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 Interactive Brokers Group, Inc. (NASDAQ:IBKR) in the third quarter 2023 investor letter. Headquartered in Greenwich, Connecticut, Interactive Brokers Group, Inc. (NASDAQ:IBKR) provides an automated electronic broker platform. On December 15, 2023, Interactive Brokers Group, Inc. (NASDAQ:IBKR) stock closed at $79.79 per share. One-month return of Interactive Brokers Group, Inc. (NASDAQ:IBKR) was 0.76%, and its shares gained 14.82% of their value over the last 52 weeks. Interactive Brokers Group, Inc. (NASDAQ:IBKR) has a market capitalization of $33.256 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Interactive Brokers Group, Inc. (NASDAQ:IBKR) in its Q3 2023 investor letter:
“In Financials, we prefer well-placed insurance companies and niche businesses while tending to avoid banks which face credit deterioration and rising deposit costs. Interactive Brokers Group, Inc. (NASDAQ:IBKR) operates as an automated electronic broker worldwide. Their company’s second quarter net interest income came in better than expected while revenues were slightly ahead. Earnings, however, fell short of sell-side projections due to a one-time legal reserve. The market looked past this blemish as its stock price gained 4%.”
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Interactive Brokers Group, Inc. (NASDAQ:IBKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Interactive Brokers Group, Inc. (NASDAQ:IBKR) at the end of third quarter which was 44 in the previous quarter.
We discussed Interactive Brokers Group, Inc. (NASDAQ:IBKR) in another article and shared the list of crypto stocks with biggest upside. 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.
