Meridian Capital — Annual Report · 2025 05 / 15
Investment Approach
Research first, size second
Everything at Meridian Capital begins with a company, not a forecast. Our 28 funds — across equities, fixed income, multi-asset and private markets — are run on the same bottom-up foundation: our own research, expressed in concentrated portfolios, held with patience.
The discipline clients notice least may matter most: capacity. Every strategy is launched with a stated limit on the assets it will accept, and funds close to new money before size begins to erode returns. It is why Meridian Alpine Equity — CHF 6.8 billion, managed by Lucia Moretti — could return 14.2% net in 2025 against a benchmark of 11.8%, fifteen years into its track record.
Sixty analysts, one standard
Our research organisation held more than 1,100 company meetings in 2025 — on site, not only on screen. Every position in every portfolio traces back to a written investment case of our own; conviction is expressed in position size, and doubt is recorded in the minutes. The standard does not bend for markets, and it does not bend for size.
How the approach works in practice
The approach in numbers
“A fifteen-year track record is not built in the good years. It is built in the years you decline to chase.”