Meridian Growth Fund
Schedule of Investments
Schedule of Investments
March 31, 2023 (Unaudited)
Shares | Value | |
Common Stocks - 88.9% | ||
Communication Services - 6.3% | ||
Diversified Telecommunication Services - 0.2% | ||
Iridium Communications, Inc. | 42,456 | $2,629,300 |
Interactive Media & Services - 6.1% | ||
Cargurus, Inc.1 | 1,504,390 | 28,102,005 |
Ziff Davis, Inc.1 | 541,870 | 42,292,954 |
ZipRecruiter, Inc. Class A1 | 1,090,944 | 17,389,647 |
87,784,606 | ||
Total Communication Services | 90,413,906 | |
Consumer Discretionary - 12.7% | ||
Automobile Components - 0.5% | ||
Fox Factory Holding Corp.1 | 60,838 | 7,383,908 |
Diversified Consumer Services - 2.8% | ||
Frontdoor, Inc.1 | 899,302 | 25,072,540 |
Grand Canyon Education, Inc.1 | 131,299 | 14,954,956 |
40,027,496 | ||
Hotels, Restaurants & Leisure - 2.9% | ||
Churchill Downs, Inc. | 123,555 | 31,759,813 |
Sportradar Holding AG Class A (Switzerland)1,2 | 889,180 | 10,341,163 |
42,100,976 | ||
Specialty Retail - 2.6% | ||
Farfetch Ltd. Class A (United Kingdom)1,2 | 1,670,452 | 8,201,919 |
Floor & Decor Holdings, Inc. Class A1,2 | 89,995 | 8,839,309 |
Sally Beauty Holdings, Inc.1,2 | 1,261,227 | 19,649,917 |
36,691,145 | ||
Textiles, Apparel & Luxury Goods - 3.9% | ||
Canada Goose Holdings, Inc. (Canada)1,2 | 746,851 | 14,376,882 |
Skechers U.S.A., Inc. Class A1 | 565,136 | 26,855,263 |
Under Armour, Inc. Class C1 | 1,688,467 | 14,402,623 |
55,634,768 | ||
Total Consumer Discretionary | 181,838,293 | |
Energy - 0.5% | ||
Oil, Gas & Consumable Fuels - 0.5% | ||
Viper Energy Partners LP | 248,956 | 6,970,768 |
Total Energy | 6,970,768 | |
Financials - 4.8% | ||
Capital Markets - 2.6% | ||
LPL Financial Holdings, Inc. | 104,392 | 21,128,941 |
WisdomTree, Inc.2 | 2,715,558 | 15,913,170 |
37,042,111 |
Shares | Value | |
Financial Services - 2.2% | ||
Euronet Worldwide, Inc.1 | 286,284 | $32,035,179 |
Total Financials | 69,077,290 | |
Health Care - 27.4% | ||
Biotechnology - 3.9% | ||
Agios Pharmaceuticals, Inc.1 | 318,641 | 7,319,184 |
C4 Therapeutics, Inc.1 | 947,554 | 2,975,320 |
CareDx, Inc.1 | 43,337 | 396,100 |
Halozyme Therapeutics, Inc.1 | 253,685 | 9,688,230 |
Legend Biotech Corp. ADR1 | 173,669 | 8,374,319 |
Relay Therapeutics, Inc.1,2 | 498,970 | 8,218,036 |
SpringWorks Therapeutics, Inc.1,2 | 363,737 | 9,362,591 |
Veracyte, Inc.1 | 400,471 | 8,930,503 |
55,264,283 | ||
Health Care Equipment & Supplies - 14.2% | ||
Align Technology, Inc.1 | 21,563 | 7,205,061 |
Axogen, Inc.1 | 595,527 | 5,627,730 |
Cooper Cos., Inc. (The) | 77,021 | 28,756,561 |
Merit Medical Systems, Inc.1 | 447,151 | 33,066,816 |
Nevro Corp. 1 | 205,500 | 7,428,825 |
Omnicell, Inc.1 | 144,997 | 8,506,974 |
QuidelOrtho Corp.1 | 564,545 | 50,295,314 |
STERIS Plc | 234,500 | 44,855,160 |
Teleflex, Inc. | 67,177 | 17,016,606 |
202,759,047 | ||
Health Care Providers & Services - 3.4% | ||
HealthEquity, Inc.1 | 297,423 | 17,461,704 |
Henry Schein, Inc.1 | 304,546 | 24,832,681 |
Pediatrix Medical Group, Inc.1 | 446,675 | 6,659,924 |
48,954,309 | ||
Health Care Technology - 2.1% | ||
Certara, Inc.1 | 977,409 | 23,565,331 |
Doximity, Inc. Class A1,2 | 204,780 | 6,630,776 |
30,196,107 | ||
Life Sciences Tools & Services - 2.6% | ||
Bio-Techne Corp. | 150,582 | 11,171,679 |
Medpace Holdings, Inc.1 | 11,771 | 2,213,536 |
Sotera Health Co.1 | 1,055,242 | 18,899,384 |
Stevanato Group SpA (Italy) | 164,802 | 4,268,372 |
Syneos Health, Inc.1 | 29,545 | 1,052,393 |
37,605,364 | ||
Pharmaceuticals - 1.2% | ||
Arvinas, Inc.1 | 284,841 | 7,781,856 |
Capsule Corp. Acquisition Date: 4/8/21, Cost $2,999,9931,3,4 | 207,016 | 190,455 |
Meridian Funds | 1 | www.arrowmarkpartners.com/meridian/ |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Shares | Value | |
Catalent, Inc. 1 | 144,780 | $9,513,494 |
17,485,805 | ||
Total Health Care | 392,264,915 | |
Industrials - 20.5% | ||
Aerospace & Defense - 0.4% | ||
Rocket Lab U.S.A., Inc.1,2 | 1,277,967 | 5,162,987 |
Air Freight & Logistics - 1.6% | ||
Forward Air Corp. | 209,597 | 22,586,173 |
Commercial Services & Supplies - 5.9% | ||
ACV Auctions, Inc. Class A1,2 | 2,483,535 | 32,062,437 |
Cimpress Plc (Ireland)1 | 232,958 | 10,208,219 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 759,583 | 42,756,927 |
85,027,583 | ||
Electrical Equipment - 3.0% | ||
Sensata Technologies Holding Plc | 869,076 | 43,471,182 |
Ground Transportation - 0.5% | ||
Heartland Express, Inc. | 425,874 | 6,779,914 |
Machinery - 2.8% | ||
John Bean Technologies Corp. | 112,132 | 12,254,906 |
Middleby Corp. (The)1 | 51,698 | 7,579,444 |
Tennant Co. | 290,037 | 19,876,236 |
39,710,586 | ||
Marine Transportation - 2.8% | ||
Kirby Corp.1 | 298,367 | 20,796,180 |
Matson, Inc. | 323,311 | 19,291,967 |
40,088,147 | ||
Professional Services - 3.0% | ||
Alight, Inc. Class A1 | 3,905,269 | 35,967,527 |
TriNet Group, Inc.1 | 87,318 | 7,038,704 |
43,006,231 | ||
Trading Companies & Distributors - 0.5% | ||
Applied Industrial Technologies, Inc. | 54,453 | 7,739,405 |
Total Industrials | 293,572,208 | |
Information Technology - 15.1% | ||
Electronic Equipment, Instruments & Components - 2.2% | ||
Trimble, Inc.1 | 593,015 | 31,085,846 |
IT Services - 1.3% | ||
Okta, Inc.1 | 221,280 | 19,083,187 |
Semiconductors & Semiconductor Equipment - 2.9% | ||
GLOBALFOUNDRIES, Inc.1,2 | 321,738 | 23,223,049 |
ON Semiconductor Corp.1 | 227,322 | 18,713,147 |
41,936,196 |
Shares | Value | |
Software - 8.7% | ||
8x8, Inc.1,2 | 1,672,425 | $6,974,012 |
Consensus Cloud Solutions, Inc.1 | 186,437 | 6,355,637 |
Dynatrace, Inc.1 | 390,055 | 16,499,327 |
Momentive Global, Inc.1 | 1,739,393 | 16,211,143 |
Monday.com Ltd.1 | 92,499 | 13,204,232 |
N-able, Inc.1 | 1,448,252 | 19,116,927 |
Qualtrics International, Inc. Class A1 | 705,869 | 12,585,644 |
Smartsheet, Inc. Class A1 | 369,605 | 17,667,119 |
Sumo Logic, Inc.1 | 488,647 | 5,853,991 |
Tenable Holdings, Inc.1 | 207,255 | 9,846,685 |
124,314,717 | ||
Total Information Technology | 216,419,946 | |
Materials - 1.6% | ||
Containers & Packaging - 1.6% | ||
Graphic Packaging Holding Co. | 872,226 | 22,233,041 |
Total Materials | 22,233,041 | |
Total Common Stocks - 88.9% (Cost $1,015,212,897) | 1,272,790,367 | |
Preferred Stocks - 2.8% | ||
Communication Services - 1.1% | ||
Interactive Media & Services - 1.1% | ||
Evolve Vacation Rental Network, Inc. Series 9 Acquisition Date: 5/29/20, Cost $4,499,9991,3,4 | 776,451 | 16,080,300 |
Total Communication Services | 16,080,300 | |
Health Care - 0.4% | ||
Health Care Providers & Services - 0.4% | ||
Binx Health, Inc. Series E Acquisition Date: 5/26/21, Cost $8,500,1361,3,4 | 31,619 | 6,203,964 |
Total Health Care | 6,203,964 | |
Information Technology - 0.9% | ||
IT Services - 0.5% | ||
Skyryse, Inc. Series B Acquisition Date: 10/21/21, Cost $7,164,9901,3,4 | 290,316 | 7,330,479 |
Software - 0.4% | ||
Dataminr, Inc. Series F Acquisition Date: 3/22/21, Cost $7,369,6921,3,4 | 167,493 | 4,869,021 |
Total Information Technology | 12,199,500 |
Meridian Funds | 2 | www.arrowmarkpartners.com/meridian/ |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Shares | Value | |
Real Estate - 0.4% | ||
Real Estate Management & Development - 0.4% | ||
Apartment List, Inc. Series D Acquisition Date: 11/2/20 - 12/21/20, Cost $8,399,9971,3,4 | 2,299,479 | $6,254,583 |
Total Real Estate | 6,254,583 | |
Total Preferred Stocks - 2.8% (Cost $35,934,814) | 40,738,347 | |
Private Investment Fund - 0.3% | ||
Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $4,037,8821,3,5 | 4,038 | 3,857,187 |
Total Private Investment Fund - 0.3% (Cost $4,037,882) | 3,857,187 |
Shares/ Principal Amount | ||
Short-Term Investments - 1.7%6 | ||
Money Market Funds - 0.1% | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Class, 4.89% (Cost $1,471,000) | 1,471,000 | 1,471,000 |
Repurchase Agreements - 1.6% | ||
Bank of America Securities, Inc., dated 3/31/23, due 4/3/23, 4.82% total to be received $5,718,915 (collateralized by various U.S. Government Sponsored Agency, 1.50% - 3.00%, 11/1/49 - 2/1/51, totaling $5,830,951) | $5,716,619 | 5,716,619 |
Shares/ Principal Amount | Value | |
Citigroup Global Markets, Inc., dated 3/31/23, due 4/3/23, 4.81% total to be received $5,718,910 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 1.50% - 7.00%, 12/26/24 - 3/20/53, totaling $5,830,952) | $5,716,619 | $5,716,619 |
Daiwa Capital Markets America, Inc., dated 3/31/23, due 4/3/23, 4.82% total to be received $5,298,169 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 1.50% - 7.00%, 8/1/23 - 4/1/53, totaling $5,401,963) | 5,296,042 | 5,296,042 |
RBC Dominion Securities, Inc., dated 3/31/23, due 4/3/23, 4.82% total to be received $5,718,915 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.38%, 4/6/23 - 2/20/53, totaling $5,830,951) | 5,716,619 | 5,716,619 |
Total Repurchase Agreements (Cost $22,445,899) | 22,445,899 | |
Total Short-Term Investments - 1.7% (Cost $23,916,899) | 23,916,899 | |
Total Investments - 93.7% (Cost $1,079,102,492) | 1,341,302,800 | |
Cash and Other Assets, Less Liabilities - 6.3% | 90,849,170 | |
Net Assets - 100.0% | $1,432,151,970 |
Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Meridian Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
ADR—American Depositary Receipt |
Plc—Public Limited Company |
SpA—Società per Azioni |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at March 31, 2023. Total value of such securities at period-end amounts to $54,691,779 and represents 3.82% of net assets. |
3 | Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules and agreements. Acquisition date represents the date on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities at period-end amounts to $44,785,989 and represents 3.13% of net assets. |
4 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. |
5 | Quail Investment Holdings, LLC is a limited liability company that was organized to invest solely in Qumulo, Inc. Series E Preferred Stock. The value of Qumulo, Inc. is substantially the same as Quail Investment Holdings, LLC. |
6 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |