Performance

Meridian Growth Fund

 
 
 
Fund Quarterly Performance as of 9.30.2017 (%)
 3 Month1 Year3 Year5 Year10 YearSince Inception*
A Share Class 5.04 20.09 12.46 12.71 9.02 11.91
C Share Class 4.83 19.23 11.78 12.06 8.40 11.30
Institutional Share Class 5.11 20.46 12.97 13.31 9.66 12.62
Investor Share Class 5.09 20.42 12.84 13.07 9.33 12.21
Legacy Share Class 5.11 20.45 12.99 13.32 9.66 12.62
Russell 2500 Growth 5.78 20.07 11.27 14.46 8.72 n/a

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. Visit meridianfund.com for current month end performance.

Legacy Class: Legacy class shares of the Fund are no longer available for purchase by new investors, except under certain limited circumstances which are described in the Statement of Additional Information.

A Class: Prior to 7.1.15, the A Class was named Advisor Class. The historical performance shown for periods prior to inception on 11/15/13 was calculated using historical Legacy class performance as adjusted for estimated class specific expenses, for distribution, shareholder servicing and sub-transfer agency fees, without consideration to any expense limitation or waivers. The annual gross expense ratio is 1.17% as of 10.31.2016. The net expense ratio is 1.17% as of 10.31.2016. If the class had been offered prior to 11/15/13, the actual performance and expenses may have differed from the amounts shown. 

C Class: The historical performance shown for periods prior to inception on 7/1/15 was calculated using historical Legacy class performance as adjusted for estimated class specific expenses, for distribution, shareholder servicing and sub-transfer agency fees, without consideration to any expense limitation or waivers. The annual gross expense ratio is 1.90% as of 10.31.2016. The net expense ratio is 1.90% as of 10.31.2016. If the class had been offered prior to 7/1/15, the actual performance and expenses may have differed from the amounts shown.

Investor Class: The historical performance shown for periods prior to inception on 11/15/13 was calculated using historical Legacy class performance as adjusted for estimated class specific expenses for shareholder servicing and sub-transfer agency fees without consideration to any expense limitation or waivers. The annual gross expense ratio is 0.92% as of 10.31.2016. The annual net expense ratio is 0.92% as of 10.31.2016.

Institutional Class Shares are not available directly to individual investors. Institutional Class Shares are also not available to retail, advisory fee-based wrap programs, or adviser-sold, donor-advised funds. The annual gross expense ratio is 0.87% as of 10.31.2016. The annual net expense ratio is 0.87% as of 10.31.2016. 

Legacy Class Shares are no longer available for purchase by new investors, except under certain limited circumstances which are described in the Statement of Additional Information. The annual gross expense ratio is 0.86% as of 10.31.2016. 

Institutional Class Share investors will not incur any commission payments, account servicing fees, record-keeping fees, Rule 12b-1 fees, transfer agent fees, administrative fees or other similar fees on Institutional Class Shares.

The Minimum Initial Investment for the Institutional Class Shares of the Fund is $1,000,000; however, there is no Minimum Subsequent Investment. The Funds reserve the right to change the amount of this minimum from time to time or to waive it in whole or in part. There is no minimum initial investment requirement for retirement plan service provider platforms.

*Since inception index returns are calculated using the month end data prior to the Fund’s Legacy class inception date of 8.1.84.

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Performance prior to 9.5.13 reflects the Fund’s performance under the management of Aster Investment Management Co. using similar investment strategies.

Glossary

Alpha: A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive Alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative Alpha indicates the portfolio has underperformed, given the expectations established by beta.
 
Beta:
A measure of a portfolio's sensitivity to market movements - market movements are represented by a benchmark index. A benchmark index, such as the S&P 500 Index, has a beta of 1.0. A beta greater than 1.0 indicates that a fund's historical returns have fluctuated more than the benchmark index. A beta less than 1.0 indicates that a fund's historical returns have fluctuated less than the benchmark index.
 
Sharpe Ratio:
A measure of historical risk-adjusted performance calculated by dividing the fund's excess returns over a risk-free rate by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.
 
Standard Deviation:
An annualized statistical measure of how much a return varies over a period of time. The more variable the returns, the higher the standard deviation. A higher standard deviation also indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time.

Upside Capture:
A measure of a manager's performance in up markets relative to its benchmark. An up-market is defined as those periods in which market return is greater than 0. It is calculated by taking the security’s upside capture return and dividing it by the benchmark’s upside capture return. For example, if the ratio is 110%, the manager has captured 110% of the up-market and therefore outperformed its benchmark on the upside.

Downside Capture: 
A measure of a manager's performance in down markets. A down-market is defined as those periods in which market return is less than 0. In essence, it tells you what percentage of the down-market was captured by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed its benchmark on the downside.

‡ Past performance is no guarantee of future results. Performance is for the Investor class and performance prior to 9.15.13 reflects the Fund’s performance under the management of Aster Investment Management Co. using similar investment strategies and was calculated using historical Legacy class performance.

The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an index. 

The Russell 2000® Index measuring the performance approximately 2,000 small-cap companies in the Russell 3000® Index, which is made up of 3,000 of the biggest U.S. stocks. One cannot invest directly in an index.