Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. Large cap growth stocks saw a 7.1% gain in the quarter, contributing to 33.4% annual gains. The strong performance was driven by optimism for Trump’s re-election, anticipated tax cuts, and a business-friendly regulatory environment. In the fourth quarter, the fund returned -0.81% (net) underperforming the benchmark, the Russell 2500 Growth Index’s 2.43% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Meridian Growth Fund emphasized stocks such as Sensata Technologies Holding plc (NYSE:ST). Headquartered in Attleboro, Massachusetts, Sensata Technologies Holding plc (NYSE:ST) manufactures and sells sensors and sensor-rich solutions, electrical protection components and systems, and other products. The one-month return of Sensata Technologies Holding plc (NYSE:ST) was 4.79%, and its shares lost 14.44% of their value over the last 52 weeks. On February 20, 2025, Sensata Technologies Holding plc (NYSE:ST) stock closed at $29.97 per share with a market capitalization of $4.482 billion.
Meridian Growth Fund stated the following regarding Sensata Technologies Holding plc (NYSE:ST) in its Q4 2024 investor letter:
“Sensata Technologies Holding plc (NYSE:ST) designs and manufactures sensors and electronic components for the automotive, aerospace, and industrial sectors. The well-run company is responsible for much of the sophisticated technology behind current megatrends such as electrification, autonomous driving systems, clean and efficient appliances, and smart devices. While the company reported earnings in line with expectations, a cautious outlook related to macroeconomic challenges in the automotive sector weighed on the stock. We maintain a long-term positive outlook for the company, supported by ongoing cost reductions, product optimization initiatives, and the company’s ongoing efforts to improve its balance sheet. We slightly reduced our position during the period and see minimal downside at current valuation levels.”
A network of technicians in lab coats testing the performance of a sensor-based solution.
Sensata Technologies Holding plc (NYSE:ST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Sensata Technologies Holding plc (NYSE:ST) at the end of the fourth quarter compared to 31 in the third quarter. Sensata Technologies Holding plc (NYSE:ST) ended 2024 on a high note, with fourth-quarter revenue reaching $908 million, surpassing the upper limit of the guidance range. While we acknowledge the potential of Sensata Technologies Holding plc (NYSE:ST) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article we discussed Sensata Technologies Holding plc (NYSE:ST) and shared the list of best internet of things stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.