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

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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...

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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...

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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...

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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...

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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...

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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...

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Meridian Growth Fund Second Quarter 2014 Commentary
We are pleased with the Meridian Growth Fund’s (the “Fund”) outperformance during the quarter, which was driven by our discipline of using fundamental research to identify high-quality growth businesses with predictable and recurring revenues, high returns on capital and attractive risk-reward profiles. We then look to build a durable fund based on these ideas that seeks to manage downside risk in tough, turbulent markets and keeps up with the broader market in bull market environments. More...

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Meridian Funds Comments on Ubiquiti Networks
Ubiquiti Networks (UBNT) designs and manufactures wireless broadband infrastructure equipment and other communications. Ubiquiti initially came to our attention in early 2013 after suffering declines in earnings. While being optimistic about overall market demand, our research led us to conclude that the problems facing the company were temporary and we invested in the stock. Management executed on the turnaround, which drove both revenue and earnings growth. As a result the stock has more than doubled from our initial purchase price. More...

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Meridian Funds Comments on EOG Resources
Long-term holding EOG Resources (EOG) is a large, diversified oil and gas exploration and production company. The stock fell out of favor when the company made poorly timed investments to expand natural gas production just prior to a precipitous drop in natural gas prices. We saw this as an opportunity because the company possessed both the management acumen and attractive resource base to efficiently pivot production away from natural gas to oil. EOG continues to execute this strategy with better than expected oil production and higher oil prices driving strong stock performance during the fiscal year.We maintain our position in the stock. More...

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Meridian Funds Comments on CHC Group
CHC Group (HELI) is a service provider to the offshore oil and gas industry. The stock declined during the period as the company’s growth trajectory did not exceed investor expectations. We added to the position during the period as we remain confident it will achieve our long-term growth and cash-flow targets. The overall industry continues to show strong growth, and the company’s own business is improving as it restructures contracts at higher prices with longer terms. More...

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Meridian Funds Comments on Sally Beauty Holdings
Sally Beauty Holdings (SBH) distributes and retails beauty products. During the period, the stock declined due to the impact of weather and some overall weakness in consumer spending. We have been adding to the position as we believe the company is well positioned to grow domestically, expand internationally and continue buying back stock, which should drive strong earnings growth for the long term. More...

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Meridian Funds Comments on VistaPrint
VistaPrint (VPRT) declined during the period due to a business model transition that has weighed negatively on short-term financial performance. We continue to believe that after the transition the company will have lower customer churn, higher customer duration, higher average selling prices and higher reorder rates. All of these combined should drive high operating leverage and substantial earnings growth. We have been adding to the position on weakness. More...

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Meridian Funds Comments on Cadence Design Systems
Cadence Design Systems (CDNS) provides software technology, design and consulting services and technology. Its primary product is electronic design automation software for the semiconductor industry. The stock rose as the company and industry transition began to show in its operating results. Specifically, industry consolidation has resulted in an improvement in pricing power. Cadence has successfully transitioned to a recurring revenue model, and we expect it to begin deploying its capital via stock repurchases. We trimmed the position modestly during the quarter. More...

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Meridian Funds Comments on Sensata Technologies
Sensata Technologies (ST) develops, manufactures and sells sensors and controls. We are attracted to the company’s large growth opportunity, which is driven by increased sensor penetration in industries such as automobiles and general industrial opportunities. We find Sensata’s business model to be attractive given the stability of its revenues, strong operating leverage and excellent management team. During the period, the company benefited from a rebound in European automobile sales and deployed capital in several small accretive acquisitions. We have been trimming the position modestly as the stock approaches our price target. More...

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Meridian Funds Comments on Trimble Navigation
Trimble Navigation (TRMB) provides location-based solutions to its customers that enhance their productivity and profitability. The recovery in construction end markets and continued strong demand from the farm economy resulted in strong overall financial results for the company and a strong stock price. We trimmed the position as it began to exceed the upper end of the market cap range that we invest in. More...

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Meridian Contrarian Fund Second Quarter Commentary Meridian Funds - Meridian Contrarian Fund Second Quarter Commentary
The Meridian Contrarian Fund-Legacy Shares returned 23.31% during the twelve-month period ending June 30, 2014, which compares to the primary benchmark, the Russell 2500 Index, which returned 25.58%. The strategy’s secondary benchmark, the S&P 500 Index, returned 24.61%. More...

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Meridian Growth Fund Annual Annual Review
On September 5, 2013, we began managing the Meridian Growth Fund. It is our distinct honor to take the helm of this venerable fund, which was founded by Richard Aster nearly 30 years ago. Through rigorous fundamental research, disciplined portfolio construction, and a focus on managing risk before reward, we hope to expand upon Meridian Growth Fund’s legacy. We will use the same process and philosophy that served us well managing another mutual fund for 7 years. Namely, our investment philosophy is centered on four key tenets: More...

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Meridian Funds Annual Shareholder Letter
Dear Shareholder, More...

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Top Insider Buys Highlight: Core Laboratories NV
Executive VP & CFO of Core Laboratories NV (CLB) Richard Bergmark bought 7,000 shares on July 28 at an average price of $147.31. The total transaction amount was $1,031,170. More...

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Meridian Funds Comments on Exact Sciences Corp
Exact Sciences Corp. (EXAS) also had negative returns during the period, which created a drag on overall Fund performance. Exact Sciences is an early stage diagnostic company with a test for early detection of colorectal cancers. Upon receipt of the U.S. Food and Drug Administration’s approval, we believe that Exact Sciences’s Cologuard test will help revolutionize colorectal screening and increase overall compliance rates with clinical guidelines. We think that the large market, combined with attractive unit economics, should drive an improvement in shareholder value. More...

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