Managing downside risk has proven to be one of the key drivers to quality returns over time, which is why it is at the heart of Meridian Funds’ investment philosophy. ArrowMark Colorado Holdings LLC ("ArrowMark"), the Funds’ investment adviser, believes that avoiding companies with significant underperformance is a more critical component to portfolio success than looking to select just the best performers. This approach, that seeks to limit loss as the market falls and provide upside capture as the market rises, is the hallmark of Meridian's Investment Philosophy.