Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.92% net compared to -0.12% return for the Russell 2500 Growth Index. In the quarter, market dynamics worked against the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds highlighted stocks like ON Semiconductor Corporation (NASDAQ:ON) in the Q3 2022 investor letter. Headquartered in Phoenix, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent power and sensing solutions. On December 7, 2022, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $70.14 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was 9.89%, and its shares gained 9.18% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $30.33 billion.

Meridian Funds made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q3 2022 investor letter:

“ON Semiconductor Corporation (NASDAQ:ON) is a semiconductor manufacturer with a diverse product portfolio and high exposure to the automotive and industrials end markets. ON Semi’s exposure to the auto end market is particularly attractive, as advanced driver assistance systems and self-driving features have led to strong demand for the semiconductors that power these technologies. The company is also well-positioned in the industrials end market, where it benefits from low pricing pressure due to the longer lifecycle of industrials products relative to consumer products. Outperformance was also driven by the success of the company’s silicon carbide (SiC) based solutions which are in high demand from electric vehicle manufacturers. In 2022, revenue from SiC-based products is expected to triple from 2021 levels. ON reported a strong second quarter with 25% revenue growth and a record gross margin of nearly 50%. During the quarter, we trimmed our exposure in the stock as it approached our price target."

ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held ON Semiconductor Corporation (NASDAQ:ON) at the end of the third quarter, which was 39 in the previous quarter.

We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared the list of the best self driving car stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.