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 LiveRamp Holdings, Inc. (NYSE:RAMP) in the second quarter 2023 investor letter. Headquartered in San Francisco, California, LiveRamp Holdings, Inc. (NYSE:RAMP) is a technology company that operates a data collaboration platform. On October 4, 2023, LiveRamp Holdings, Inc. (NYSE:RAMP) stock closed at $28.91 per share. One-month return of LiveRamp Holdings, Inc. (NYSE:RAMP) was -4.33%, and its shares gained 55.77% of their value over the last 52 weeks. LiveRamp Holdings, Inc. (NYSE:RAMP) has a market capitalization of $1.915 billion.
Meridian Contrarian Fund made the following comment about LiveRamp Holdings, Inc. (NYSE:RAMP) in its Q2 2023 investor letter:
“A holding that warranted an additional investment during the quarter was LiveRamp Holdings, Inc. (NYSE:RAMP) a developer of a data connectivity platform that sharpens targeted advertisement placements while shielding consumer data privacy. The company’s technology allows improved advertising targeting and measurement across internet-based, streaming, and traditional verticals while meeting the ever-shifting data privacy regulations being enacted globally. We initially invested in the first quarter of 2023 following a difficult 2022 in which advertising spending slowed and LiveRamp rolled out new products and brought on new salespeople—which all combined to drive down earnings. In addition to the investments in future growth, however, management also reduced legacy products, which has lowered costs and improved earnings and cash flow through the first part of 2023, despite a still-tough advertising environment. We added to our position during the second quarter as the company’s internally driven earnings turn appeared to take hold, emphasizing our approach to opportunistic value and gaining access to one of the fastest-growing advertising verticals such as streaming television.”
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LiveRamp Holdings, Inc. (NYSE:RAMP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held LiveRamp Holdings, Inc. (NYSE:RAMP) at the end of second quarter which was 19 in the previous quarter.
We discussed LiveRamp Holdings, Inc. (NYSE:RAMP) in another article and shared the list of best small-cap growth stocks to buy. 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.
