Core Insights - The Meridian Small Cap Growth Fund reported a strong performance in Q3 2025, driven by gains in technology and falling bond yields, with U.S. small caps outperforming large caps [1] - The fund returned 4.20% (net) in Q3 2025, underperforming the Russell 2000 Growth Index, which returned 12.19% [1] Fund Performance - U.S. small caps gained 12.4% in Q3 2025, while large caps returned 5.3% [1] - Among small caps, value stocks returned 12.6%, slightly outperforming growth stocks at 12.2% [1] Company Focus: Kirby Corporation - Kirby Corporation (NYSE:KEX) is highlighted as a significant holding, being the largest inland marine transportation provider in the U.S. [3] - Kirby's one-month return was 6.77%, but it experienced a 6.26% decline over the last 52 weeks, closing at $113.44 per share with a market capitalization of $6.33 billion [2][3] Investment Rationale for Kirby Corporation - The company has a strong track record of profitability and consistent free cash flow, with a transportation network more than twice the size of its nearest competitor [3] - Despite recent challenges due to softened barge utilization and pricing pressures, the fund remains confident in Kirby's supply-demand dynamics and growth potential, leading to an increase in their position during the period [3] Hedge Fund Interest - Kirby Corporation was held by 46 hedge fund portfolios at the end of Q3 2025, an increase from 40 in the previous quarter [4] - While Kirby is recognized for its potential, the analysis suggests that certain AI stocks may offer greater upside potential with less downside risk [4]