Overview
- Meridian Growth Fund reported a -1.78% net return versus the Russell 2500 Growth’s 10.73%, attributing the shortfall to sector positioning and staying within its investment discipline.
- Meridian Contrarian Fund gained 6.72% but trailed the Russell 2500 and Russell 2500 Value, while Meridian Small Cap Growth returned 4.20% versus 12.19% for its benchmark.
- Baron Fifth Avenue Growth Fund highlighted Microsoft’s momentum with Azure revenue growth accelerating to 39% and AI foundry usage exceeding 500 trillion tokens, up 700% year over year.
- Stock-level attribution included Sprout Social falling after another guidance cut despite a results beat, Align easing on softer teen conversions, and Madrigal rallying on Rezdiffra’s launch pacing above $1 billion annualized.
- Managers detailed trims into strength across multiple holdings—such as Halozyme, Planet Labs, nLIGHT, Penguin Solutions, and Turning Point Brands—as part of ongoing risk and valuation management.