Bentley Systems, Incorporated (BSY) Gains Fell Short of Index Gain in Q4

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Bentley Systems, Incorporated (NASDAQ:BSY) in the fourth quarter 2023 investor letter. Headquartered in Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. On March 28, 2024, Bentley Systems, Incorporated (NASDAQ:BSY) stock closed at $52.22 per share. One-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was 1.65%, and its shares gained 23.54% of their value over the last 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a market capitalization of $15.526 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Bentley Systems, Incorporated (NASDAQ:BSY) in its fourth quarter 2023 investor letter:

“Bentley Systems, Incorporated (NASDAQ:BSY) provides infrastructure engineering software solutions. The company had a very solid third quarter that was highlighted by margin expansion and a significant increase in free cash flow guidance. Its 4% gain fell short of the 21% index sector average.”

A computer engineer in front of his screen monitoring a 3D model of a building, representing the company’s open modeling and open simulation applications.

Bentley Systems, Incorporated (NASDAQ:BSY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Bentley Systems, Incorporated (NASDAQ:BSY) was held by 17 hedge fund portfolios, compared to 16 in the previous quarter, according to our database.

We discussed Bentley Systems, Incorporated (NASDAQ:BSY) in another article and shared Artisan Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.