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 Pioneer Natural Resources Company (NYSE:PXD) in the third quarter 2023 investor letter. Headquartered in Irving, Texas, Pioneer Natural Resources Company (NYSE:PXD) is an oil and gas exploration and production company. On December 15, 2023, Pioneer Natural Resources Company (NYSE:PXD) stock closed at $227.15 per share. One-month return of Pioneer Natural Resources Company (NYSE:PXD) was -4.62%, and its shares gained 3.76% of their value over the last 52 weeks. Pioneer Natural Resources Company (NYSE:PXD) has a market capitalization of $52.996 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Pioneer Natural Resources Company (NYSE:PXD) in its Q3 2023 investor letter:
“We often see the ebb and flow of the Energy sector tied to underlying commodity prices. In this area, we seek low-cost exploration & production companies with high-yielding acreage or specialized service providers. Pioneer Natural Resources Company (NYSE:PXD) is an independent exploration and production company with operations in West Texas. The combination of strong second quarter results and well productivity boosted the share price by 12%. Capital expenditure projections were lowered, and oil production estimates increased. We added to our position on increased conviction.”
An aerial view of an oil rig in the mid-western United States, capturing the importance of the natural gas industry in the region.
Pioneer Natural Resources Company (NYSE:PXD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Pioneer Natural Resources Company (NYSE:PXD) at the end of third quarter which was 54 in the previous quarter.
We discussed Pioneer Natural Resources Company (NYSE:PXD) in another article and shared Ave Maria World Equity Fund’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.
