Meridian Funds, managed by ArrowMark Partners, has announced the fourth quarter 2023 investor letter for its Meridian Small Cap Growth Fund. You can download a copy of the same here. In the last months of the year, news about falling inflation and the possibility of lower interest rates in 2024 sparked widespread optimism. The fund's return for the fourth quarter was 13.64% (net), compared to 12.75% for the Russell 2000 Growth Index. return. Plus, check out the fund's top 5 holdings to find out the best stocks for 2023.
Meridian Small Cap Growth Fund featured stocks like Beauty Health Company (NASDAQ:SKIN) in its Q4 2023 Investor Letter. The Beauty Health Company (NASDAQ:SKIN), headquartered in Long Beach, California, develops and manufactures beauty technologies and products. On March 27, 2024, Beauty Health Company (NASDAQ:SKIN) stock closed at $4.53 per share. The Beauty Health Company (NASDAQ:SKIN)'s 1-month return is his 32.07%, and the company's stock has lost 61.28% of its value over the past 52 weeks. Beauty Health Company (NASDAQ:SKIN) has a market capitalization of $559,124,000.
Meridian Small Cap Growth Fund said the following about Beauty Health Company (NASDAQ:SKIN) in its Q4 2023 investor letter:
“Beauty and Health Company” (NASDAQ:SKIN) makes advanced skin care systems that bridge the gap between medical professional treatments and over-the-counter creams and lotions. Its flagship product, the HydraFacial series, consists of equipment sold to medical spas and dermatology clinics, as well as cleaning and moisturizing treatments used in the system. Consumables account for about half of HydraFacial's revenue. During the quarter, the company experienced setbacks due to performance issues with its Syndeo platform, leading to a decrease in the overall number of surgeries performed. The company will then fix hardware and software issues and replace consoles across its installed base. Although the company's consumables volumes remain strong and we believe the company's strong balance sheet will allow it to weather this storm, disruptions will have a negative impact on near-term growth and as a result, the company The position was liquidated during the quarter. ”
Close-up of a woman's hand applying facial cleanser.
Beauty Health Company (NASDAQ:SKIN) isn't on our list of 30 most popular stocks among hedge funds. According to our database, Beauty Health Company (NASDAQ:SKIN) was held by 20 hedge fund portfolios at the end of the fourth quarter, up from 15 stocks at the prior quarter.
In another article, we discussed Beauty Health Company (NASDAQ:SKIN) and shared Baron Small Cap Fund's view on the company. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
Recommended articles:
Disclosure: None. This article was originally published on Insider Monkey.
