Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -6.16% (net) compared to a -4.78% return for the Russell 2500 Index. Furthermore, the fund underperformed its secondary benchmark, the Russell 2500 Value Index, which returned -3.66% 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 DigitalBridge Group, Inc. (NYSE:DBRG) in the third quarter 2023 investor letter. Headquartered in Boca Raton, Florida, DigitalBridge Group, Inc. (NYSE:DBRG) is a REIT focusing on digital infrastructure. On November 30, 2023, DigitalBridge Group, Inc. (NYSE:DBRG) stock closed at $17.26 per share. One-month return of DigitalBridge Group, Inc. (NYSE:DBRG) was 6.41%, and its shares gained 21.55% of their value over the last 52 weeks. DigitalBridge Group, Inc. (NYSE:DBRG) has a market capitalization of $2.82 billion.
Meridian Contrarian Fund made the following comment about DigitalBridge Group, Inc. (NYSE:DBRG) in its Q3 2023 investor letter:
“DigitalBridge Group, Inc. (NYSE:DBRG) is a real estate investment trust (REIT) focused on digital infrastructure such as data centers, wireless towers, and similar assets. In addition to owning and operating properties, the company invests in the space through an asset management division. Prior to our investment, DigitalBridge, then known as Colony Capital, suffered an extended decline in its business as management strayed from the company’s traditionally strong property investment business by completing an ill-fitting merger that burdened it with debt. The catalyst for our investment was the hiring of a new management team in 2019 that brought significant experience in digital assets to the company. It also sold its hospitality, healthcare, and industrial properties and reinvested the proceeds into digital infrastructure assets. Since the transformation, DigitalBridge has demonstrated strong fundamental invisible Past performance is no guarantee of future results. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the fund. Please read the prospectus carefully before you invest or send money. To obtain a prospectus, please contact your investment representative or Destra Capital Investments LLC at 877.855.3434 or access the website at www.arrowmarkpartners.com/meridian. Not FDIC-Insured, Not Bank Guaranteed, May Lose Value performance and impressive growth. During the quarter, the stock performed well as demand for high-quality, modern data center capacity remained strong despite interest rate and macro worries. The rapid adoption of AI by enterprises and cloud providers indicates that this demand may remain strong. Furthermore, the company made significant progress towards hitting this year’s capital raising goals set by its asset management division and progressed well on plans to convert from a property REIT to an investment manager which, we believe will provide a cleaner balance sheet, more stable revenues, and a higher multiple.”
A close-up of a real estate investment portfolio in the foreground with the public equity market in the background.
DigitalBridge Group, Inc. (NYSE:DBRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held DigitalBridge Group, Inc. (NYSE:DBRG) at the end of third quarter which was 25 in the previous quarter.
We discussed DigitalBridge Group, Inc. (NYSE:DBRG) in another article and shared Ave Maria Focused Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Stocks under $50 to Buy and Hold Forever
- ‘Greedy When Others are Fearful’: Warren Buffett’s New Stock Picks Since 2022 Market Peak
- 12 Best Mineral Stocks To Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
