -3.27%. The firm focuses on high-quality companies for long-term growth. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Meridian Hedged Equity Fund highlighted stocks like GFL Environmental Inc. (NYSE:GFL) in the third quarter 2023 investor letter. Headquartered in Vaughan, Canada, GFL Environmental Inc. (NYSE:GFL) offers non-hazardous solid waste management and environmental services. On December 22, 2023, GFL Environmental Inc. (NYSE:GFL) stock closed at $33.32 per share. One-month return of GFL Environmental Inc. (NYSE:GFL) was 13.60%, and its shares gained 18.07% of their value over the last 52 weeks. GFL Environmental Inc. (NYSE:GFL) has a market capitalization of $12.335 billion.

Meridian Hedged Equity Fund made the following comment about GFL Environmental Inc. (NYSE:GFL) in its Q3 2023 investor letter:

“GFL Environmental Inc. (NYSE:GFL) is engaged in waste management services, specializing in non-hazardous solid waste collection, recycling, and disposal. The company also offers environmental services, focusing on industrial waste collection, processing, and related activities. The company is strategically focusing on quality revenue and margin expansion, as evidenced by shedding low-margin services and achieving strong growth in its environmental services segment. GFL’s earnings exceeded expectations during the quarter, driven by better-than-anticipated margin expansion. The company upwardly revised its EBITDA and revenue guidance for 2023, indicative of positive future performance potential. However, the stock sold off in the quarter due to management’s expectations of higher allocated investments in certain sustainability initiatives. We view the market’s negative reaction to the increased capital expenditure as a temporary issue, especially given the raised EBITDA guidance and leverage targets.”

An aerial view of a plastic waste recycling plant, showcasing the company’s efforts towards a cleaner environment.

GFL Environmental Inc. (NYSE:GFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held GFL Environmental Inc. (NYSE:GFL) at the end of third quarter which was 27 in the previous quarter.

We discussed GFL Environmental Inc. (NYSE:GFL) in another article and shared TimesSquare Capital’s views on the company. 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.

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