Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the final months of the year, optimism prevailed due to news of reducing inflation and the potential for lower interest rates in 2024. The fund returned 13.64% (net) in the fourth quarter compared to the Russell 2000 Growth Index’s12.75% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Meridian Small Cap Growth Fund featured stocks like The Beauty Health Company (NASDAQ:SKIN) in its Q4 2023 investor letter. Headquartered in Long Beach, California, The Beauty Health Company (NASDAQ:SKIN) develops and manufacturers aesthetic technologies and products. On March 27, 2024, The Beauty Health Company (NASDAQ:SKIN) stock closed at $4.53 per share. One-month return of The Beauty Health Company (NASDAQ:SKIN) was 32.07%, and its shares lost 61.28% of their value over the last 52 weeks. The Beauty Health Company (NASDAQ:SKIN) has a market capitalization of $559.124 million.
Meridian Small Cap Growth Fund stated the following regarding The Beauty Health Company (NASDAQ:SKIN) in its fourth quarter 2023 investor letter:
“The Beauty Health Company (NASDAQ:SKIN) produces advanced skin care systems that bridge the gap between medical professional procedures and over-the-counter creams and lotions. Its flagship HydraFacial line consists of equipment sold to medical spas and dermatology offices and cleansing and hydrating treatments used in its systems. The consumables account for roughly half of HydraFacial’s revenues. During the quarter, the company experienced a setback resulting from performance problems with its Syndeo platform, which led to a slowdown in the overall number of procedures performed. The company has since corrected the hardware and software issues and plans to replace the console across its entire installed base. While the volume of the company’s consumables transactions remains solid, and we believe that the company’s strong balance sheet will allow it to weather this storm, the disruption will negatively impact short-term growth and as a result, we exited the position during the quarter.”
A close-up of a woman’s hands while applying a facial cleansing product.
The Beauty Health Company (NASDAQ:SKIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Beauty Health Company (NASDAQ:SKIN) was held by 20 hedge fund portfolios, up from 15 in the previous quarter, according to our database.
We discussed The Beauty Health Company (NASDAQ:SKIN) in another article and shared Baron Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.