Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The significant move of the Fed to cut interest rates helped stabilize the market. Small caps outperformed large caps in the quarter. The fund returned 6.15% (net) in the third quarter compared to the Russell 2000 Growth Index’s 8.41% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Meridian Small Cap Growth Fund highlighted stocks like Everi Holdings Inc. (NYSE:EVRI), in the third quarter 2024 investor letter. Everi Holdings Inc. (NYSE:EVRI) develops and supplies entertaining game content, gaming machines, and gaming systems and services. The one-month return of Everi Holdings Inc. (NYSE:EVRI) was 0.98%, and its shares gained 28.80% of their value over the last 52 weeks. On November 27, 2024, Everi Holdings Inc. (NYSE:EVRI) stock closed at $13.46 per share with a market capitalization of $1.161 billion.
Meridian Small Cap Growth Fund stated the following regarding Everi Holdings Inc. (NYSE:EVRI) in its Q3 2024 investor letter:
“Everi Holdings Inc. (NYSE:EVRI) is a gaming technology company with two primary segments: manufacturing of hardware, content, and games, and a financial technology business, which provides cash access, loyalty programs, and compliance services. The stock rose after news of a private equity firm’s acquisition offer at a 56% premium, reinforcing our confidence in the company’s quality and the overall potential we see within the financial technology segment. We intend to maintain our position as the transaction unfolds.”
Everi Holdings Inc. (NYSE:EVRI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Everi Holdings Inc. (NYSE:EVRI) at the end of the third quarter which was 29 in the previous quarter. While we acknowledge the potential of Everi Holdings Inc. (NYSE:EVRI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Everi Holdings Inc. (NYSE:EVRI) and shared Patient Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.