Five Below (FIVE) Fell with Other Players in the Market

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 Five Below, Inc. (NASDAQ:FIVE) in the second quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Five Below, Inc. (NASDAQ:FIVE) is a specialty value retailer. On October 2, 2023, Five Below, Inc. (NASDAQ:FIVE) stock closed at $157.62 per share. One-month return of Five Below, Inc. (NASDAQ:FIVE) was -5.07%, and its shares gained 8.40% of their value over the last 52 weeks. Five Below, Inc. (NASDAQ:FIVE) has a market capitalization of $8.777 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Five Below, Inc. (NASDAQ:FIVE) in its Q2 2023 investor letter:

“Also showing weakness was Five Below, Inc. (NASDAQ:FIVE), the discount retailer focused on teens and pre-teens with most goods priced less than $5. Its shares trended down mid-quarter in sympathy with other value or discount retail stores. Later, the company’s results were better than feared with conservative forward guidance, and while its shares recovered somewhat, they were down -5% for the quarter.”

Five Below, Inc. (NASDAQ:FIVE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Five Below, Inc. (NASDAQ:FIVE) at the end of second quarter which was 32 in the previous quarter.

We discussed Five Below, Inc. (NASDAQ:FIVE) in another article and shared the list of undervalued cyclical stocks to buy now according to Wall Street analysts. 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.