Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -3.22% net compared to 0.24% return for the Russell 2000 Growth Index. Fears of recession and inflation affected the US stock market in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds highlighted stocks like Heritage-Crystal Clean, Inc (NASDAQ:HCCI) in the Q3 2022 investor letter. Headquartered in Elgin, Illinois, Heritage-Crystal Clean, Inc (NASDAQ:HCCI) is a waste treatment and disposal company that operates through Environmental Services and Oil Business. On December 7, 2022, Heritage-Crystal Clean, Inc (NASDAQ:HCCI) stock closed at $30.87 per share. One-month return of Heritage-Crystal Clean, Inc (NASDAQ:HCCI) was 5.57% and its shares lost 5.28% of their value over the last 52 weeks. Heritage-Crystal Clean, Inc (NASDAQ:HCCI) has a market capitalization of $746.353 million.
Meridian Funds made the following comment about Heritage-Crystal Clean, Inc (NASDAQ:HCCI) in its Q3 2022 investor letter:
“Heritage-Crystal Clean, Inc (NASDAQ:HCCI) is an environmental services company focused on machine parts cleaning, used oil collection, oil re-refining, and hazardous and non-hazardous waste services. Our rationale for investing in this company includes the recurring revenue stream it generates from its environmental services business unit and substantial growth opportunities in the re-refinery and used oil collection segments. Continued strong execution and higher oil prices contributed to the stock’s solid performance during the period. Notably, Heritage-Crystal Clean’s oil business segment generated record revenue in the second quarter and saw segment margins improve to 41%, as the spread between base oil sales and the cost of collecting used oil widened. The company’s core environmental services segment also recorded record quarterly revenue. We believe the environmental, social, and governance (ESG) story at Heritage remains underappreciated by the market as the company collects used motor oil and recycles it for reuse. We have high conviction in the long-term growth story for the company, but trimmed our position in the stock during the period as the share price appreciated.”
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Heritage-Crystal Clean, Inc (NASDAQ:HCCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Heritage-Crystal Clean, Inc (NASDAQ:HCCI) at the end of the third quarter, which was 16 in the previous quarter.
We discussed Heritage-Crystal Clean, Inc (NASDAQ:HCCI) in another article and shared Cove Street Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
