Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 5.82% (net) compared to a 7.56% gain for the S&P 500 Index benchmark. The firm focuses on quality businesses that have considerable competitive advantages, healthy balance sheets, robust cash flow characteristics, and muted volatility traits to mitigate capital losses during market fluctuations and experience upside participation during strong bull markets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Hedged Equity Fund highlighted stocks like The Walt Disney Company (NYSE:DIS) in the Q4 2022 investor letter. Headquartered in Burbank, California, The Walt Disney Company (NYSE:DIS) is an entertainment company. On March 28, 2023, The Walt Disney Company (NYSE:DIS) stock closed at $94.82 per share. One-month return of The Walt Disney Company (NYSE:DIS) was -3.78%, and its shares lost 32.73% of their value over the last 52 weeks. The Walt Disney Company (NYSE:DIS) has a market capitalization of $173.218 billion.
Meridian Hedged Equity Fund made the following comment about The Walt Disney Company (NYSE:DIS) in its Q4 2022 investor letter:
“Global entertainment giant The Walt Disney Company (NYSE:DIS) lagged the market as results in its theme park business missed expectations, due in part to recession-wary consumers and the continued pandemic-related shutdown of its resort in Shanghai. In addition, investor uncertainty around the long-term profitability of its streaming business continued, although Disney rolled out price increases and an advertising-supported tier of its Disney+ subscription service during the quarter. The company also changed its leadership, bringing former CEO Bob Iger back to the top job. While disappointed with the stock’s recent performance, we intend to stay patient as the company’s broad reservoir of iconic brands and related franchises provide multiple avenues for long-term value creation. In our view, the broader market continues to underestimate Disney’s franchise value and its earnings power.”
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The Walt Disney Company (NYSE:DIS) is in 12th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held The Walt Disney Company (NYSE:DIS) at the end of the fourth quarter which was 112 in the previous quarter.
We discussed The Walt Disney Company (NYSE:DIS) in another article and shared the list of best blue-chip stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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.
