Market Overview - The U.S. equity market experienced a significant recovery in Q2 2025, rising 23% from its low to end the quarter at a record high [1] - U.S. large-cap stocks gained 11.1% during the quarter, with growth stocks outperforming value stocks [1] - The Meridian Contrarian Fund returned 16.42% (net) in the quarter, surpassing the Russell 2500 Index's return of 8.59% and the Russell 2500 Value Index's return of 7.29% [1] Company Focus: Sweetgreen, Inc. - Sweetgreen, Inc. operates fast-casual restaurants in the U.S. that focus on healthy food and beverages [2][3] - The stock of Sweetgreen, Inc. had a one-month return of -10.22% and a 52-week loss of 77.27%, closing at $8.17 per share with a market capitalization of $965.791 million on September 25, 2025 [2] - The company is investing in automation through its "Infinite Kitchen" technology, which aims to reduce labor costs and improve order accuracy, with expectations of broader benefits in the next two years [3] - Despite the long-term potential of the Infinite Kitchen initiative, Sweetgreen faced negative sales trends due to weak traffic in key markets like Los Angeles, New York City, Washington D.C., and Boston [3] Investment Sentiment - Sweetgreen, Inc. was held by 27 hedge fund portfolios at the end of Q2 2025, unchanged from the previous quarter [4] - While acknowledging Sweetgreen's potential, the company believes that certain AI stocks present greater upside potential and lower downside risk [4]