Meridian Funds, managed by ArrowMark Partners, published its “Meridian Growth Fund” investor letter for the fourth quarter of 2025. A copy of it can be downloaded here. US stock markets experienced a quarter marked by optimism regarding possible monetary easing and caution related to economic growth and valuations. The initial gains were driven by strong gains related to AI and the US Federal Reserve’s rate cut in October. However, market sentiment cooled later in the quarter due to mixed signals from the Federal Reserve regarding future policy. Despite this moderation, the quarter contributed positively to strong annual results: large companies gained 17.4% for the year and 2.4% for the quarter, while small companies gained 12.8% for the year and 2.2% for the quarter. Value stocks outperformed growth, returning 3.3% versus 1.2% for the quarter. Market factors and sector effects were mixed in the quarter. Against this backdrop, the Fund returned -0.39% (net) for the quarter, below the 0.33% return of the Russell 2500 Growth Index. As the market approaches 2026, the firm is closely watching factors that may impact market returns, including monetary policy changes with a new Fed chair and the sustainability of AI investments due to high valuations among hyperscalers. The company continues to focus on high-quality businesses with strong competitive advantages, strong balance sheets and clear sustainable earnings growth. Also, check out the Fund’s top five holdings to learn your best picks in 2025.
In its Q4 2025 investor letter, Meridian Growth Fund highlighted Tandem Diabetes Care, Inc. (NASDAQ:TNDM) as one of its top contributors. Headquartered in San Diego, California, Tandem Diabetes Care, Inc. (NASDAQ:TNDM) provides technology solutions for people living with diabetes. Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) have traded between $9.98 and $37.93 over the past 52 weeks. On January 26, 2026, shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) closed at $20.20 per share. Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s monthly performance was -10.26% and its shares gained 33.77% of its value in the last three months. Tandem Diabetes Care, Inc. (NASDAQ:TNDM) has a market capitalization of $1.37 billion.
Meridian Growth Fund stated the following regarding Tandem Diabetes Care, Inc. (NASDAQ:TNDM) in its Q4 2025 investor letter:
“Tandem Diabetes Care, Inc. (NASDAQ:TNDM) develops advanced insulin delivery technologies for patients with diabetes. Its automated insulin delivery systems are well positioned to gain share in a sizeable and expanding target market, where the majority of patients with type 1 diabetes still administer insulin manually.
