Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Major index returns increased throughout the quarter due to strong earnings from large-cap technology companies, especially those connected to artificial intelligence. In the second quarter, the fund returned -1.86% (net) outperforming the benchmark, the Russell 2500 Growth Index’s -4.22% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Meridian Growth Fund highlighted stocks like Trimble Inc. (NASDAQ:TRMB), in the second quarter 2024 investor letter. Trimble Inc. (NASDAQ:TRMB) is a technology solutions provider that enables professionals and field mobile workers to enhance or transform their work processes. The one-month return of Trimble Inc. (NASDAQ:TRMB) was 4.14%, and its shares gained 11.66% of their value over the last 52 weeks. On September 16, 2024, Trimble Inc. (NASDAQ:TRMB) stock closed at $58.41 per share with a market capitalization of $14.264 billion.
Meridian Growth Fund stated the following regarding Trimble Inc. (NASDAQ:TRMB) in its Q2 2024 investor letter:
“Trimble Inc. (NASDAQ:TRMB) is a leading industrial technology company that provides hardware, software, and services primarily to the construction, geospatial, transportation, and agricultural industries. Over the last several years, Trimble has been transitioning toward a subscription-based, recurring revenue model. The stock fell in the quarter when its 10K filing was delayed due to an audit that called for additional documentation of internal controls. We don’t view the issue as material and the delay detracted from what otherwise was a very good quarter for its business and maintained our position in the company during the period.”
A worker at a remote location using Automated Application Technology with their tablet and scanner.
Trimble Inc. (NASDAQ:TRMB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Trimble Inc. (NASDAQ:TRMB) at the end of the second quarter which was 33 in the previous quarter. While we acknowledge the potential of Trimble Inc. (NASDAQ:TRMB) 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 Trimble Inc. (NASDAQ:TRMB) and shared Meridian Growth Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 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.
