Meridian Contrarian Fund
Schedule of Investments
Schedule of Investments
March 31, 2021 (Unaudited)
Shares | Value | |
Common Stocks - 97.0% | ||
Communication Services - 2.0% | ||
Wireless Telecommunication Services - 2.0% | ||
Telephone and Data Systems, Inc. | 611,000 | $14,028,560 |
Total Communication Services | 14,028,560 | |
Consumer Discretionary - 11.4% | ||
Auto Components - 2.8% | ||
Aptiv Plc | 40,000 | 5,516,000 |
Lear Corp. | 78,000 | 14,137,500 |
19,653,500 | ||
Hotels, Restaurants & Leisure - 1.7% | ||
Papa John's International, Inc. | 30,000 | 2,659,200 |
Penn National Gaming, Inc. 1,2 | 66,000 | 6,919,440 |
PlayAGS, Inc. 1 | 285,000 | 2,302,800 |
11,881,440 | ||
Household Durables - 2.3% | ||
Newell Brands, Inc. | 620,000 | 16,603,600 |
Multiline Retail - 0.6% | ||
Nordstrom, Inc. 2 | 103,000 | 3,900,610 |
Specialty Retail - 4.0% | ||
Monro, Inc. 2 | 136,000 | 8,948,800 |
Sally Beauty Holdings, Inc. 1,2 | 710,000 | 14,292,300 |
Vroom, Inc. 1,2 | 132,000 | 5,146,680 |
28,387,780 | ||
Total Consumer Discretionary | 80,426,930 | |
Consumer Staples - 4.1% | ||
Food Products - 4.1% | ||
Nomad Foods Ltd. (United Kingdom) 1 | 244,000 | 6,700,240 |
TreeHouse Foods, Inc. 1,2 | 428,000 | 22,358,720 |
Total Consumer Staples | 29,058,960 | |
Energy - 2.4% | ||
Oil, Gas & Consumable Fuels - 2.4% | ||
APA Corp. | 561,000 | 10,041,900 |
Cimarex Energy Co. | 112,000 | 6,651,680 |
Total Energy | 16,693,580 | |
Financials - 12.8% | ||
Banks - 7.0% | ||
Comerica, Inc. | 87,000 | 6,241,380 |
First Horizon Corp. | 933,000 | 15,777,030 |
U.S. Bancorp | 242,000 | 13,385,020 |
Wells Fargo & Co. | 368,000 | 14,377,760 |
49,781,190 |
Shares | Value | |
Capital Markets - 1.1% | ||
Bespoke Capital Acquisition Corp. Class A (United Kingdom) 1 | 342,000 | $3,406,320 |
Northern Genesis Acquisition Corp. 1,2 | 130,000 | 2,120,300 |
Northern Genesis Acquisition Corp. II 1,2 | 200,000 | 2,048,000 |
7,574,620 | ||
Insurance - 4.7% | ||
American International Group, Inc. | 383,000 | 17,698,430 |
Axis Capital Holdings Ltd. | 311,000 | 15,416,270 |
33,114,700 | ||
Total Financials | 90,470,510 | |
Health Care - 10.5% | ||
Biotechnology - 2.6% | ||
Albireo Pharma, Inc. 1 | 135,036 | 4,760,019 |
Deciphera Pharmaceuticals, Inc. 1 | 99,000 | 4,439,160 |
Heron Therapeutics, Inc. 1,2 | 267,790 | 4,340,876 |
Legend Biotech Corp. ADR 1,2 | 87,821 | 2,548,565 |
Precision BioSciences, Inc. 1 | 229,151 | 2,371,713 |
18,460,333 | ||
Health Care Equipment & Supplies - 1.7% | ||
Merit Medical Systems, Inc. 1 | 118,810 | 7,114,343 |
Talis Biomedical Corp. 1,2 | 380,824 | 4,893,588 |
12,007,931 | ||
Health Care Providers & Services - 2.9% | ||
Acadia Healthcare Co., Inc. 1,2 | 365,000 | 20,856,100 |
Health Care Technology - 1.5% | ||
Change Healthcare, Inc. 1 | 480,000 | 10,608,000 |
Pharmaceuticals - 1.8% | ||
Teva Pharmaceutical Industries Ltd. ADR (Israel) 1 | 1,079,000 | 12,451,660 |
Total Health Care | 74,384,024 | |
Industrials - 20.5% | ||
Building Products - 1.1% | ||
Advanced Drainage Systems, Inc. | 76,611 | 7,920,811 |
Commercial Services & Supplies - 4.2% | ||
Covanta Holding Corp. | 892,000 | 12,363,120 |
Driven Brands Holdings, Inc. 1 | 438,500 | 11,146,670 |
Stericycle, Inc. 1 | 92,000 | 6,210,920 |
29,720,710 | ||
Construction & Engineering - 1.7% | ||
API Group Corp. 1 | 591,000 | 12,221,880 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Shares | Value | |
Electrical Equipment - 0.4% | ||
American Superconductor Corp. 1 | 155,000 | $2,938,800 |
Machinery - 7.3% | ||
CNH Industrial, N.V. (United Kingdom) 1,2 | 930,000 | 14,545,200 |
Evoqua Water Technologies Corp. 1 | 254,000 | 6,680,200 |
Hillenbrand, Inc. | 216,000 | 10,305,360 |
Welbilt, Inc. 1,2 | 1,247,000 | 20,263,750 |
51,794,510 | ||
Marine - 1.6% | ||
Matson, Inc. | 170,000 | 11,339,000 |
Professional Services - 1.8% | ||
CACI International, Inc. Class A 1 | 50,000 | 12,333,000 |
Road & Rail - 2.4% | ||
AMERCO | 27,000 | 16,540,200 |
Total Industrials | 144,808,911 | |
Information Technology - 17.7% | ||
Communications Equipment - 1.7% | ||
Juniper Networks, Inc. | 484,000 | 12,259,720 |
Electronic Equipment, Instruments & Components - 1.4% | ||
Trimble, Inc. 1 | 123,156 | 9,580,306 |
IT Services - 1.9% | ||
Sabre Corp. 2 | 892,000 | 13,210,520 |
Semiconductors & Semiconductor Equipment - 8.6% | ||
Advanced Micro Devices, Inc. 1 | 89,000 | 6,986,500 |
Allegro MicroSystems, Inc. (Japan) 1 | 142,000 | 3,599,700 |
Ambarella, Inc. 1 | 75,000 | 7,529,250 |
Micron Technology, Inc. 1 | 140,000 | 12,349,400 |
NVIDIA Corp. | 5,000 | 2,669,650 |
ON Semiconductor Corp. 1 | 336,000 | 13,980,960 |
SMART Global Holdings, Inc. 1,2 | 305,000 | 14,036,100 |
61,151,560 | ||
Software - 4.1% | ||
ACV Auctions, Inc. Class A 1 | 30,833 | 1,067,130 |
Cerence, Inc. 1,2 | 60,250 | 5,397,195 |
Cognyte Software Ltd. (Israel) 1 | 234,000 | 6,507,540 |
Nuance Communications, Inc. 1 | 182,000 | 7,942,480 |
Zuora, Inc. Class A 1 | 564,000 | 8,347,200 |
29,261,545 | ||
Total Information Technology | 125,463,651 | |
Materials - 2.8% | ||
Chemicals - 2.8% | ||
Huntsman Corp. | 306,000 | 8,821,980 |
Shares | Value | |
Olin Corp. | 282,000 | $10,707,540 |
Total Materials | 19,529,520 | |
Real Estate - 7.5% | ||
Equity Real Estate Investment Trusts (REITS) - 7.5% | ||
Alexander & Baldwin, Inc. | 695,000 | 11,669,050 |
Colony Capital, Inc. 2 | 3,107,000 | 20,133,360 |
NETSTREIT Corp. | 272,000 | 5,029,280 |
VICI Properties, Inc. 2 | 573,000 | 16,181,520 |
Total Real Estate | 53,013,210 | |
Utilities - 5.3% | ||
Electric Utilities - 1.8% | ||
Avangrid, Inc. 2 | 256,000 | 12,751,360 |
Gas Utilities - 2.5% | ||
National Fuel Gas Co. | 146,000 | 7,298,540 |
Northwest Natural Holding Co. | 189,796 | 10,239,494 |
17,538,034 | ||
Independent Power & Renewable Electricity Producers - 1.0% | ||
Brookfield Renewable Corp. Class A | 158,697 | 7,427,020 |
Total Utilities | 37,716,414 | |
Total Common Stocks - 97.0% (Cost $444,817,482) | 685,594,270 | |
Warrants - 0.0% | ||
Information Technology - 0.0% | ||
Software - 0.0% | ||
KLDiscovery, Inc., Strike Price $11.50, Expires 12/1/25 1 | 450,000 | 117,135 |
Total Information Technology | 117,135 | |
Total Warrants - 0.0% (Cost $250,695) | 117,135 |
Shares/ Principal Amount | ||
Short-Term Investments - 0.9%3 | ||
Money Market Funds - 0.2% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 0.04% | 315,000 | 315,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.04% | 950,000 | 950,000 |
Total Money Market Funds (Cost $1,265,000) | 1,265,000 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Contrarian Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Shares/ Principal Amount | Value | |
Repurchase Agreements - 0.7% | ||
Bank of America Securities, Inc., dated 3/31/21, due 4/1/21, 0.01% total to be received $1,465,262 (collateralized by various U.S. Government Sponsored Agency, 1.00% - 5.50%, 6/1/24 - 1/1/59, totaling $1,494,567) | $1,465,262 | $1,465,262 |
Citigroup Global Markets, Inc., dated 3/31/21, due 4/1/21, 0.01% total to be received $1,465,262 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 1.13% - 4.00%, 5/15/23 - 9/15/57, totaling $1,494,567) | 1,465,262 | 1,465,262 |
Daiwa Capital Markets America, Inc., dated 3/31/21, due 4/1/21, 0.01% total to be received $1,465,262 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 5/4/21 - 4/1/51, totaling $1,494,567) | 1,465,262 | 1,465,262 |
Shares/ Principal Amount | Value | |
JP Morgan Securities LLC, dated 3/31/21, due 4/1/21, 0.01% total to be received $634,639 (collateralized by various U.S. Treasury Obligations, 0.00% - 2.00%, 10/15/25 - 11/15/50, totaling $647,332) | $634,639 | $634,639 |
Total Repurchase Agreements (Cost $5,030,425) | 5,030,425 | |
Total Short-Term Investments - 0.9% (Cost $6,295,425) | 6,295,425 | |
Total Investments - 97.9% (Cost $451,363,602) | 692,006,830 | |
Cash and Other Assets, Less Liabilities - 2.1% | 15,151,853 | |
Net Assets - 100.0% | $707,158,683 |
ADR—American Depositary Receipt |
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company |
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at March 31, 2021. Total value of such securities at period-end amounts to $ 132,576,241 and represents 18.75% of net assets. |
3 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.meridianfund.com |