Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.17% net compared to a 5.23% return for the Russell 2500 Index. Furthermore, the fund underperformed its secondary benchmark, the Russell 2500 Value Index, which returned 4.37% during the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Meridian Contrarian Fund highlighted stocks like Molson Coors Beverage Company (NYSE:TAP) in the second quarter 2023 investor letter. Headquartered in Golden, Colorado, Molson Coors Beverage Company (NYSE:TAP) manufactures and markets beer and other malt beverage products. On October 4, 2023, Molson Coors Beverage Company (NYSE:TAP) stock closed at $63.03 per share. One-month return of Molson Coors Beverage Company (NYSE:TAP) was -0.06%, and its shares gained 32.06% of their value over the last 52 weeks. Molson Coors Beverage Company (NYSE:TAP) has a market capitalization of $13.637 billion.
Meridian Contrarian Fund made the following comment about Molson Coors Beverage Company (NYSE:TAP) in its Q2 2023 investor letter:
“Molson Coors Beverage Company (NYSE:TAP) is the second largest brewing company in the U.S. and ranks among the Top 5 globally. For several years, the company struggled to grow earnings as domestic beer lost share to imports, craft brewers, seltzer, and other alcoholic beverages, and we avoided investing in it due to a lack of a solid strategy to revitalize growth. In the third quarter of 2021, however, we decided the risk/reward profile tipped in our favor as management was following a coherent innovation plan, our industry research indicated improved optimism within the distribution network, and the valuation and company expectations were low. Our patience paid off during the quarter as the stock gained due largely to broader market share improvements by beer relative to seltzer as well as a boycott of key rival Bud Light, which benefitted Molson Coors’ Coors Light and Miller Lite brands. We trimmed some of our exposure as the stock gained for risk management purposes but maintained a sizeable position.”
Photo by Gio Bartlett on Unsplash
Molson Coors Beverage Company (NYSE:TAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Molson Coors Beverage Company (NYSE:TAP) at the end of second quarter which was 30 in the previous quarter.
We discussed Molson Coors Beverage Company (NYSE:TAP) in another article and shared the list of best beverage stocks with dividends. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
