- ZBIO -6.93%
Meridian Funds, managed by ArrowMark Partners, released its third-quarter 2025 investor letter for the “Meridian Small Cap Growth Fund.” A copy of the letter can be downloaded here. Driven by continued gains in technology and falling bond yields, equities reached record highs in the quarter. U.S. small caps outperformed in the quarter, gaining 12.4%, while large caps returned 5.3%. Among small caps, value stocks slightly surpassed growth stocks, returning 12.6% and 12.2%, respectively, according to Russell indices. In this environment, the fund returned 4.20% (net) in the third quarter compared to the Russell 2000 Growth Index’s 12.19% return. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Meridian Small Cap Growth Fund highlighted stocks such as Zenas BioPharma, Inc. (NASDAQ:ZBIO). Zenas BioPharma, Inc. (NASDAQ:ZBIO) is a clinical-stage biopharmaceutical company. The one-month return of Zenas BioPharma, Inc. (NASDAQ:ZBIO) was 13.00%, and its shares gained 250.61% of their value over the last 52 weeks. On December 02, 2025, Zenas BioPharma, Inc. (NASDAQ:ZBIO) stock closed at $34.50 per share, with a market capitalization of $1.852 billion.
Meridian Small Cap Growth Fund stated the following regarding Zenas BioPharma, Inc. (NASDAQ:ZBIO) in its third quarter 2025 investor letter:
"Zenas BioPharma, Inc. (NASDAQ:ZBIO) is a clinical-stage global biopharmaceutical company focused on developing transformative therapies for patients with autoimmune diseases. Its lead drug, Obexelimab, is in Phase 3 clinical trials and, while results are still pending, appears on track for potential approval and launch in 2027. The stock performed well amid a broadly improving biotechnology environment, and the company announced an agreement with Royalty Pharma for up to $300 million in non-dilutive financing. This capital infusion is expected to support completion of the clinical trial and the subsequent launch and commercialization of Obexelimab. During the quarter, we trimmed our position as the share price appreciated, consistent with our disciplined valuation approach."
Zenas BioPharma, Inc. (NASDAQ:ZBIO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Zenas BioPharma, Inc. (NASDAQ:ZBIO) at the end of the third quarter, the same as in the previous quarter. While we acknowledge the potential of Zenas BioPharma, Inc. (NASDAQ:ZBIO) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
繼續閱讀In addition, please check out our hedge fund investor letters Q3 2025 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.
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