Minyoung Sohn, Portfolio Manager of the Meridian Equity Income Fund (MEIFX) discusses Q3 2015 market events and forward views that have shaped his fund’s top-decile performance this year.

  Performance incentive fee funds fare worse in quarters that include the economic downturn The line graph charts the excess return experienced by performance incentive fee funds since December 1999 for quarterly rolling one-year periods. The number of months when performance incentive fee funds outperform funds without performance incentive fees is evenly split. In 23 of the 50 quarters, funds with performance incentive fees outperform their classification average. The most deeply negative time for performance incentive fee funds was 2008 and 2009, which would include fund performance during the height of the downturn. Since then, during the recovery, funds with