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 Remitly Global, Inc. (NASDAQ:RELY), in the second quarter 2024 investor letter. Remitly Global, Inc. (NASDAQ:RELY) is a digital financial services provider for immigrants, their families, and other citizens. The one-month return of Remitly Global, Inc. (NASDAQ:RELY) was -0.51%, and its shares lost 44.19% of their value over the last 52 weeks. On September 13, 2024, Remitly Global, Inc. (NASDAQ:RELY) stock closed at $14.55 per share with a market capitalization of $2.826 billion.
Meridian Growth Fund stated the following regarding Remitly Global, Inc. (NASDAQ:RELY) in its Q2 2024 investor letter:
“Remitly Global, Inc. (NASDAQ:RELY) is a digitally native money transfer company that is taking share in the remittance market from established competitors such as Western Union and MoneyGram. The stock underperformed during the period on slightly lower than expected net new customers, though the company beat top-line EBIDTA estimates and reaffirmed positive guidance for the year. We are not concerned about the softness in net new customers in the historically slow post-holiday period and continue to have confidence in the business model and management team. As such, we maintained our position during the quarter.”
A senior banker shaking hands with migrant customers in a corporate boardroom.
Remitly Global, Inc. (NASDAQ:RELY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Remitly Global, Inc. (NASDAQ:RELY) at the end of the second quarter which was 21 in the previous quarter. While we acknowledge the potential of Remitly Global, Inc. (NASDAQ:RELY) 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 Remitly Global, Inc. (NASDAQ:RELY) and shared the list of best new tech stocks to buy. 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.
