Market Overview - Equities reached a record high in Q3 2025, driven by gains in technology and declining bond yields [1] - Easing tariff rhetoric and renewed investments in AI infrastructure positively impacted large tech stocks [1] - The U.S. Federal Reserve lowered rates by 25 basis points in mid-September [1] Fund Performance - Meridian Contrarian Fund returned 6.72% (net) in Q3 2025, underperforming the Russell 2500 Index which returned 9.00% and the Russell 2500 Value Index which returned 8.18% [1] Company Highlight: Planet Labs PBC - Planet Labs PBC (NYSE:PL) specializes in satellite design, construction, and launching, providing high cadence geospatial data [2] - The stock experienced a one-month return of -9.78% but gained 163.86% over the last 52 weeks, closing at $11.90 per share with a market capitalization of $3.664 billion on November 28, 2025 [2] Investment Thesis on Planet Labs PBC - Planet Labs PBC images the entire Earth daily with proprietary satellites and has a database of over 15 years of images used in various sectors including defense, agriculture, conservation, and insurance [3] - The company was initially invested in during 2024 when its stock was undervalued due to slowing revenue growth in its commercial segment [3] - The stock performed well in Q3 2025 due to a favorable outlook for defense-related companies and growth in its defense and government business [3] - The company has significant growth potential in the earth imaging and analysis market, although the fund reduced its position during the quarter as part of risk management [3]

Core Insights - Cisco Systems, Inc. is a leading IP-based networking company with a market capitalization of $273.6 billion, operating globally across various regions [1] Stock Performance - Cisco's stock has outperformed the broader market, gaining 20.5% year-to-date (YTD) compared to the S&P 500 Index's 17.2% in 2025 [2] - Over the past 52 weeks, Cisco's stock increased by 28.1%, while the S&P 500 returned 18.1% [2] - However, Cisco slightly underperformed the Technology Select Sector SPDR Fund (XLK), which saw gains of 30.8% YTD and 30.4% over the past 52 weeks [3] Financial Results - Cisco reported Q4 results on August 13, showing a 7.6% year-over-year revenue increase to $14.7 billion, slightly exceeding expectations [4] - Non-GAAP EPS grew 13.8% year-over-year to $0.99, surpassing consensus estimates by 2.1% [4] - Analysts expect adjusted EPS for fiscal 2026 to grow 8.1% year-over-year to $3.32, driven by AI infrastructure investments [5] Analyst Ratings - The consensus rating among 24 analysts covering Cisco is a "Moderate Buy," with 11 "Strong Buys," one "Moderate Buy," and 12 "Hold" ratings [6] - This rating configuration is slightly less bullish than three months ago when 13 analysts recommended "Strong Buy" [7] - On August 15, HSBC analyst Stephen Bersey downgraded Cisco from "Buy" to "Hold," reducing the price target from $73 to $69, while the mean price target of $76.58 suggests a 7.4% premium to current levels [8]

Market Overview - The S&P 500 experienced minimal movement amid the federal government shutdown, reaching a new all-time intraday high before stabilizing near the flatline [1] - Treasury Secretary Scott Bessent indicated that the shutdown could negatively impact GDP, affecting market sentiment [1] Nvidia Performance - Nvidia shares rose approximately 1% to $189, marking its longest winning streak since June with six consecutive sessions of gains [1] - The iShares Semiconductor ETF increased around 2%, contributing to the positive performance of the tech-heavy Nasdaq [1] BlackRock Insights - Bank of America anticipates a significant increase in BlackRock's net flows in Q3, driven by strong performance in fixed income and equity sectors [1] - BlackRock's shares gained over 4.5% since its mid-July earnings report, with a new price target of $1,396 suggesting over 22% upside from the previous close [1] - Analysts view BlackRock as well-positioned to benefit from growth trends in asset management, particularly in alternative assets [1] Disney Leadership Transition - Disney is expected to announce a successor for CEO Bob Iger early next year, with Josh D'Amaro and Dana Walden as the leading candidates [1] - The CEO search is being led by James Gorman, the Disney board's chairman, who is viewed favorably by analysts [1] Disney+ Brand Impact - Analysts at Jefferies noted that while Disney's brand may have taken a hit due to recent controversies, the impact on Disney+ appears less severe than anticipated [1] - Jefferies reiterated a buy rating with a price target of $144, while another source has a target of $135 [1] Upcoming Economic Data - The Bureau of Labor Statistics' nonfarm payrolls report will be delayed due to the government shutdown, but the Institute for Supply Management's services sector activity gauge is still scheduled for release [1] - Federal Reserve Vice Chair Philip Jefferson is set to speak at the Drexel Economic Forum, providing additional economic insights [1]