Meridian Growth Fund Reduced its Position in Alight (ALIT) in Q3

Core Insights - Meridian Growth Fund's third-quarter 2025 performance was negatively impacted by sector positioning and strict investment discipline, resulting in a return of -1.78% compared to the Russell 2500 Growth Index's 10.73% return [1] Group 1: Market Overview - Equities reached record highs in Q3 2025, driven by gains in technology and declining bond yields [1] - Easing tariff rhetoric and renewed investments in AI infrastructure contributed to the performance of large tech stocks [1] - The U.S. Federal Reserve lowered rates by 25 basis points in mid-September 2025 [1] Group 2: Alight, Inc. (NYSE:ALIT) Performance - Alight, Inc. experienced a one-month return of -17.45% and a 52-week loss of 71.66%, closing at $2.31 per share with a market capitalization of $1.269 billion on November 28, 2025 [2] - The company reported Q3 2025 revenue of $533 million, down from $555 million a year earlier [4] Group 3: Alight, Inc. Business Insights - Alight, Inc. is a cloud-based human capital technology provider that helps businesses manage HR functions more efficiently [3] - The company faced challenges due to a year-long technology transformation, which included migrating services to the cloud and integrating AI capabilities, leading to a decline in customer retention from approximately 98% to 93% [3] - Despite stabilizing EBITDA through cost controls, revenue normalization may take years, and the stock's valuation remains compelling [3] Group 4: Hedge Fund Interest - Alight, Inc. was held by 39 hedge fund portfolios at the end of Q3 2025, an increase from 30 in the previous quarter [4]