Sally Beauty Holdings (SBH) distributes and retails beauty products. During the period, the stock declined due to the impact of weather and some overall weakness in consumer spending. We have been adding to the position as we believe the company is well positioned to grow domestically, expand internationally and continue buying back stock, which should drive strong earnings growth for the long term.
From Meridian Funds (Trades, Portfolio)’ Meridian Growth Fund Annual Review.
