Meridian Contrarian Fund
Schedule of Investments
Schedule of Investments
September 30, 2020 (Unaudited)
Shares | Value | |
Common Stocks - 96.5% | ||
Consumer Discretionary - 10.6% | ||
Auto Components - 2.2% | ||
Aptiv Plc | 40,000 | $3,667,200 |
Lear Corp. | 70,000 | 7,633,500 |
11,300,700 | ||
Hotels, Restaurants & Leisure - 1.9% | ||
Papa John's International, Inc. | 30,000 | 2,468,400 |
Penn National Gaming, Inc. 1,2 | 100,000 | 7,270,000 |
9,738,400 | ||
Household Durables - 1.1% | ||
Newell Brands, Inc. | 309,000 | 5,302,440 |
Leisure Products - 0.9% | ||
Polaris, Inc. | 50,000 | 4,717,000 |
Specialty Retail - 2.0% | ||
Sally Beauty Holdings, Inc. 1 | 810,000 | 7,038,900 |
Vroom, Inc. 1,2 | 53,342 | 2,762,049 |
9,800,949 | ||
Textiles, Apparel & Luxury Goods - 2.5% | ||
Hanesbrands, Inc. 2 | 423,000 | 6,662,250 |
Skechers U.S.A., Inc. Class A 1 | 198,000 | 5,983,560 |
12,645,810 | ||
Total Consumer Discretionary | 53,505,299 | |
Consumer Staples - 5.4% | ||
Food Products - 5.4% | ||
Nomad Foods Ltd. (United Kingdom) 1 | 294,000 | 7,491,120 |
TreeHouse Foods, Inc. 1 | 485,000 | 19,657,050 |
Total Consumer Staples | 27,148,170 | |
Energy - 1.6% | ||
Oil, Gas & Consumable Fuels - 1.6% | ||
Apache Corp. | 619,000 | 5,861,930 |
Cimarex Energy Co. | 94,000 | 2,287,020 |
Total Energy | 8,148,950 | |
Financials - 13.8% | ||
Banks - 2.9% | ||
First Horizon National Corp. | 851,000 | 8,024,930 |
Signature Bank | 15,000 | 1,244,850 |
Wells Fargo & Co. | 233,000 | 5,477,830 |
14,747,610 | ||
Capital Markets - 4.9% | ||
Northern Genesis Acquisition Corp. 1 | 325,000 | 3,246,750 |
Pivotal Investment Corp. II 1 | 301,869 | 3,833,736 |
SEI Investments Co. | 164,000 | 8,318,080 |
State Street Corp. | 121,000 | 7,178,930 |
Shares | Value | |
Victory Capital Holdings, Inc. Class A 2 | 148,000 | $2,499,720 |
25,077,216 | ||
Insurance - 6.0% | ||
American International Group, Inc. | 368,000 | 10,131,040 |
Axis Capital Holdings Ltd. | 115,000 | 5,064,600 |
RenaissanceRe Holdings Ltd. (Bermuda) | 47,000 | 7,977,780 |
Stewart Information Services Corp. | 163,000 | 7,127,990 |
30,301,410 | ||
Total Financials | 70,126,236 | |
Health Care - 13.1% | ||
Biotechnology - 4.9% | ||
Albireo Pharma, Inc. 1 | 135,036 | 4,506,151 |
Deciphera Pharmaceuticals, Inc. 1 | 99,000 | 5,078,700 |
Heron Therapeutics, Inc. 1,2 | 267,790 | 3,968,648 |
Immunomedics, Inc. 1 | 117,000 | 9,948,510 |
Precision BioSciences, Inc. 1 | 229,151 | 1,411,570 |
24,913,579 | ||
Health Care Equipment & Supplies - 1.0% | ||
Merit Medical Systems, Inc. 1 | 118,810 | 5,168,235 |
Health Care Providers & Services - 2.6% | ||
Acadia Healthcare Co., Inc. 1,2 | 447,000 | 13,177,560 |
Health Care Technology - 1.1% | ||
Change Healthcare, Inc. 1 | 381,000 | 5,528,310 |
Pharmaceuticals - 3.5% | ||
Elanco Animal Health, Inc. 1 | 210,000 | 5,865,300 |
Perrigo Co. Plc | 153,000 | 7,024,230 |
Teva Pharmaceutical Industries Ltd. ADR (Israel) 1 | 539,000 | 4,856,390 |
17,745,920 | ||
Total Health Care | 66,533,604 | |
Industrials - 13.8% | ||
Building Products - 1.7% | ||
Advanced Drainage Systems, Inc. | 139,611 | 8,717,311 |
Commercial Services & Supplies - 2.3% | ||
ABM Industries, Inc. | 155,697 | 5,707,852 |
Stericycle , Inc. 1,2 | 92,000 | 5,801,520 |
11,509,372 | ||
Construction & Engineering - 1.2% | ||
API Group Corp. 1 | 425,000 | 6,047,750 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2020 (Unaudited)
Shares | Value | |
Electrical Equipment - 0.6% | ||
American Superconductor Corp. 1 | 220,000 | $3,185,600 |
Machinery - 4.2% | ||
Evoqua Water Technologies Corp. 1 | 371,000 | 7,872,620 |
Hillenbrand, Inc. | 239,000 | 6,778,040 |
Welbilt, Inc. 1 | 1,094,000 | 6,739,040 |
21,389,700 | ||
Marine - 1.9% | ||
Matson, Inc. | 231,886 | 9,296,310 |
Road & Rail - 1.9% | ||
AMERCO | 27,000 | 9,611,460 |
Total Industrials | 69,757,503 | |
Information Technology - 17.9% | ||
Electronic Equipment, Instruments & Components - 1.7% | ||
Trimble, Inc. 1 | 173,156 | 8,432,697 |
IT Services - 2.2% | ||
CACI International, Inc. Class A 1 | 53,000 | 11,297,480 |
Semiconductors & Semiconductor Equipment - 7.7% | ||
Advanced Micro Devices, Inc. 1 | 93,000 | 7,625,070 |
Ambarella, Inc. 1 | 65,000 | 3,391,700 |
Micron Technology, Inc. 1 | 219,000 | 10,284,240 |
NVIDIA Corp. | 5,000 | 2,706,100 |
ON Semiconductor Corp. 1 | 473,000 | 10,259,370 |
SMART Global Holdings, Inc. 1,2 | 170,000 | 4,647,800 |
38,914,280 | ||
Software - 6.3% | ||
Cerence, Inc. 1,2 | 147,250 | 7,196,108 |
Nuance Communications, Inc. 1 | 290,000 | 9,625,100 |
Verint Systems, Inc. 1 | 208,000 | 10,021,440 |
Zuora, Inc. Class A 1,2 | 498,000 | 5,149,320 |
31,991,968 | ||
Total Information Technology | 90,636,425 | |
Materials - 4.6% | ||
Chemicals - 2.2% | ||
American Vanguard Corp. | 72,309 | 950,140 |
Huntsman Corp. | 461,000 | 10,238,810 |
11,188,950 | ||
Metals & Mining - 2.4% | ||
Hecla Mining Co. | 515,000 | 2,616,200 |
Newmont Goldcorp Corp. | 148,000 | 9,390,600 |
12,006,800 | ||
Total Materials | 23,195,750 |
Shares | Value | |
Real Estate - 9.1% | ||
Equity Real Estate Investment Trusts (REITS) - 8.1% | ||
Colony Capital, Inc. | 1,200,000 | $3,276,000 |
NETSTREIT Corp. 1 | 250,000 | 4,565,000 |
Physicians Realty Trust | 507,614 | 9,091,367 |
PotlatchDeltic Corp. | 149,000 | 6,272,900 |
VICI Properties, Inc. | 766,000 | 17,901,420 |
41,106,687 | ||
Real Estate Management & Development - 1.0% | ||
Kennedy-Wilson Holdings, Inc. 2 | 345,000 | 5,009,400 |
Total Real Estate | 46,116,087 | |
Utilities - 6.6% | ||
Electric Utilities - 4.8% | ||
Avangrid, Inc. | 204,000 | 10,293,840 |
Brookfield Renewable Corp. Class A | 243,465 | 14,267,049 |
24,560,889 | ||
Gas Utilities - 1.8% | ||
National Fuel Gas Co. | 224,000 | 9,092,160 |
Total Utilities | 33,653,049 | |
Total Common Stocks - 96.5% (Cost $401,963,540) | 488,821,073 | |
Warrants - 0.0% | ||
Information Technology - 0.0% | ||
Software - 0.0% | ||
KLDiscovery, Inc., Strike Price $11.50, Expires 12/1/25 1 | 450,000 | 135,000 |
Total Information Technology | 135,000 | |
Total Warrants - 0.0% (Cost $250,695) | 135,000 |
Shares/ Principal Amount | ||
Short-Term Investments - 0.6%3 | ||
Repurchase Agreements - 0.6% | ||
Citigroup Global Markets, Inc., dated 9/30/20, due 10/1/20, 0.08% total to be received $699,370 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 4.63%, 11/27/20 - 11/1/59, totaling $713,355) | $699,368 | 699,368 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2020 (Unaudited)
Shares/ Principal Amount | Value | |
Daiwa Capital Markets America, Inc., dated 9/30/20, due 10/1/20, 0.09% total to be received $699,370 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 11/15/20 - 3/1/52, totaling $713,355) | $699,368 | $699,368 |
HSBC Securities, Inc., dated 9/30/20, due 10/1/20, 0.07% total to be received $699,369 (collateralized by various U.S. Government Sponsored Agency, 0.00% - 3.50%, 11/15/25 - 10/20/49, totaling $713,355) | 699,368 | 699,368 |
Nomura Securities International, Inc., dated 9/30/20, due 10/1/20, 0.08% total to be received $207,325 (collateralized by various U.S. Government Sponsored Agency, 1.56% - 5.50%, 4/1/28 - 1/20/70, totaling $211,472) | 207,325 | 207,325 |
Shares/ Principal Amount | Value | |
RBC Dominion Securities Inc., dated 9/30/20, due 10/1/20, 0.08% total to be received $699,370 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 5.50%, 10/27/20 - 7/15/61, totaling $713,355) | $699,368 | $699,368 |
Total Repurchase Agreements (Cost $3,004,797) | 3,004,797 | |
Total Short-Term Investments - 0.6% (Cost $3,004,797) | 3,004,797 | |
Total Investments - 97.1% (Cost $405,219,032) | 491,960,870 | |
Cash and Other Assets, Less Liabilities - 2.9% | 14,445,332 | |
Net Assets - 100.0% | $506,406,202 |
ADR—American Depositary Receipt |
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at September 30, 2020. Total value of such securities at Period-end amounts to $28,237,142 and represents 5.58% of net assets. |
3 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.meridianfund.com |