The fund stated that while Chevron's stock price fell from nearly $220 in early April to approximately $170 by the end of June in the second quarter, its core profit engine rebounded as major assets like TCO and Leviathan resumed full production. Strong downstream refining margins and the integration of Hess also supported performance, though this was partially offset by reduced gains from commodity prices. The Meridian Hedged Equity Fund returned 4.50% in the second quarter, trailing the S&P 500's return of 15.20%.