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 Encompass Health Corporation (NYSE:EHC) in its Q2 2023 investor letter. Headquartered in Birmingham, Alabama, Encompass Health Corporation (NYSE:EHC) is a post-acute healthcare services provider. On October 2, 2023, Encompass Health Corporation (NYSE:EHC) stock closed at $66.65 per share. One-month return of Encompass Health Corporation (NYSE:EHC) was -5.31%, and its shares gained 35.28% of their value over the last 52 weeks. Encompass Health Corporation (NYSE:EHC) has a market capitalization of $6.68 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Encompass Health Corporation (NYSE:EHC) in its Q2 2023 investor letter:
“A more positive situation involved Encompass Health Corporation (NYSE:EHC), one of the largest U.S. providers of post-acute services, such as rehabilitation. Earlier in the year, its shares were down on concerns that a future federal rule might encourage expedited discharges from inpatient rehabilitation facilities to home health settings. This quarter, the new payment and policy changes were implemented with no adjustments to encourage quicker releases. That led to a 25% rally in Encompass’s shares, and we trimmed our position on that strength.”
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Encompass Health Corporation (NYSE:EHC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Encompass Health Corporation (NYSE:EHC) at the end of second quarter which was 33 in the previous quarter.
We discussed Encompass Health Corporation (NYSE:EHC) in another article and shared Bernzott Capital Advisor’s views on the company. 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.
