Titan Machinery, Inc. (TITN) was a top contributor to the Fund, with its stock price generating robust returns for the two-week period ending December 31, 2013. Titan Machinery is the largest agricultural dealer for Case New Holland with solid market positions in the western U.S. From a growth perspective, we believe that the company is well-positioned to benefit from increased global food demand, a rebound in commercial construction activity, and further acquisition opportunities. We also consider the company’s business model to be solid, with a majority of profits coming from its more stable parts and service aftermarket business. We believe these characteristics can drive further improvements in shareholder value.
From Meridian Funds's semi-annual report ended December 31, 2013. Continue Reading »