Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 8.78% net compared to a 7.43% return for the Russell 2500 Index. Furthermore, the fund underperformed its secondary benchmark, the Russell 2500 Value Index, which returned 9.21%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Contrarian Fund highlighted stocks like CNH Industrial N.V. (NYSE:CNHI) in the Q4 2022 investor letter. Headquartered in London, the United Kingdom, CNH Industrial N.V. (NYSE:CNHI) is an agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles manufacturing company. On March 23, 2023, CNH Industrial N.V. (NYSE:CNHI) stock closed at $14.57 per share. One-month return of CNH Industrial N.V. (NYSE:CNHI) was -11.64%, and its shares lost 13.27% of their value over the last 52 weeks. CNH Industrial N.V. (NYSE:CNHI) has a market capitalization of $19.537 billion.
Meridian Contrarian Fund made the following comment about CNH Industrial N.V. (NYSE:CNHI) in its Q4 2022 investor letter:
“CNH Industrial N.V. (NYSE:CNHI) is the No. 2 global manufacturer of agricultural and construction machinery. A new management team in early 2021 started implementing a plan to simplify the business by divesting its less-profitable and non-competitive segments while bolstering its commitment to agricultural machinery. The operating improvements started taking hold in 2022 as the company shed its European heavy truck business and earnings growth accelerated on operational excellence late in the year. Additionally, the company announced a stock buyback plan and announced several autonomous solutions designed to reduce farming costs and aid sales growth. Despite uncertainties around the global macroeconomic outlook, CNH highlighted robust growth prospects for global farm machinery sales as the agricultural industry looks to offset inflation costs worldwide with increasingly automated farming techniques. Encouraged by the results and outlook, we increased the Fund’s position during the quarter.”
Nitrogen, Fertilizer, Agriculture
CNH Industrial N.V. (NYSE:CNHI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held CNH Industrial N.V. (NYSE:CNHI) at the end of the fourth quarter which was 28 in the previous quarter.
We discussed CNH Industrial N.V. (NYSE:CNHI) in another article and shared Artisan Global Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Best Chatbot Stocks to Buy
- 11 Most Undervalued Gold Stocks to Buy
- 10 Most Undervalued Defense Stocks to Buy
Disclosure: None. This article is originally published at Insider Monkey.
