Meridian Hedged Equity Fund
Schedule of Investments
Schedule of Investments
September 30, 2023 (Unaudited)
Shares | Value | |
Common Stocks - 134.0% | ||
Communication Services - 14.7% | ||
Diversified Telecommunication Services - 0.4% | ||
Verizon Communications, Inc. | 5,892 | $190,960 |
Entertainment - 6.5% | ||
Liberty Media Corp.-Liberty Live Class A1 | 3,237 | 103,325 |
Liberty Media Corp.-Liberty Live Class C1 | 199 | 6,388 |
Live Nation Entertainment, Inc.1,2 | 26,300 | 2,183,952 |
Madison Square Garden Entertainment Corp.1 | 4,977 | 163,793 |
Sphere Entertainment Co.1 | 4,977 | 184,945 |
Walt Disney Co. (The)1 | 3,546 | 287,403 |
2,929,806 | ||
Interactive Media & Services - 5.2% | ||
Alphabet, Inc. Class C1,2 | 12,100 | 1,595,385 |
IAC, Inc.1 | 4,170 | 210,126 |
Pinterest, Inc. Class A1,2 | 20,000 | 540,600 |
2,346,111 | ||
Media - 2.6% | ||
Boston Omaha Corp. Class A1 | 9,662 | 158,360 |
Liberty Broadband Corp. Class C1 | 7,553 | 689,740 |
Liberty Media Corp.-Liberty SiriusXM Class A1 | 12,951 | 329,603 |
Liberty Media Corp.-Liberty SiriusXM1 | 799 | 20,343 |
1,198,046 | ||
Total Communication Services | 6,664,923 | |
Consumer Discretionary - 29.3% | ||
Automobiles - 12.4% | ||
Rivian Automotive, Inc. Class A1,2 | 232,370 | 5,641,944 |
Broadline Retail - 2.1% | ||
Amazon.com, Inc.1 | 7,494 | 952,637 |
Distributors - 2.3% | ||
Pool Corp.2 | 2,900 | 1,032,690 |
Hotels, Restaurants & Leisure - 4.2% | ||
Airbnb, Inc. Class A1,2 | 13,800 | 1,893,498 |
Specialty Retail - 5.0% | ||
Advance Auto Parts, Inc. | 1,717 | 96,032 |
Home Depot, Inc. (The) | 1,148 | 346,880 |
Lowe's Cos., Inc. | 1,853 | 385,127 |
Sally Beauty Holdings, Inc.1,2 | 170,000 | 1,424,600 |
2,252,639 | ||
Textiles, Apparel & Luxury Goods - 3.3% | ||
Levi Strauss & Co. Class A2 | 89,000 | 1,208,620 |
Shares | Value | |
NIKE, Inc. Class B | 3,025 | $289,250 |
1,497,870 | ||
Total Consumer Discretionary | 13,271,278 | |
Consumer Staples - 18.8% | ||
Consumer Staples Distribution & Retail - 1.5% | ||
Costco Wholesale Corp. | 773 | 436,714 |
Target Corp. | 2,234 | 247,014 |
683,728 | ||
Food Products - 12.8% | ||
Dole Plc | 32,645 | 378,029 |
Lamb Weston Holdings, Inc.2 | 58,500 | 5,408,910 |
5,786,939 | ||
Personal Care Products - 4.5% | ||
Coty, Inc. Class A1,2 | 158,000 | 1,733,260 |
Kenvue, Inc. | 15,412 | 309,473 |
2,042,733 | ||
Total Consumer Staples | 8,513,400 | |
Energy - 0.0% | ||
Oil, Gas & Consumable Fuels - 0.0% | ||
Granite Ridge Resources, Inc. | 1,081 | 6,594 |
Total Energy | 6,594 | |
Financials - 14.4% | ||
Banks - 5.1% | ||
Bank of America Corp.2 | 23,900 | 654,382 |
JPMorgan Chase & Co. | 4,000 | 580,080 |
U.S. Bancorp | 17,777 | 587,708 |
Wells Fargo & Co.2 | 11,700 | 478,062 |
2,300,232 | ||
Capital Markets - 5.7% | ||
Blue Owl Capital, Inc.2 | 72,000 | 933,120 |
Charles Schwab Corp. (The)2 | 12,200 | 669,780 |
Intercontinental Exchange, Inc. | 6,664 | 733,173 |
S&P Global, Inc. | 690 | 252,133 |
2,588,206 | ||
Financial Services - 3.6% | ||
PayPal Holdings, Inc.1,2 | 12,460 | 728,412 |
Visa, Inc. Class A | 3,911 | 899,569 |
1,627,981 | ||
Total Financials | 6,516,419 | |
Health Care - 8.0% | ||
Health Care Equipment & Supplies - 4.9% | ||
Align Technology, Inc.1,2 | 7,300 | 2,228,836 |
Health Care Providers & Services - 2.3% | ||
Laboratory Corp. of America Holdings2 | 5,100 | 1,025,355 |
Meridian Funds | 1 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares | Value | |
Life Sciences Tools & Services - 0.3% | ||
Fortrea Holdings, Inc.1 | 5,100 | $145,809 |
Pharmaceuticals - 0.5% | ||
Johnson & Johnson | 1,363 | 212,287 |
Total Health Care | 3,612,287 | |
Industrials - 7.0% | ||
Aerospace & Defense - 0.5% | ||
Boeing Co. (The)1 | 1,195 | 229,057 |
Commercial Services & Supplies - 4.1% | ||
ACV Auctions, Inc. Class A1 | 26,594 | 403,697 |
GFL Environmental, Inc. (Canada) | 17,526 | 556,626 |
RB Global, Inc. (Canada)2 | 14,500 | 906,250 |
1,866,573 | ||
Construction & Engineering - 1.0% | ||
WillScot Mobile Mini Holdings Corp.1,2 | 10,700 | 445,013 |
Professional Services - 1.4% | ||
Alight, Inc. Class A1 | 27,247 | 193,181 |
CACI International, Inc. Class A1 | 840 | 263,701 |
Dun & Bradstreet Holdings, Inc. | 17,376 | 173,587 |
630,469 | ||
Total Industrials | 3,171,112 | |
Information Technology - 28.9% | ||
IT Services - 1.3% | ||
Twilio, Inc. Class A1,2 | 9,700 | 567,741 |
Semiconductors & Semiconductor Equipment - 10.2% | ||
Allegro MicroSystems, Inc. (Japan)1 | 6,690 | 213,679 |
GLOBALFOUNDRIES, Inc.1,3 | 4,200 | 244,398 |
Micron Technology, Inc.2 | 12,100 | 823,163 |
NVIDIA Corp.2 | 5,953 | 2,589,495 |
QUALCOMM, Inc.2 | 6,800 | 755,208 |
4,625,943 | ||
Software - 15.4% | ||
Alkami Technology, Inc.1 | 15,037 | 273,974 |
Microsoft Corp. | 3,849 | 1,215,322 |
Salesforce, Inc.1,2 | 3,229 | 654,777 |
ServiceNow, Inc.1,2 | 2,500 | 1,397,400 |
Splunk, Inc.1,2 | 11,800 | 1,725,750 |
Zoom Video Communications, Inc. Class A1,2 | 24,300 | 1,699,542 |
6,966,765 | ||
Technology Hardware, Storage & Peripherals - 2.0% | ||
Apple, Inc. | 5,388 | 922,479 |
Total Information Technology | 13,082,928 |
Shares | Value | |
Materials - 2.3% | ||
Chemicals - 2.3% | ||
Huntsman Corp.2 | 43,000 | $1,049,200 |
Total Materials | 1,049,200 | |
Real Estate - 8.1% | ||
Office REITs - 0.6% | ||
Alexandria Real Estate Equities, Inc. | 2,549 | 255,155 |
Real Estate Management & Development - 5.7% | ||
DigitalBridge Group, Inc.2 | 146,000 | 2,566,680 |
Specialized REITs - 1.8% | ||
American Tower Corp. | 1,721 | 283,018 |
Equinix, Inc. | 772 | 560,673 |
843,691 | ||
Total Real Estate | 3,665,526 | |
Utilities - 2.5% | ||
Independent Power & Renewable Electricity Producers - 2.5% | ||
Vistra Corp.3 | 33,609 | 1,115,147 |
Total Utilities | 1,115,147 | |
Total Common Stocks - 134.0% (Cost $54,723,778) | 60,668,814 |
Shares/ Principal Amount | ||
Short-Term Investments - 10.3% | ||
Money Market Funds - 9.8% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.23% (Cost $4,432,944) | 4,432,944 | 4,432,944 |
Repurchase Agreements - 0.5%4 | ||
National Bank Financial, Inc., dated 9/29/23, due 10/2/23, 5.34% total to be received $250,111 (collateralized by various U.S. Treasury Obligations, 0.00% - 4.75%, 10/2/23, totaling $255,000) | $250,000 | 250,000 |
Meridian Funds | 2 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares/ Principal Amount | Value | |
RBC Dominion Securities, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $3,195 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 10/5/23 - 9/1/53, totaling $3,258) | $3,194 | $3,194 |
Total Repurchase Agreements (Cost $253,194) | 253,194 | |
Total Short-Term Investments - 10.3% (Cost $4,686,138) | 4,686,138 | |
Total Investments - 144.3% (Cost $59,409,916) | 65,354,952 | |
Liabilities in Excess of Other Assets - (44.3)% | (20,075,390) | |
Net Assets - 100.0% | $45,279,562 |
Value | ||
Call Options Written - (43.3)% | ||
Total Call Options Written - (43.3)% (Premium received $(16,536,354)) | $(19,602,085) |
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | Securities, or a portion thereof, were pledged as collateral for written options by the fund. |
3 | All or portion of this security is on loan at September 30, 2023. Total value of such securities at period-end amounts to $1,176,246 and represents 2.60% of net assets. Securities loaned with a value of $766,711 are pending settlement as of September 30, 2023. |
4 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
Call | ||||||||||||
DigitalBridge Group, Inc. | 10.00 | 10/20/23 | 1,460 | $2,566,680 | $(627,290) | $(1,168,000) | ||||||
WillScot Mobile Mini Holdings Corp. | 35.00 | 10/20/23 | 107 | 445,013 | (127,297) | (85,600) | ||||||
Pool Corp. | 270.00 | 12/15/23 | 29 | 1,032,690 | (300,894) | (275,500) | ||||||
RB Global, Inc. (Canada) | 48.92 | 12/15/23 | 145 | 906,250 | (190,653) | (239,250) | ||||||
Airbnb, Inc. Class A | 65.00 | 1/19/24 | 98 | 1,344,658 | (515,960) | (730,100) | ||||||
Align Technology, Inc. | 120.00 | 1/19/24 | 73 | 2,228,836 | (733,917) | (1,404,520) | ||||||
Bank of America Corp. | 25.00 | 1/19/24 | 239 | 654,382 | (228,501) | (85,323) | ||||||
Blue Owl Capital, Inc. | 7.50 | 1/19/24 | 720 | 933,120 | (225,431) | (410,400) | ||||||
Coty, Inc. Class A | 7.00 | 1/19/24 | 1,580 | 1,733,260 | (764,267) | (663,600) | ||||||
Huntsman Corp. | 25.00 | 1/19/24 | 430 | 1,049,200 | (344,784) | (64,500) | ||||||
Laboratory Corp. of America Holdings | 210.00 | 1/19/24 | 51 | 1,025,355 | (266,264) | (147,900) | ||||||
Lamb Weston Holdings, Inc. | 45.00 | 1/19/24 | 585 | 5,408,910 | (994,441) | (2,954,250) | ||||||
Levi Strauss & Co. Class A | 20.00 | 1/19/24 | 890 | 1,208,620 | (612,832) | (8,900) | ||||||
Live Nation Entertainment, Inc. | 50.00 | 1/19/24 | 263 | 2,183,952 | (865,997) | (909,980) | ||||||
PayPal Holdings, Inc. | 60.00 | 1/19/24 | 93 | 543,678 | (241,378) | (44,175) | ||||||
Pinterest, Inc. Class A | 10.00 | 1/19/24 | 200 | 540,600 | (190,320) | (345,000) | ||||||
QUALCOMM, Inc. | 125.00 | 1/19/24 | 68 | 755,208 | (166,543) | (22,032) | ||||||
Salesforce, Inc. | 110.00 | 1/19/24 | 15 | 304,170 | (74,987) | (144,825) | ||||||
Sally Beauty Holdings, Inc. | 12.50 | 1/19/24 | 1,700 | 1,424,600 | (1,342,714) | (25,500) | ||||||
ServiceNow, Inc. | 300.00 | 1/19/24 | 9 | 503,064 | (163,866) | (241,830) | ||||||
Splunk, Inc. | 90.00 | 1/19/24 | 118 | 1,725,750 | (440,686) | (695,610) | ||||||
Twilio, Inc. Class A | 70.00 | 1/19/24 | 97 | 567,741 | (485,616) | (27,645) | ||||||
Zoom Video Communications, Inc. Class A | 70.00 | 1/19/24 | 243 | 1,699,542 | (1,253,662) | (178,605) | ||||||
Airbnb, Inc. Class A | 70.00 | 6/21/24 | 40 | 548,840 | (194,781) | (287,400) | ||||||
Alphabet, Inc. Class C | 68.00 | 6/21/24 | 58 | 764,730 | (182,094) | (402,810) | ||||||
Charles Schwab Corp. (The) | 27.50 | 6/21/24 | 122 | 669,780 | (406,057) | (348,310) | ||||||
Micron Technology, Inc. | 45.00 | 6/21/24 | 59 | 401,377 | (143,765) | (153,105) | ||||||
NVIDIA Corp. | 125.00 | 6/21/24 | 26 | 1,130,974 | (153,216) | (833,820) | ||||||
Rivian Automotive, Inc. Class A | 5.00 | 6/21/24 | 2,282 | 5,540,696 | (3,261,407) | (4,495,540) | ||||||
Alphabet, Inc. Class C | 70.00 | 1/17/25 | 63 | 830,655 | (203,645) | (422,100) | ||||||
Micron Technology, Inc. | 45.00 | 1/17/25 | 62 | 421,786 | (163,377) | (174,840) | ||||||
Salesforce, Inc. | 110.00 | 1/17/25 | 17 | 344,726 | (99,945) | (177,055) | ||||||
ServiceNow, Inc. | 300.00 | 1/17/25 | 16 | 894,336 | (251,749) | (468,960) | ||||||
Wells Fargo & Co. | 32.50 | 1/17/25 | 116 | 473,976 | (150,707) | (130,500) | ||||||
NVIDIA Corp. | 135.00 | 6/20/25 | 26 | 1,130,974 | (167,311) | (834,600) | ||||||
Total | $(16,536,354) | $(19,602,085) |
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |