Meridian Growth Fund’s first-quarter 2026 investor letter provided an overview of the challenging market conditions and highlighted the strategic positioning of Curtiss-Wright Corporation. The U.S. equity market began 2026 with considerable instability, marked by uncertainties in trade policy and escalating geopolitical risks. Despite initial optimism fueled by domestic corporate confidence and the Federal Reserve's easing measures, this sentiment waned following increased tariffs and military actions against Iran. In this volatile environment, value-oriented investments demonstrated superior performance across all market capitalization segments. The Meridian Growth Fund, however, experienced a return of -7.90%, underperforming the Russell 2500 Growth Index benchmark, which saw a return of -3.52%. This underperformance was primarily attributed to industry allocation effects, although stock selection proved to be a significant positive contributor to the fund's results.

Curtiss-Wright Corporation (NYSE:CW) has emerged as a key diversified industrial entity, specializing in engineered products and services for critical sectors such as aerospace and defense, commercial nuclear power, and various industrial markets. As of May 22, 2026, the company's shares closed at $731.24, reflecting a 1.96% one-month return and an impressive 70.67% gain over the past 52 weeks, with a market capitalization reaching $27.01 billion. Meridian Growth Fund emphasized that Curtiss-Wright's strong performance during the quarter was largely due to increased defense spending, the resurgence of nuclear energy initiatives, and consistent operational excellence across its diverse portfolio. The company’s deep involvement in vital national security programs and the expanding demand for energy infrastructure have strategically positioned it to thrive during periods of heightened global instability.

Amidst global uncertainties, Curtiss-Wright's strategic involvement in critical defense and energy sectors underscores the importance of innovation and resilience. The company's ability to capitalize on defense spending and the growing demand for nuclear power highlights a forward-thinking approach to technological advancements and national stability. Investing in such robust entities not only supports economic growth but also contributes to strengthening foundational industries that are vital for societal progress and security.