37 minutes ago
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Soumya Eswaran
Mon, December 1, 2025 astatine 7:31 AM CST 3 min read
Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” third-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. Equities deed a grounds precocious successful the 3rd quarter, fueled by continued gains successful exertion and falling enslaved yields. Easing tariff rhetoric and renewed AI infrastructure investments boosted ample tech stocks. In mid-September U.S. Federal Reserve lowered rates by 25 ground points. In this environment, the money returned 6.72% (net) during the quarter, underperforming the 9.00% returns of the Russell 2500 Index and 8.18% returns of the secondary benchmark, the Russell 2500 Value Index. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2025.
In its third-quarter 2025 capitalist letter, Meridian Contrarian Fund highlighted stocks specified arsenic Planet Labs PBC (NYSE:PL). Planet Labs PBC (NYSE:PL) engages successful the design, construction, and motorboat of constellations of satellites that supply precocious cadence geospatial data. The one-month instrumentality of Planet Labs PBC (NYSE:PL) was -9.78%, and its shares gained 163.86% of their worth implicit the past 52 weeks. On November 28, 2025, Planet Labs PBC (NYSE:PL) banal closed astatine $11.90 per share, with a marketplace capitalization of $3.664 billion.
Meridian Contrarian Fund stated the pursuing regarding Planet Labs PBC (NYSE:PL) successful its 3rd 4th 2025 capitalist letter:
"Planet Labs PBC (NYSE:PL) is simply a outer and world imaging company. They representation the full Earth regular with their constellation of proprietary satellites and person a database of much than 15 years of images which they merchantability arsenic data. The information is analyzed and utilized for lawsuit applications successful defense, agriculture, conservation, and insurance, and is continually expanding to caller usage cases. We initially invested successful 2024, erstwhile the banal fell retired of favour owed to slowing gross maturation successful their commercialized segment, a casualty of slowing endeavor bundle spending. We estimated that the banal was trading beneath our estimation of the worth of its assets, including satellites, databases, and nett cash. The marketplace was placing small worth connected the concern contempt starring technology, a immense addressable market, and a bully equilibrium sheet. The banal performed powerfully successful the 4th owed to a favorable marketplace outlook for defense-related companies (while Planet Lab’s defence and authorities concern continued to turn strongly), and betterment successful the commercialized business. We proceed to clasp a presumption successful the institution arsenic we judge it has important country to turn successful the ample imaginable world imaging and investigation market. We did, however, trim our presumption into spot during the 4th arsenic portion of our hazard absorption process."
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