TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned -3.67% (net), compared to -7.32% return for the Russell 2000 Growth Index. Year-to-date the fund returned 11.56% (net) compared to 9.59% return for the index. The third quarter saw a decline in global equities markets, but they remained positive YTD. Value has generally outperformed Growth, as demonstrated by the style factors and market indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like HashiCorp, Inc. (NASDAQ:HCP) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, HashiCorp, Inc. (NASDAQ:HCP) offers multi-cloud infrastructure automation solutions. On December 6, 2023, HashiCorp, Inc. (NASDAQ:HCP) stock closed at $24.91 per share. One-month return of HashiCorp, Inc. (NASDAQ:HCP) was 27.09%, and its shares lost 13.81% of their value over the last 52 weeks. HashiCorp, Inc. (NASDAQ:HCP) has a market capitalization of $4.83 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about HashiCorp, Inc. (NASDAQ:HCP) in its Q3 2023 investor letter:
“In other trading, we began buying HashiCorp, Inc. (NASDAQ:HCP), which provides a suite of cloud infrastructure tools for development, automation, connectivity, and security. Its primary offering, Terraform, has been widely adopted by developers to automate new cloud-based work for greater efficiency at lower costs. As more developers use HashiCorp’s development tool, that provides additional sales opportunities for the company’s connectivity, security, and other services. In addition, the increased migration to the public cloud leads to greater overall demand.”
An engineer wearing safety glasses in front of a large electrical control panel monitoring advanced automation and control systems.
HashiCorp, Inc. (NASDAQ:HCP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held HashiCorp, Inc. (NASDAQ:HCP)at the end of third quarter which was 26 in the previous quarter.
We discussed HashiCorp, Inc. (NASDAQ:HCP) in another article and shared the list of stocks that could 10x over the next 10 years. 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.
