Meridian Growth Fund Trimmed Halozyme Therapeutics (HALO) Following Appreciation

HALO -1.73%

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equities hit a record high in the third quarter, fueled by continued gains in technology and falling bond yields. Easing tariff rhetoric and renewed AI infrastructure investments boosted large tech stocks. In mid-September U.S. Federal Reserve lowered rates by 25 basis points. Against this backdrop, the fund returned -1.78% (net) compared to the Russell 2500 Growth Index’s 10.73% return. Sector positioning and the avoidance of names that do not meet the firm’s strict investment discipline led to the underperformance of the fund in the quarter. 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 Growth Fund highlighted stocks such as Halozyme Therapeutics, Inc. (NASDAQ:HALO). Halozyme Therapeutics, Inc. (NASDAQ:HALO) is a nuclear fuel supplying company. The one-month return of Halozyme Therapeutics, Inc. (NASDAQ:HALO) was 7.85%, and its shares gained 46.94% of their value over the last 52 weeks. On November 28, 2025, Halozyme Therapeutics, Inc. (NASDAQ:HALO) stock closed at $71.40 per share, with a market capitalization of $8.396 billion.

Meridian Growth Fund stated the following regarding Halozyme Therapeutics, Inc. (NASDAQ:HALO) in its third quarter 2025 investor letter:

"Halozyme Therapeutics, Inc. (NASDAQ:HALO) is a leading drug delivery platform company built around its proprietary and commercially validated ENHANZE® technology. This innovative enzyme enables the subcutaneous delivery of biologics and fluids, transforming hours-long intravenous infusions into quick injections delivered in minutes. The technology reduces treatment burden for patients and alleviates capacity constraints for healthcare providers. Halozyme reported a strong quarter, with royalty revenues up 65% and continued uptake of its drugs, along with expanding use-case indications from its pharmaceutical partners. Management raised full-year guidance for both revenues and earnings, which was well-received by investors. During the period, we trimmed our position as the share price appreciated, consistent with our disciplined valuation approach."

Halozyme Therapeutics, Inc. (NASDAQ:HALO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Halozyme Therapeutics, Inc. (NASDAQ:HALO) at the end of the third quarter, which was 40 in the previous quarter. In Q3 2025, Halozyme Therapeutics, Inc. (NASDAQ:HALO) reported total revenue of $354 million, representing 22% growth year-over-year. While we acknowledge the potential of Halozyme Therapeutics, Inc. (NASDAQ:HALO) 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.

In another article, we covered Halozyme Therapeutics, Inc. (NASDAQ:HALO) and shared the list of best small-cap stocks with huge potential according to Reddit as market looks beyond AI trade. 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.