TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. 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 Nasdaq, Inc. (NASDAQ:NDAQ) in the second quarter 2023 investor letter. Headquartered in New York, New York, Nasdaq, Inc. (NASDAQ:NDAQ) is a technology company that serves capital markets and other industries. On October 2, 2023, Nasdaq, Inc. (NASDAQ:NDAQ) stock closed at $48.42 per share. One-month return of Nasdaq, Inc. (NASDAQ:NDAQ) was -4.52%, and its shares lost 19.17% of their value over the last 52 weeks. Nasdaq, Inc. (NASDAQ:NDAQ) has a market capitalization of $23.79 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Nasdaq, Inc. (NASDAQ:NDAQ) in its Q2 2023 investor letter:
“We had a different perspective on Nasdaq, Inc. (NASDAQ:NDAQ) the global exchange group that delivers trading, clearing, exchange technology, regulatory, securities listing, and public company services worldwide. Mid-quarter we added to our position after the company reported better-than-expected revenues and earnings because of strong organic growth and signed its first Tier 1 bank client for its anti-financial crime services. However, at the end of the quarter, Nasdaq announced the acquisition of the financial risk software company Adenza. In our view, that deal seemed overpriced for a less-than-compelling new asset, nor did it not make sense strategically. Hence even with the -8% decline in Nasdaq’s shares, we began selling our position.”
A successful investor reviewing the NASDAQ-100 Index® portfolio on a touchscreen monitor. Editorial photo for a financial news article. 8k. –ar 16:9
Nasdaq, Inc. (NASDAQ:NDAQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Nasdaq, Inc. (NASDAQ:NDAQ) at the end of second quarter which was 33 in the previous quarter.
We discussed Nasdaq, Inc. (NASDAQ:NDAQ) in another article and shared Artisan Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
