Varied Growth Drivers Lifted nLIGHT (LASR) in Q3

Group 1 - Meridian Contrarian Fund reported a 6.72% net return in Q3 2025, underperforming the Russell 2500 Index which returned 9.00% and the Russell 2500 Value Index which returned 8.18% [1] - The fund's performance was influenced by record high equities driven by technology gains and falling bond yields, alongside easing tariff rhetoric and renewed AI infrastructure investments [1] - The U.S. Federal Reserve lowered rates by 25 basis points in mid-September, contributing to the favorable market conditions [1] Group 2 - NLIGHT, Inc. (NASDAQ:LASR) is highlighted as a key investment, with a one-month return of 8.77% and a 52-week gain of 218.54% [2] - As of November 28, 2025, NLIGHT, Inc. had a market capitalization of $1.789 billion and closed at $35.23 per share [2] - The company focuses on high-power lasers for medical, industrial, and defense markets, with a strategic shift towards laser defense applications [3] Group 3 - NLIGHT, Inc. reported Q3 2025 revenue of $67 million, reflecting a 19% year-over-year growth [4] - The number of hedge funds holding NLIGHT, Inc. increased from 30 to 34 in the third quarter [4] - Despite the potential of NLIGHT, certain AI stocks are considered to offer greater upside potential with less downside risk [4]