LKQ Corp. (LKQ) was the Fund’s top contributor in the six-month period ending December 31, 2013. The company is a leading distributor of alternative collision repair parts in a market estimated to be $59 billion. During the period, LKQ reported strong second quarter earnings growth and announced the acquisition of Keystone Automotive Operations, which benefited performance. While we continue to believe that LKQ has further growth potential in a large fragmented market, we trimmed the stock meaningfully in the period as it approached our price target.
From Meridian Funds's semi-annual report ended December 31, 2013.
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