TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. 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 featured stocks like Stevanato Group S.p.A. (NYSE:STVN) in the fourth quarter 2023 investor letter. Headquartered in Piombino Dese, Italy, Stevanato Group S.p.A. (NYSE:STVN) produces and distributes products and processes for biopharma and healthcare. On March 28, 2024, Stevanato Group S.p.A. (NYSE:STVN) stock closed at $32.10 per share. One-month return of Stevanato Group S.p.A. (NYSE:STVN) was -3.17%, and its shares gained 25.64% of their value over the last 52 weeks. Stevanato Group S.p.A. (NYSE:STVN) has a market capitalization of $8.725 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Stevanato Group S.p.A. (NYSE:STVN) in its fourth quarter 2023 investor letter:
“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. Stevanato Group S.p.A. (NYSE:STVN) engages in the design, production, and distribution of products and processes for the biopharmaceutical industry. The company reported soft third quarter results with revenues falling short of expectations. The miss was largely driven by lower results in its Biopharmaceutical and Diagnostic Solutions segment. Management noted demand has remained strong and they are seeing limited impact from destocking trends in diagnostics consumables and vials. Nevertheless, its stock sold off by -8%.”
A scientist in a laboratory observing a drug delivery system through a microscope.
Stevanato Group S.p.A. (NYSE:STVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Stevanato Group S.p.A. (NYSE:STVN) was held by 13 hedge fund portfolios, compared to 11 in the previous quarter, according to our database.
We discussed Stevanato Group S.p.A. (NYSE:STVN) 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 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.
