TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like Encompass Health Corporation (NYSE:EHC) in its Q4 2022 investor letter. Headquartered in Birmingham, Alabama, Encompass Health Corporation (NYSE:EHC) is a post-acute healthcare services provider. On March 23, 2023, Encompass Health Corporation (NYSE:EHC) stock closed at $51.76 per share. One-month return of Encompass Health Corporation (NYSE:EHC) was -14.05%, and its shares lost 4.12% of their value over the last 52 weeks. Encompass Health Corporation (NYSE:EHC) has a market capitalization of $5.162 billion.
TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about Encompass Health Corporation (NYSE:EHC) in its Q4 2022 investor letter:
“The Health Care sector also benefited the strategy in the fourth quarter. At the top of the chart was Encompass Health Corporation (NYSE:EHC), one of the largest U.S. providers of post-acute services, such as rehabilitation. Though many hospitals reported lower levels of inpatient admissions, Encompass reported better-than-expected revenues that were bolstered by its in-patient rehabilitation facilities. While increased labor costs did pinch earnings, Encompass continues to meet its volume demands and is well-positioned for further growth. That sent its shares 33% higher in this quarter.”
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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, 30 hedge fund portfolios held Encompass Health Corporation (NYSE:EHC) at the end of the fourth quarter which was 32 in the previous quarter.
We discussed Encompass Health Corporation (NYSE:EHC) in another article and shared Heartland Mid Cap Value Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
