Meridian Funds

Meridian Funds

Last Update: 2013-08-31

Number of Stocks: 149
Number of New Stocks: 15

Total Value: $2,681 Mil
Q/Q Turnover: 13%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Meridian Funds' s Profile & Performance

Profile

Aster is the founder of Aster Investment Management Company. He manages both Meridian Value Fund (MVALX) and Meridian Growth Fund (MERDX). Mr. Aster received his undergraduate and graduate degrees in economics from the University of California, Santa Barbara.

Web Page:http://www.meridianfund.com/mvalx_fundadvisor.cfm

Investing Philosophy

Richard Aster invests in both growth and value stocks. His Meridian Value Fund seeks to achieve long-term capital growth. In this fund, Aster invests primarily in equities that are undervalued in relation to the company’s long-term earning power or asset value, or the stock market in general.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Meridian Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201334.7831.553.2
201217.4215.42.0
2011-2.392.08-4.5
3-Year Cumulative54.5 (15.6%/year)55 (15.7%/year)-0.5 (-0.1%/year)
201018.2315.063.2
200921.3926.46-5.1
5-Year Cumulative121.7 (17.3%/year)125.5 (17.7%/year)-3.8 (-0.4%/year)
2008-31.95-375.0
20077.765.612.2
200618.6715.792.9
20052.924.91-2.0
200415.1123.1
10-Year Cumulative128.5 (8.6%/year)104.1 (7.4%/year)24.4 (1.2%/year)
200334.7128.76.0
2002-13.36-22.18.7
200111.7-11.923.6
200037.14-9.146.2
199938.282117.3
15-Year Cumulative465 (12.2%/year)98.3 (4.7%/year)366.7 (7.5%/year)
199818.9428.6-9.7
199721.3733.4-12.0
199632.29239.3
199523.837.6-13.8

Top Ranked Articles

Meridian Funds Comments on Leggett & Platt
Leggett & Platt (LEG) is a leading manufacturer of engineered products and components. As the pioneer of steel coil springs found in mattresses and furniture, the company continues to supply a variety of components to bedding and furniture manufacturers. Additionally, Leggett & Platt's broader product line includes retail store fixtures, office furniture components, automotive seating components and industrial steel wire and tubing. Customers choose Leggett & Platt as a supplier because the company's manufacturing scale and processes result in lower costs than customers can produce themselves. We believe earnings should grow based on the contribution of new products, cost reduction efforts and the improving housing market. Moreover, future dividend growth appears likely based on a 42-year record of dividend increases. We believe Leggett & Platt is an attractive investment based on its 3.8% dividend yield and positive growth outlook. Read more...
Eight Gurus Hold, Three Reduce AMG – A Collective of Investment Talent
Affiliated Managers Group Inc. (AMG) may become the ultimate guru, the guru that contains many other wise gurus within itself. Read more...
Meridian Funds Comments on Huron Consulting
Huron Consulting (HURN), one of our larger holdings, is a leading provider of consulting services to the healthcare, higher education and legal markets. The company advises hospitals and universities on ways to cut costs, gain efficiencies and improve outcomes. Legal consulting helps companies reduce their outside legal costs. New management led Huron back from a sizable earnings restatement in 2009 with limited consultant turnover and its reputation intact. The company's healthcare practice benefits from the need for hospitals to become more efficient due to lower reimbursement rates, sluggish patient volumes and less high margin elective procedures. Hospitals will also need external advice in adapting to the changes enacted under the Affordable Care Act, including the shift from a fee-for-services payment model to pay-for-performance. We believe the company is a compelling value at 11x our $3.70 estimate of earnings power. Read more...
Weekly Guru Bargains Highlights: FTNT, VVUS, HAE, PC, TIBX
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. Fortinet, Inc. (FTNT): Down 22% Since Paul Tudor Jones Bought in the Quarter Ended on 9-30-2012 Read more...
CEO, President of Kimco Realty Corp David Henry Sold 70,000 Shares
Kimco Realty Corp. together with its subsidiaries, is a self-administered real estate investment trust and is one of the nation's largest owners and operators of neighborhood and community shopping centers. Kimco Realty Corp. has a market cap of $8.27 billion; its shares were traded at around $20.22 with a P/E ratio of 16.7 and P/S ratio of 9.5. The dividend yield of Kimco Realty Corp. stocks is 3.7%. Read more...
» More Meridian Funds Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Del Frisco's Restaurant Group Inc
Del Frisco’s Restaurant Group (DFRG) is a fine dining company that operates 45 steakhouses across three brands. We initiated our position when earnings were pressured by underperformance in the Sullivan’s Steakhouse brand and the investment in a new growth brand, Del Frisco’s Grille. We like the fact that the company overall has outperformed the overall restaurant sector the past few years. The company underperformed in the quarter due to delays in new store openings and some location-specific issues that hurt revenue growth. We continue to believe that Del Frisco’s offers an appealing product with high unit growth potential and have added to our position on the recent price weakness. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Endologix Inc
Endologix (ELGX) is a medical device company with products that treat aortic abdominal aneurisms (AAA). Recently the company experienced a decline in sales growth after the conclusion of a clinical trial rollout. We believed the revenue issue was temporary and were very excited about a new product called Nellix that has the potential to more than double Endologix’s market share in AAA procedures. During the quarter, share performance disappointed after the company disclosed that sales would again miss expectations, this time due to an intensifying competitive environment. While management outlined an aggressive response, including product enhancements intended to further improve upon the lowest complication rate in the AAA industry, we have reduced our position until we can gain greater clarity on how effective these efforts will be in the market. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Halcon Resources Corp
Halcon Resources (HK) is an independent, U.S.-based oil and gas exploration and production company. At the time of our investment, the stock was out of favor due to a combination of high levels of investment spending and poor drilling results at select wells. This created an opportunity to invest in the management team, which has an excellent record of finding and developing energy assets, and their ability to deliver improved exploration results and production growth. Halcon’s stock underperformed meaningfully in the quarter, reversing strong performance in the first half of 2014. As a development-stage company with a leveraged balance sheet, the company’s stock demonstrated greater volatility than the sector as a whole and declined significantly more than the price of oil. Despite short-term volatility potential, we believe the company has the ability grow reserves and production and could potentially be an acquisition target over the long term. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Icon PLC
ICON (ICLR) manages clinical trials for the biotech, pharmaceutical and medical device industries. Our investment in the company materialized when earnings were pressured by an industry slowdown in clinical trials at the same time that ICON was investing in its own capacity expansion. We viewed the slowdown in demand as temporary, caused by the elimination of many duplicative drug development programs. In addition, we thought ICON’s investments in technology positioned the company to gain market share in a growing industry as pharmaceutical customers increasingly outsourced clinical trial work. Strong stock performance in the quarter was driven by revenue and margins coming in above street estimates and a positive management outlook. We continue to hold shares in ICON based on its positioning as a technology leader in the clinical trial industry and the potential to further expand operating margins More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Chiquita Brands International Inc
Chiquita Brands (CQB) is a global leader in bananas and the U.S. leader in packaged salads. Our original investment came after the company’s earnings declined due to market share losses in salads, tough European markets and foreign exchange losses. We believed new management had a strong history and a compelling plan to improve consistency of results and capital allocation. Chiquita stock performed well in the quarter due to a buyout offer from a Brazilian conglomerate in an attempt to trump Chiquita’s existing plans to merge with a European partner. We took advantage of the strength in the stock to reduce our position and may continue to do so. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on ServiceMaster Global Holdings Inc
Servicemaster Global Holdings (SERV) is a leading provider of termite and pest control services, home warranties, and other residential services. We identified the company after marketing and service missteps at its lawn care division, which was spun off earlier this year. We invested in Servicemaster because of its dominant positions in fragmented markets. The stock outperformed during the quarter due to better than expected revenue and profit growth despite a weather- weakened termite season. Upside came from pricing, market share gains and cost efficiencies. We added to our position due to the encouraging quarterly results and an outlook for steady, low double digit earnings growth achieved through continued market share gains, operating margin expansion and debt reduction. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Contrarian Fund 3Q 2014 Commentary
FUND SUMMARY More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Clean Harbors Inc
Clean Harbors (CLH) underperformed during the quarter due to concerns around falling lube oil prices, exposure to the Canadian energy sector, and struggles by one of its publicly traded competitors. We believe the declines in lube oil prices are a normal seasonal occurrence that may reverse in future periods. We also believe that Clean Harbors is well positioned to execute through a period of weak demand from its energy customers and that the struggles felt by its competitors are unlikely to impact Clean Harbors. We have maintained our position through this period of volatility and continue to believe that many of the company’s assets are irreplaceable. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on CHC Group Ltd
CHC Group (HELI) has suffered along with the entire offshore oil services group. The company’s high financial leverage and recently announced plan to issue convertible preferred debt impacted the share price negatively in the quarter. We trimmed the position as we have become less comfortable with the company’s absolute leverage and the dilutive nature of the capital raise. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on RigNet Inc
RigNet (RNET) underperformed due to fears around excess supply of offshore drilling rigs. We believe the overall business is misunderstood and the impact of excess drilling rig supply will have a very small impact on RigNet’s growth prospects. The 20% organic growth rate reported by the company in Q2 is not fully appreciated by the market. As we have demonstrated with some of this quarter’s largest contributors, we are patient investors and believe the risk/reward profile from this price is very favorable. We added to our position in RigNet throughout the quarter. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Carter's Inc
Carter’s (CRI) is a leading retailer of infant and toddler apparel. Carters’ returned 12.72% on the back of a strong Q2 earnings report, which saw bottom-line profits increase 33%. We continue to believe that the company can grow revenues at attractive rates given its low penetration in e-commerce and international markets. Due to the company’s dominant position and strategic initiatives, we believe the runway for growth remains favorable. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Dresser-Rand Group Inc
Dresser-Rand (DRC) was the target of an acquisition by Siemens. Dresser-Rand provides highly engineered, mission-critical equipment to the energy sector. Despite recent underperformance from a new unit business, our patience was rewarded as Siemens saw the value in the recurring aftermarket profit stream and new product innovations. Given limited upside from current levels, we will likely use Dresser-Rand as a source of cash for better ideas until the deal closes in 2015. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Cimpress NV
VistaPrint (CMPR) offers online marketing products and services to small businesses. The company was a large negative contributor to performance earlier this year, when its brand repositioning efforts were felt most severely. We added to the position during this weakness, given we felt the revenue headwinds were temporary, and management’s actions potentially improved the long-term characteristics of the business. Our patience paid off during the third quarter, as earnings came in more than 40% above consensus, which drove the stock higher. We trimmed our position in VistaPrint as the stock rose significantly from the low point in July to quarter end. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Growth Fund 3Q 2014 Commentary
Overall, small and mid cap stocks were challenged this quarter, with these stocks exhibiting increased volatility. We were able to take advantage of this volatility, which helped the Meridian Growth Fund (the “Fund”) approach our target of 100% upside participation in market rallies and only 80% downside participation during pullbacks. We believe this ability to protect capital in market pullbacks, yet perform in-line during up markets, is the best way to compound investor capital over time. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Quickly Gain A Wealth Of Information From The GuruFocus Summary Page (Using Apple As An Example) David Rolfe,Meridian Funds,Diamond Hill Capital,Ro - Quickly Gain A Wealth Of Information From The GuruFocus Summary Page (Using Apple As An Example)
When investing in a company, it is not only necessary to know about the company itself, but also how the stock is valued. Viewing a company through its summary page at GuruFocus provides a wealth of information to help understand its financial strength, profitability, growth and valuation, and see how the gurus and insiders are trading the stock. The features of the summary page can help you decide in minutes if not seconds whether or not to further investigate the stock for an investment opportunity. The summary page at GuruFocus should be your first destination when researching a particular stock. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Wolverine World Wide
Wolverine World Wide (WWW) manufactures and markets branded footwear globally. The stock declined during the quarter as investors wait for a turnaround in one of their key brands, Sperry. We continue to be attracted to the company’s strong portfolio of brands, the long- term international growth opportunity and the strong management team. We trimmed the stock during the quarter; however, we still maintain a large position in the stock. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on The Advisory Board Co
The Advisory Board Company (ABCO) provides best practice research and analysis to the health care industry. The stock declined during the quarter when the company announced earnings that included higher than expected expense growth. We believe these investments are good uses of capital that will enhance the business model and long-term growth profile of the company. We continue to see a strong need for the company’s services and held our position during the quarter. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Clean Harbors
Clean Harbors (CLH) provides a variety of environmental remediation and industrial waste management services. After being a laggard in the first quarter, during which time we also added to the position, the stock reacted strongly to both stabilizing business trends and the announcement that an activist investor was involved in the security. We remain attracted to the company’s large barriers to entry and pricing power in their core businesses and the recovery that we believe is on track in some of the company’s more cyclical businesses. We took advantage of the strength in the quarter to trim some of the position. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Prestige Brands
Prestige Brands (PBH) is the largest independent provider of over-the-counter products in North America. Examples of their brands include Chloraseptic, Dramamine, PediaCare and Efferdent, to name a few. We added to the position during the first quarter when the stock was one of the largest detractors, selling off for short-term reasons. The company experienced a decline in items stocked at one of the company’s largest customers, but we believe this is a temporary situation and our long- term thesis remains unchanged. This proved timely as the company demonstrated stabilized results during the second quarter and announced an acquisition, which drove the stock higher. Prestige Brands has an asset-light business model that focuses exclusively on the marketing and distribution of these brands, which results in a growing, scalable and high-return business model. We continue to hold the position. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Meridian Funds Comments on Polypore International Inc
Polypore International (PPO) develops, manufactures and markets specialized membranes used in separation and filtration processes. The stock rallied strongly during the second quarter as it signed a new agreement with a customer that includes possible access to one of the world’s fastest growing electronic vehicle brands. We believe the company has substantial earnings growth potential driven by increases in capacity utilization of their lithium ion separator manufacturing facilities as electronic vehicles increase their share of total automobile production. We took advantage of the strong stock move to trim some of the position during the quarter. More...

Add Notes, Comments

If you want to ask a question, or report a bug, please create a support ticket.

User Comments

No comment yet

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK