Fund Evaluator:
Meridian Hedged Equity Legacy (MEIFX)
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Best Performing in Equity Hedged Over the Last Year
| 13.7% | Fidelity Advisor Hedged Equity Z (FEQZX) |
| 13.7% | Parametric Volatil Risk Prm-Defensv I (EIVPX) |
| 13.0% | T. Rowe Price Hedged Equity Z (PZHEX) |
| 11.8% | Horizon Defined Risk Investor (HNDRX) |
| 11.7% | MAI Managed Volatility Investor (DIVPX) |
Fund Details
Meridian Hedged Equity Legacy Overview
Meridian Hedged Equity Legacy (MEIFX) is an actively managed Nontraditional Equity Equity Hedged fund. Meridian launched the fund in 2005.
The investment seeks long-term growth of capital. The fund will invest at least 80% of its net assets in long or short positions in equity securities. Equity securities include, but are not limited to, common and preferred stocks as well as convertible securities, such as options, in domestic and foreign companies. It may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies.
About Meridian Hedged Equity Legacy (MEIFX)
There are 1 members of the management team with an average tenure of 7.00 years: Clay Freeman (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 BuyWrite BXM TR USD index with a weighting of 100%. Meridian Hedged Equity Legacy has 87 securities in its portfolio. The top 10 holdings constitute 59.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Meridian Hedged Equity Legacy is part of the Equity global asset class and is within the Nontraditional Equity fund group. Meridian Hedged Equity Legacy has 3.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 79.9%. There is 3.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Meridian Hedged Equity Legacy has 16.4% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $433 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MEIFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Meridian Hedged Equity Legacy expense ratio is high compared to funds in the Equity Hedged category. Meridian Hedged Equity Legacy has an expense ratio of 1.27%, which is 8% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Meridian Hedged Equity Legacy has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the Equity Hedged category.
Recently, in the month of August 2026, Meridian Hedged Equity Legacy returned 1.8%, which earned it a grade of A, as the Equity Hedged category had an average return of 1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Meridian Hedged Equity Legacy has a trailing yield of 1.28%, which is above the 0.95% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Meridian Hedged Equity Legacy Grades
Year to date, the fund has returned 9.6%, 2.7 percentage points better than the category, which translates into a grade of A. The fund has returned 9.2% over the past year (grade of D), 12.0% over the past three years (grade of C) and 6.3% per year over the past five years (grade of C) and 13.9% per year over the past 10 years (grade of A).
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MEIFX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MEIFX Return (NAV) | 1.8% | 4.3% | 9.2% | 12.0% | 6.3% | 13.9% |
| MEIFX Grade | A | A | D | C | C | A |
| +/- Category | 0.4% | 3.4% | -1.5% | 1.3% | 0.3% | 7.0% |
| Equity Hedged Avg | 1.4% | 0.9% | 10.7% | 10.7% | 6.0% | 6.8% |
| MEIFX Tax Cost Ratio | na | na | 1.9% | 2.3% | 3.1% | 3.1% |
MEIFX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MEIFX Return (NAV) | 9.6% | 6.5% | 13.1% | 19.0% | -16.5% | 14.9% | 26.2% | 45.0% | -0.6% | 27.9% | 11.2% |
| MEIFX Grade | A | F | C | A | F | A | A | A | B | A | A |
| +/- Category | 2.7% | -2.9% | 0.8% | 6.6% | -6.7% | 3.5% | 15.3% | 30.7% | 2.2% | 19.0% | 6.7% |
| Equity Hedged Avg | 6.9% | 9.5% | 12.3% | 12.4% | -9.8% | 11.4% | 10.9% | 14.3% | -2.8% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 7.2% |
| Total Risk Index: | 0.59 - Below Average |
| Category Risk Index: | 0.91 - Below Average |
| Category Risk Grade: | B (39% Rank) |
| Beta: | 0.47 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $35 Mil |
| Fund Total Assets: | $ 29 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Freeman Clay (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 87 |
| % in Top 10 Holdings: | 59.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.8% |
Portfolio Allocation |
|
| Domestic Stock: | 79.9% |
| Foreign Stock: | 3.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 16.4% |
Purchase Information
| Fund Family: | Meridian |
| Phone Number: | 800-446-6662 |
| Website: | www.meridianfund.com |
| Status: | Closed |
| Inception Date: | January 31, 2005 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.27% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.38% |
| Share Class: | Meridian Hedged Equity Legacy |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
