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 Zoom Video Communications, Inc. (NASDAQ:ZM) in the third quarter 2023 investor letter. Headquartered in San Jose, California, Zoom Video Communications, Inc. (NASDAQ:ZM) provides a unified communications platform that offers Zoom Meetings. On December 22, 2023, Zoom Video Communications, Inc. (NASDAQ:ZM) stock closed at $72.50 per share. One-month return of Zoom Video Communications, Inc. (NASDAQ:ZM) was 12.35%, and its shares gained 10.03% of their value over the last 52 weeks. Zoom Video Communications, Inc. (NASDAQ:ZM) has a market capitalization of $21.888 billion.
Meridian Hedged Equity Fund made the following comment about Zoom Video Communications, Inc. (NASDAQ:ZM) in its Q3 2023 investor letter:
“Zoom Video Communications, Inc. (NASDAQ:ZM) provides video conferencing software widely used for virtual meetings, webinars, and online collaboration by businesses, schools, and individuals. The company has shown stability in its business model after a remarkable rise in 2020. While its valuation is more reasonable now, the company maintains strong operating margins. The enterprise sector, particularly through successful upselling, has shown resilience despite economic headwinds and seat churn. Zoom’s contact center solution has shown early traction with a growing roster of customers and a rapid rollout of new features, showing strong potential for future growth. The stock performed well during the quarter following results that exceeded expectations, reaffirming its potential for growth.”
Photo by Chris Montgomery on Unsplash
Zoom Video Communications, Inc. (NASDAQ:ZM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Zoom Video Communications, Inc. (NASDAQ:ZM) at the end of third quarter which was 37 in the previous quarter.
We discussed Zoom Video Communications, Inc. (NASDAQ:ZM) in another article and shared the list of stocks that will make you rich in 5 years according to chatGPT. 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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