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]