Favorable Market Outlook Lifted Planet Labs, PBC (PL) in Q3

Meridian Funds, managed by ArrowMark Companions, launched its “Meridian Contrarian Fund” third-quarter 2025 investor letter. A duplicate of the letter could be downloaded right here. Equities hit a document excessive within the third quarter, fueled by continued features in know-how and falling bond yields. Easing tariff rhetoric and renewed AI infrastructure investments boosted giant tech shares. In mid-September U.S. Federal Reserve lowered charges by 25 foundation factors. On this surroundings, the fund returned 6.72% (internet) in the course of the quarter, underperforming the 9.00% returns of the Russell 2500 Index and eight.18% returns of the secondary benchmark, the Russell 2500 Worth Index. As well as, please test the fund’s prime 5 holdings to know its finest picks in 2025.

In its third-quarter 2025 investor letter, Meridian Contrarian Fund highlighted shares corresponding to Planet Labs PBC (NYSE:PL). Planet Labs PBC (NYSE:PL) engages within the design, building, and launch of constellations of satellites that present excessive cadence geospatial knowledge. The one-month return of Planet Labs PBC (NYSE:PL) was -9.78%, and its shares gained 163.86% of their worth during the last 52 weeks. On November 28, 2025, Planet Labs PBC (NYSE:PL) inventory closed at $11.90 per share, with a market capitalization of $3.664 billion.

Meridian Contrarian Fund acknowledged the next concerning Planet Labs PBC (NYSE:PL) in its third quarter 2025 investor letter:

“Planet Labs PBC (NYSE:PL) is a satellite tv for pc and earth imaging firm. They picture the complete Earth day by day with their constellation of proprietary satellites and have a database of greater than 15 years of photographs which they promote as knowledge. The info is analyzed and used for buyer purposes in protection, agriculture, conservation, and insurance coverage, and is regularly increasing to new use instances. We initially invested in 2024, when the inventory fell out of favor on account of slowing income development of their business phase, a casualty of slowing enterprise software program spending. We estimated that the inventory was buying and selling under our estimate of the worth of its property, together with satellites, databases, and internet money. The market was putting little worth on the enterprise regardless of main know-how, an enormous addressable market, and stability sheet. The inventory carried out strongly within the quarter on account of a positive market outlook for defense-related corporations (whereas Planet Lab’s protection and authorities enterprise continued to develop strongly), and enchancment within the business enterprise. We proceed to carry a place within the firm as we imagine it has important room to develop within the giant potential earth imaging and evaluation market. We did, nevertheless, cut back our place into power in the course of the quarter as a part of our danger administration course of.”