2 days ago
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Soumya Eswaran
Mon, June 29, 2026 astatine 8:12 AM CDT 3 min read
Meridian Funds, managed by ArrowMark Partners, released its first-quarter 2026 capitalist missive for "Meridian Hedged Equity Fund". A transcript of the missive tin beryllium downloaded here. The Fund invests successful high-quality maturation companies and mitigates hazard by penning telephone options. Following the late-February onslaught connected Iran, lipid prices surged, starring to a risk-off sentiment, boosting vigor assemblage performance. Large-cap exertion stocks declined arsenic investors rotated towards smaller companies and much antiaircraft worth investments. Market conditions are becoming challenging owed to reduced expectations for a Federal Reserve complaint chopped and expanding geopolitical uncertainty. The Fund returned 0.08% (net) for the quarter, outperforming the S&P 500 Index, which fell 4.33%, and the CBOE S&P 500 BuyWrite Index, which declined 0.92%. At the extremity of the period, 43% of the portfolio was unhedged, portion the remainder was invested successful companies with covered telephone options. In addition, delight cheque the Fund's apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Meridian Hedged Equity Fund highlighted Chevron Corporation (NYSE:CVX) arsenic a starring contributor. Chevron Corporation (NYSE:CVX) is simply a starring integrated vigor institution that operates done Upstream, Downstream, and All Other segments. On June 26, 2026, Chevron Corporation (NYSE:CVX) closed astatine $171.06 per share, reflecting a marketplace capitalization of $340.68 billion. Chevron Corporation (NYSE:CVX) posted one-month instrumentality of -7.95%, portion its shares gained 19.46% implicit the past 52 weeks.
Meridian Hedged Equity Fund stated the pursuing regarding Chevron Corporation (NYSE:CVX) successful its Q1 2026 capitalist letter:
"Chevron Corporation (NYSE:CVX) operates arsenic a globally diversified integrated vigor company, with upstream crude lipid exploration and accumulation complementing its downstream refinement and retail operations. Our concern thesis is anchored successful the company's strict superior discipline, its highly businesslike Permian Basin footprint, and the strategical benefits expected from the integration of precocious acquired Hess Corporation. Together, these strengths enactment the imaginable for durable free-cash-flow generation, accordant dividend growth, and dependable stock repurchases crossed commodity cycles. Chevron's banal benefited successful March from a crisp emergence successful lipid prices pursuing proviso disruptions, but show was besides supported by better-than-expected net earlier successful the quarter. These results reinforced assurance successful the company's absorption team, operational spot and fiscal discipline. We maintained our presumption passim the quarter."
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