TimesSquare Capital Management, an equity investment management company, released its “U.S. 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 Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 third quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Five Below, Inc. (NASDAQ:FIVE) is a specialty value retailer. On December 15, 2023, Five Below, Inc. (NASDAQ:FIVE) stock closed at $194.36 per share. One-month return of Five Below, Inc. (NASDAQ:FIVE) was 7.17%, and its shares gained 10.80% of their value over the last 52 weeks. Five Below, Inc. (NASDAQ:FIVE) has a market capitalization of $10.727 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Five Below, Inc. (NASDAQ:FIVE) in its Q3 2023 investor letter:
“In Consumer-oriented sectors, we lean towards value-oriented or specialty retailers, franchise models, as well as premium brands. We have seen challenges this quarter stemming from falling consumer confidence and sentiment measures. Five Below, Inc. (NASDAQ:FIVE) is a discount retailer focused on teens and pre-teens with most goods priced less than $5. The company’s fiscal quarterly revenues and earnings were in line with expectations, aided by growth in transactions from ongoing store conversions to the “Five Beyond” (over $5 price point) format. Its shares tumbled -18% on a lower earnings outlook stemming from an increase in provisions for theft or shoplifting. This has become an increasing headwind for retailers across the spectrum.”
A family happily shopping for everyday items in a specialty retail store.
Five Below, Inc. (NASDAQ:FIVE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Five Below, Inc. (NASDAQ:FIVE) at the end of third quarter which was 37 in the previous quarter.
We discussed Five Below, Inc. (NASDAQ:FIVE) in another article and shared ClearBridge Mid Cap Growth Strategy’s views on the company. 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.
