Meridian Funds, managed by ArrowMark Partners, released its third-quarter 2025 investor letter for the Meridian Contrarian Fund. Equities hit record highs in the quarter, driven by tech gains and falling bond yields. The fund returned 6.72%, underperforming the Russell 2500 Index. U.S. Federal Reserve lowered rates by 25 basis points in mid-September.

In the same letter, the fund highlighted Planet Labs PBC (NYSE:PL), a satellite and earth imaging company. Planet Labs PBC designs, constructs, and launches satellite constellations for high cadence geospatial data. The company’s stock closed at $11.90 per share on November 28, 2025, with a market capitalization of $3.664 billion.

Meridian Contrarian Fund discussed their investment in Planet Labs PBC (NYSE:PL) in the third quarter 2025 investor letter. They initially invested in 2024 due to the stock’s undervaluation relative to its assets, including satellites and databases. The company’s strong performance in defense and government sectors, as well as improving commercial business, led to a favorable market outlook.

Read more at Yahoo Finance: Favorable Market Outlook Lifted Planet Labs, PBC (PL) in Q3