TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/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 2500 Growth Index and returned 0.22% (net), and the index return was -0.12%. During the quarter, weakness in Financials, Health Care, and Industrial sectors was offset by strength in Consumer Staples, Consumer Discretionary, and Information Technology sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare Capital highlighted stocks like Outset Medical, Inc. (NASDAQ:OM) in its Q3 2022 investor letter. Headquartered in San Jose, California, Outset Medical, Inc. (NASDAQ:OM) is a medical technology company. On December 21, 2022, Outset Medical, Inc. (NASDAQ:OM) stock closed at $26.41 per share. One-month return of Outset Medical, Inc. (NASDAQ:OM) was 32.45% and its shares lost 41.84% of their value over the last 52 weeks. Outset Medical, Inc. (NASDAQ:OM) has a market capitalization of $1.276 billion.
TimesSquare Capital made the following comment about Outset Medical, Inc. (NASDAQ:OM) in its Q3 2022 investor letter:
“Elsewhere, we exited our position in Outset Medical, Inc. (NASDAQ:OM), a developer of a self-contained, low-cost dialysis machine. Late in the second quarter, we reduced our holdings following the news the FDA temporarily halted shipments and requested more human factors studies on its Tablo device for home use after the company made minor modifications to it. This quarter, the FDA reversed course and allowed Outset to resume sales of Tablo. Outset subsequently reissued its guidance, though expected lower growth rates while it rebuilt the sales group for home sales, and hospitals tightened their capital budgets. That led us to sell our remaining holdings.”
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Outset Medical, Inc. (NASDAQ:OM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Outset Medical, Inc. (NASDAQ:OM) at the end of the third quarter which was 17 in the previous quarter.
We discussed Outset Medical, Inc. (NASDAQ:OM) in another article and shared the stock picks of Efrem Kamen’s Pura Vida Investments. In addition, please check out our hedge fund investor letters Q3 2022 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.
