Fund Evaluator:
Meridian Contrarian Legacy (MVALX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
Meridian Contrarian Legacy Overview
Meridian Contrarian Legacy (MVALX) is an actively managed U.S. Equity Small Blend fund. Meridian launched the fund in 1994.
The investment seeks long-term growth of capital. The Advisor emphasizes stocks which the Investment Adviser believes are undervalued in relation to the business' (or issuer's) long-term earnings power or asset value, or the stock market in general. The advisor intends to invest at least 65% of its total assets in common stocks and equity-related securities (such as convertible debt securities and warrants). It may invest up to 35% of its total assets in debt or fixed income securities, including higher yield, higher risk, lower rated or unrated corporate bonds commonly referred to as "junk bonds."
About Meridian Contrarian Legacy (MVALX)
There are 1 members of the management team with an average tenure of 24.51 years: James England (2001). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. Meridian Contrarian Legacy has 75 securities in its portfolio. The top 10 holdings constitute 30.3% 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 Contrarian Legacy is part of the Equity global asset class and is within the U.S. Equity fund group. Meridian Contrarian Legacy has 8.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.5%. There is 8.8% allocated to foreign stock, and 1.0% 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 Contrarian Legacy has 8.7% of the portfolio in cash.
Assets Under Management
The fund has $592 million in total assets, which is below the $694 million average for the Small Blend 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.
MVALX 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 Contrarian Legacy expense ratio is high compared to funds in the Small Blend category. Meridian Contrarian Legacy has an expense ratio of 1.18%, which is 13% higher than its category average, making the fund expense ratio grade a D. 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 Contrarian Legacy has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, Meridian Contrarian Legacy returned 3.2%, which earned it a grade of F, as the Small Blend category had an average return of 5.9%. 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 Contrarian Legacy has a trailing yield of 0.26%, which is below the 0.41% 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 Contrarian Legacy Grades
Year to date, the fund has returned 19.0%, 2.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 29.8% over the past year (grade of D), 16.1% over the past three years (grade of C) and 8.4% per year over the past five years (grade of B) and 13.9% per year over the past 10 years (grade of A).
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MVALX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MVALX Return (NAV) | 3.2% | 17.7% | 29.8% | 16.1% | 8.4% | 13.9% |
| MVALX Grade | F | D | D | C | B | A |
| +/- Category | -2.7% | -2.0% | -4.1% | -0.3% | 0.5% | 2.8% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| MVALX Tax Cost Ratio | na | na | 3.1% | 1.8% | 2.2% | 2.2% |
MVALX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MVALX Return (NAV) | 19.0% | 17.3% | 9.7% | 12.3% | -16.8% | 26.1% | 23.8% | 23.6% | -7.3% | 24.8% | 16.6% |
| MVALX Grade | D | A | D | F | C | B | A | D | A | A | F |
| +/- Category | -2.7% | 9.4% | -1.9% | -4.2% | -0.3% | 2.9% | 9.4% | -1.9% | 4.5% | 10.8% | -3.6% |
| Small Blend Avg | 21.7% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 18.0% |
| Total Risk Index: | 1.48 - High |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (40% Rank) |
| Beta: | 1.20 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $602 Mil |
| Fund Total Assets: | $ 592 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 45% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 24.5 years | |||
| Average Tenure: 24.5 years | |||
| Managers (Year): England James (2001) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 75 |
| % in Top 10 Holdings: | 30.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.8% |
Portfolio Allocation |
|
| Domestic Stock: | 81.5% |
| Foreign Stock: | 8.8% |
| Preferred Stock: | 1.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.7% |
Purchase Information
| Fund Family: | Meridian |
| Phone Number: | 800-446-6662 |
| Website: | www.meridianfund.com |
| Status: | Closed |
| Inception Date: | February 10, 1994 |
| 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 (%): | 1.18% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Meridian Contrarian Legacy |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
