Meridian Funds, managed by ArrowMark Companions, launched its “Meridian Hedged Fairness Fund” first quarter 2024 investor letter. A replica of the identical will be downloaded right here. Danger property continued to rise whereas market volatility remained low within the first quarter, maybe indicating that buyers have gotten considerably complacent. Within the quarter, the fund appreciated 5.46% (web), trailing its benchmark, the S&P 500 Index, which returned 10.56%. Additionally, the Fund barely lagged behind its secondary benchmark, the CBOE S&P 500 Purchase/Write Index’s 6.02% return. As well as, you’ll be able to test the highest 5 holdings of the fund to know its greatest picks in 2024.Meridian Hedged Fairness Fund highlighted shares like NVIDIA Company (NASDAQ:NVDA), within the first quarter 2024 investor letter. NVIDIA Company (NASDAQ:NVDA) gives graphics and compute and networking options. The one-month return of NVIDIA Company (NASDAQ:NVDA) was 14.39%, and its shares gained 209.64% of their worth over the past 52 weeks. On June 26, 2024, NVIDIA Company (NASDAQ:NVDA) inventory closed at $126.40 per share with a market capitalization of $3.109 trillion.Meridian Hedged Fairness Fund acknowledged the next concerning NVIDIA Company (NASDAQ:NVDA) in its first quarter 2024 investor letter:”NVIDIA Company (NASDAQ:NVDA) is a number one designer of graphics processing items (GPUs) for the gaming {and professional} markets, in addition to system-on-a-chip items for the cellular computing and automotive markets. The corporate has skilled sturdy efficiency not too long ago resulting from booming demand for its knowledge middle merchandise, notably these associated to synthetic intelligence. A significant driver of Nvidia’s latest success has been the rising adoption of its GPU accelerators for AI coaching and inference throughout varied finish markets. The corporate’s GPUs have turn into an business normal for coaching massive language fashions (LLMs), and its networking options, corresponding to NVLink and InfiniBand, are crucial to maximizing the efficiency of AI programs. Nvidia’s newest Blackwell GPU platform is anticipated to additional lengthen its lead within the AI accelerator market, with important efficiency and complete price of possession advantages over its predecessors. Because the AI market continues to broaden with rising adoption throughout enterprises and sovereign nations, we count on Nvidia to keep up its dominance and expertise sustained development in its knowledge middle enterprise. Past knowledge facilities, Nvidia has additionally benefited from sturdy demand in its gaming enterprise, which has recovered after a interval of stock digestion in 2022. The corporate’s gaming GPUs have been well-received, and its concentrate on the high-end market has supported development in common promoting costs. Wanting forward, we count on the gaming market to stay wholesome with ongoing development potential. Nvidia additionally sees alternatives to diversify its enterprise and foray into new markets, corresponding to automotive and robotics. We continued to carry our place in Nvidia.”Story continuesNvidia, SoftwarePhoto by Christian Wiediger on UnsplashNVIDIA Company (NASDAQ:NVDA) is in fifth place on our listing of 31 Most Well-liked Shares Amongst Hedge Funds. As per our database, 186 hedge fund portfolios held NVIDIA Company (NASDAQ:NVDA) on the finish of the primary quarter which was 173 within the earlier quarter. NVIDIA Company (NASDAQ:NVDA) reported one other document quarter in Q1 with $26 billion in revenues, representing a 262% year-over-year enhance. In case you are in search of an AI inventory that’s as promising as NVIDIA however that trades at lower than 5 occasions its earnings, take a look at our report concerning the most cost-effective AI inventory.We mentioned NVIDIA Company (NASDAQ:NVDA) in one other article and shared the listing of better of breed shares to purchase for the third quarter of 2024 in keeping with Financial institution of America. As well as, please take a look at our hedge fund investor letters Q1 2024 web page for extra investor letters from hedge funds and different main buyers.READ NEXT: Michael Burry Is Promoting These Shares and A New Daybreak Is Coming to US Shares.Disclosure: None. This text is initially printed at Insider Monkey.