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 EMCOR Group, Inc. (NYSE:EME) in the third quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, EMCOR Group, Inc. (NYSE:EME) offers electrical and mechanical construction and facilities services. On December 6, 2023, EMCOR Group, Inc. (NYSE:EME) stock closed at $211.89 per share. One-month return of EMCOR Group, Inc. (NYSE:EME) was 1.34%, and its shares gained 40.48% of their value over the last 52 weeks. EMCOR Group, Inc. (NYSE:EME) has a market capitalization of $9.968 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about EMCOR Group, Inc. (NYSE:EME) in its Q3 2023 investor letter:
“Climbing by 14% was EMCOR Group, Inc. (NYSE:EME), which provides construction and operational services for mechanical and electrical systems to a broad range of commercial, industrial, utility, and institutional customers. The company’s revenues and earnings bested expectations, leading management to increase its earnings guidance for the rest of 2023. Profitability improved within EMCOR’s electrical and mechanical operations, and its project backlog increased year over year. After the post-report share gain, we trimmed our position.”
An engineer inspecting a newly renovated electrical installation.
EMCOR Group, Inc. (NYSE:EME) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held EMCOR Group, Inc. (NYSE:EME)at the end of third quarter which was 35 in the previous quarter.
We discussed EMCOR Group, Inc. (NYSE:EME) in another article and shared Third Avenue Small-Cap Value Fund’s views on the company in the previous quarter. 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.
