TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned 9.15% (net), compared to a 12.75% return for the Russell 2000 Growth Index. For the year, the fund returned 15.96% (net) compared to 18.66% for the index. 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 featured stocks like Flywire Corporation (NASDAQ:FLYW) in its Q4 2023 investor letter. Headquartered in Boston, Massachusetts, Flywire Corporation (NASDAQ:FLYW) is a payments enablement and software company. On March 20, 2024, Flywire Corporation (NASDAQ:FLYW) stock closed at $25.27 per share. One-month return of Flywire Corporation (NASDAQ:FLYW) was 9.87%, and its shares lost 9.30% of their value over the last 52 weeks. Flywire Corporation (NASDAQ:FLYW) has a market capitalization of $3.104 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Flywire Corporation (NASDAQ:FLYW) in its fourth quarter 2023 investor letter:
“Detracting from results was a -28% decline from Flywire Corporation (NASDAQ:FLYW), a global payments platform focused on education, health care, and travel industries. Flywire’s revenues only met expectations, although earnings were better. During the recent reporting period, there were transitional issues such as greater headwinds from adverse foreign exchange rates and delays implementing systems for new clients. Although we think highly of the management team, in our follow-up discussions with Flywire, it was not clear what would rejuvenate the share price over the next several quarters. We began trimming the position with plans to completely exit it.”
A digital tablet presenting various payment options alongside an educational lecture on the benefits of diverse capabilities.
Flywire Corporation (NASDAQ:FLYW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Flywire Corporation (NASDAQ:FLYW) was held by 28 hedge fund portfolios, compared to 28 in the previous quarter, according to our database.
We discussed Flywire Corporation (NASDAQ:FLYW) in another article and shared Alger Weatherbie Specialized Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
