Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -6.16% (net) compared to a -4.78% return for the Russell 2500 Index. Furthermore, the fund underperformed its secondary benchmark, the Russell 2500 Value Index, which returned -3.66% during the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Meridian Contrarian Fund highlighted stocks like Cameco Corporation (NYSE:CCJ) in the third quarter 2023 investor letter. Headquartered in Saskatoon, Canada, Cameco Corporation (NYSE:CCJ) is a uranium producer that operates through Uranium and Fuel Services segments. On November 29, 2023, Cameco Corporation (NYSE:CCJ) stock closed at $44.19 per share. One-month return of Cameco Corporation (NYSE:CCJ) was 7.65%, and its shares gained 81.26% of their value over the last 52 weeks. Cameco Corporation (NYSE:CCJ) has a market capitalization of $19.213 billion.
Meridian Contrarian Fund made the following comment about Cameco Corporation (NYSE:CCJ) in its Q3 2023 investor letter:
“Cameco Corporation (NYSE:CCJ) is a global leader in the mining, fabricating, and refining of uranium products for nuclear power plants around the world. We believe Cameco has the lowest costs, highest grade reserves, and most favorably located mines. Cameco was out of favor with investors for over a decade following the 2011 Fukushima nuclear disaster which halted growth of new nuclear development and caused several countries to shut down nuclear power production. With lower demand, uranium prices fell precipitously and stagnated. We invested in Cameco in 2020 with the thesis that global production had fallen to a level below global demand which should eventually cause uranium prices to rise, benefiting Cameco’s earnings.”
A mining worker in a hard hat and coveralls hammering away at the uranium rich walls of the mine.
Cameco Corporation (NYSE:CCJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Cameco Corporation (NYSE:CCJ) at the end of third quarter which was 54 in the previous quarter.
We previously discussed Cameco Corporation (NYSE:CCJ) in another article and shared a list of stocks that Stan Druckenmiller is still very bullish on. In addition, please check out our hedge fund investor letters Q3 2023 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.