Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The significant move by the FED to cut the interest rate helped the market to stabilize. In the quarter, the fund appreciated 6.19% (net), outperforming its benchmark, the S&P 500 Index, which returned 5.89%, and its secondary benchmark, the CBOE S&P 500 Buy/Write Index’s 5.54% return. It anticipates that capital preservation in bear markets will eventually play a significant role in the long-term compounding of returns. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Meridian Hedged Equity Fund highlighted stocks like Progyny, Inc. (NASDAQ:PGNY), in the third quarter 2024 investor letter. Progyny, Inc. (NASDAQ:PGNY) is a benefits management company that focuses on fertility and family-building benefits solutions. The one-month return of Progyny, Inc. (NASDAQ:PGNY) was 2.86%, and its shares lost 54.95% of their value over the last 52 weeks. On November 27, 2024, Progyny, Inc. (NASDAQ:PGNY) stock closed at $15.48 per share with a market capitalization of $1.318 billion.
Meridian Hedged Equity Fund stated the following regarding Progyny, Inc. (NASDAQ:PGNY) in its Q3 2024 investor letter:
“Progyny, Inc. (NASDAQ:PGNY) is a leading provider of fertility and family-building benefit solutions, offering comprehensive coverage for various treatment options, including IVF and egg freezing, through a curated network of specialists. We initially invested in Progyny because we believed in the long-term growth potential of the fertility benefits market, driven by the rising prevalence of infertility, increasing employer support, and the company’s differentiated, high-touch service model. However, Progyny’s performance in the quarter was negatively impacted by the announcement of a significant client loss, which raised concerns about its near-term growth prospects. After reassessing the company’s near-term outlook and growing competitive pressures, we decided to exit the position.”
A close up of a hand, fingers wrapped around a fertility specialist syringe.
Progyny, Inc. (NASDAQ:PGNY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of the second quarter which was 28 in the previous quarter. The third quarter revenue of Progyny, Inc. (NASDAQ:PGNY) grew 2% year-over-year to $286.6 million. While we acknowledge the potential of Progyny, Inc. (NASDAQ:PGNY) 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 Progyny, Inc. (NASDAQ:PGNY) and shared Polen U.S. Small Company Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.