TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 highlighted stocks like Floor & Decor Holdings, Inc. (NYSE:FND) in the Q3 2023 investor letter. Headquartered in Atlanta, Georgia, Floor & Decor Holdings, Inc. (NYSE:FND) is a retailer of hard surface flooring that provides tile, wood, laminate, vinyl, and natural stone flooring products and decorative accessories. On December 15, 2023, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $111.84 per share. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was 24.56%, and its shares gained 48.86% of their value over the last 52 weeks. Floor & Decor Holdings, Inc. (NYSE:FND) has a market capitalization of $11.919 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Floor & Decor Holdings, Inc. (NYSE:FND) in its Q3 2023 investor letter:
“In Consumer-oriented sectors, we lean towards value-oriented or specialty retailers, franchise models, as well as premium brands. We have seen challenges this quarter stemming from falling consumer confidence and sentiment measures. Hard surface flooring and accessories company Floor & Decor Holdings, Inc. (NYSE:FND) pulled back by -13%. While we recognize that higher mortgage rates are having an impact on project activity, Floor & Decor enjoys a strong position in a fragmented market. Gross margins are improving along with lower supply chain costs. Therefore, we added to the position on weakness.”
An overhead view of a website displaying the multiple options of flooring products available for purchase.
Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of third quarter which was 36 in the previous quarter.
We discussed Floor & Decor Holdings, Inc. (NYSE:FND) in another article and shared the list of small-cap stocks that Warren Buffett believes would experience significant increases. In addition, please check out our hedge fund investor letters Q3 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.
