Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.92% net compared to -0.12% return for the Russell 2500 Growth Index. In the quarter, market dynamics worked against the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds highlighted stocks like Clean Harbors, Inc. (NYSE:CLH) in the Q3 2022 investor letter. Headquartered in Norwell, Massachusetts, Clean Harbors, Inc. (NYSE:CLH) is an environmental and industrial services provider. On December 7, 2022, Clean Harbors, Inc. (NYSE:CLH) stock closed at $118.77 per share. One-month return of Clean Harbors, Inc. (NYSE:CLH) was 5.77% and its shares gained 15.57% of their value over the last 52 weeks. Clean Harbors, Inc. (NYSE:CLH) has a market capitalization of $6.422 billion.
Meridian Funds made the following comment about Clean Harbors, Inc. (NYSE:CLH) in its Q3 2022 investor letter:
“Clean Harbors, Inc. (NYSE:CLH) is a leading hazardous waste treatment, storage, and disposal management company in North America and one of our longer-term holdings. Particularly impressive are its hazardous waste incinerators, which are nearly impossible to replicate. We also like its oil re-refinery business which is gaining recognition as a sustainable source of motor oil. Through cost controls and price increases, the company was successful in managing the inflationary environment during the period. Utilization of its incinerator network reached 90% during its most recently reported quarter and pricing increased 18% from a year ago. High and increasing base oil prices provided an additional boost to its re-refinery business, widening the spread between the price Clean Harbors charges for its rerefined oil and the price it pays for used oil. A resurgence in U.S. manufacturing activity and the accretive acquisition of HydroChemPSC also contributed to investors’ enthusiasm for the stock. Although our long-term outlook for Clean Harbors remains upbeat, we trimmed our position in the stock due to the company’s high debt balance as a result of the acquisition. We also believe the economic slowdown may eventually impact Clean Harbors, which operates in a late-cycle industry and therefore tends to have a delayed response to economic developments.”
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Clean Harbors, Inc. (NYSE:CLH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Clean Harbors, Inc. (NYSE:CLH) at the end of the third quarter, which was 28 in the previous quarter.
We discussed Clean Harbors, Inc. (NYSE:CLH) in another article and shared the best environmental stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.
