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]