Core Insights - Meridian Small Cap Growth Fund reported a strong performance in Q3 2025, with U.S. small caps gaining 12.4% compared to large caps at 5.3% [1] - The fund's return was 4.20% (net) for the quarter, underperforming the Russell 2000 Growth Index, which returned 12.19% [1] Company Performance - Turning Point Brands, Inc. (NYSE:TPB) showed a one-month return of -3.22% but a significant 54.73% increase over the last 52 weeks, closing at $97.90 per share with a market cap of $1.867 billion [2] - The company experienced over 651% year-over-year revenue growth in its nicotine pouch business, leading to an improved growth and profit outlook [3] - Q3 revenue for Turning Point Brands increased by 31% to $119 million, with 40 hedge fund portfolios holding its stock at the end of the quarter, up from 35 in the previous quarter [4] Investment Strategy - The fund trimmed its position in Turning Point Brands as the share price appreciated, adhering to a disciplined valuation approach [3] - Despite recognizing the potential of Turning Point Brands, the fund suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - Turning Point Brands, Inc. reported a total consolidated net sales increase of 31.2% to $119.0 million for Q3 2025 compared to Q3 2024 [1] - The Stoker's segment experienced a significant net sales increase of 80.8% [1] - Conversely, the Zig-Zag segment saw a decrease in net sales by 10% [1] Financial Performance - Total consolidated net sales for Q3 2025 reached $119.0 million, marking a substantial growth of 31.2% year-over-year [1] - The Stoker's segment's net sales growth of 80.8% indicates strong performance and demand within this category [1] - The decline of 10% in the Zig-Zag segment's net sales suggests potential challenges or shifts in consumer preferences affecting this product line [1]

Core Insights - RAW Rolling Papers has achieved over 300 million organic views on Meta platforms in April 2025, showcasing its strong community engagement without paid advertisements [1][5][4] - The brand emphasizes authenticity and community connection, stating that its success is driven by real people sharing genuine moments and culture [3][6][8] - HBI Innovations, the parent company, is committed to ethical business practices and has contributed over $2.5 million to various charitable causes [9] Company Performance - The significant reach of RAW Rolling Papers on Meta highlights the effectiveness of purpose-driven branding in generating mass engagement [5][4] - The brand's content includes a variety of engaging formats such as rolling tutorials and philanthropic initiatives, resonating with a new generation of consumers [5][6] Community Engagement - Josh Kesselman, the founder, emphasizes that the brand's connection to its audience is not just a marketing strategy but a reflection of its core purpose [8][3] - The community's active participation in amplifying the brand's message demonstrates the power of organic reach in today's media landscape [4][6]

Company Overview - RAW® Rolling Papers achieved over 300 million organic views on Meta platforms in April 2025 without spending on paid advertisements, showcasing its strong brand loyalty and cultural impact [1][2][3] - The brand emphasizes its connection to the community and its ability to engage audiences organically, positioning itself as a leader in the rolling paper industry [2][3] Brand Philosophy - RAW® is described as a purpose-driven brand that sets trends rather than chasing them, highlighting its authenticity and the passion of its community [3][4] - The founder, Josh Kesselman, states that the brand was built for the people, and its success is a reflection of the community's support and engagement [4] Social Impact and Community Engagement - HBI International, the parent company of RAW®, has a commitment to ethical business practices and has contributed over $2.5 million in cash donations and approximately $200,000 in in-kind contributions to various charitable causes [4] - The company's humanitarian efforts include initiatives focused on clean water, animal rescue, and reforestation, reinforcing its dedication to social responsibility [4]