Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the significant market influences were the U.S. election results, inflation, and the direction of interest rates. Against this backdrop, the fund returned 1.70% (net) during the quarter outperforming the 0.62% returns of the Russell 2500 Index and -0.26% returns of the secondary benchmark the Russell 2500 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Meridian Contrarian Fund emphasized stocks such as Mirion Technologies, Inc. (NYSE:MIR). Headquartered in Atlanta, Georgia, Mirion Technologies, Inc. (NYSE:MIR) offers radiation detection, measurement, analysis, and monitoring products and services. The one-month return of Mirion Technologies, Inc. (NYSE:MIR) was -8.06%, and its shares gained 69.72% of their value over the last 52 weeks. On February 20, 2025, Mirion Technologies, Inc. (NYSE:MIR) stock closed at $16.65 per share with a market capitalization of $3.865 billion.
Meridian Contrarian Fund stated the following regarding Mirion Technologies, Inc. (NYSE:MIR) in its Q4 2024 investor letter:
“Mirion Technologies, Inc. (NYSE:MIR), a global leader in ionizing radiation measurement and detection, provides critical technologies for the nuclear power and medical sectors. Mirion operates in industries with strong secular trends, and a significant portion of the company’s revenues are recurring or replacement, which provides valuable transparency and predictability. During the quarter, strong earnings and secular tailwinds tied to rising demand for nuclear power, including AI-related data center energy needs, propelled the stock higher. We continue to hold our position based on the company’s incremental earnings strength.”
A radiation oncologist overseeing the delivery of radiation therapy to a patient.
Mirion Technologies, Inc. (NYSE:MIR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Mirion Technologies, Inc. (NYSE:MIR) at the end of the fourth quarter compared to 31 in the third quarter. Mirion Technologies, Inc.’s (NYSE:MIR) revenue grew 10.4% in the fourth quarter to $254.3 million compared to $230.4 million in Q4 2023. While we acknowledge the potential of Mirion Technologies, Inc. (NYSE:MIR) 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 Mirion Technologies, Inc. (NYSE:MIR) and shared long-term stock picks of billionaire Lee Cooperman. In addition, please check out our hedge fund investor letters Q4 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.