In the fourth quarter of 2025, Meridian Growth Fund experienced a return of -0.39%, underperforming the Russell 2500 Growth Index’s 0.33% return. Large caps rose 17.4% for the year and 2.4% for the quarter, while small caps gained 12.8% for the year and 2.2% for the quarter. Value stocks outperformed growth with a return of 3.3% versus 1.2% for the quarter.

Doximity, Inc. (NYSE:DOCS) was highlighted as a leading relative detractor in the investor letter. The stock traded between $39.50 and $85.21 over the past 52 weeks, closing at $40.40 on January 26, 2026. The one-month return was -9.38%, with a market capitalization of $7.61 billion.

Doximity, Inc. (NYSE:DOCS) operates a cloud-based digital platform for medical professionals, reaching 80% of U.S. physicians. Despite solid quarterly results, shares declined due to guidance falling short of expectations. Hedge funds are increasing their positions in Doximity, Inc. (NYSE:DOCS), which saw a 23% year-on-year revenue increase.

Read more at Yahoo Finance: Doximity (DOCS) Fell as Guidance Fell Short of Expectations