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 Casey’s General Stores, Inc. (NASDAQ:CASY) in the second quarter 2023 investor letter. Headquartered in Ankeny, Iowa, Casey’s General Stores, Inc. (NASDAQ:CASY) is a convenience store. On October 2, 2023, Casey’s General Stores, Inc. (NASDAQ:CASY) stock closed at $271.80 per share. One-month return of Casey’s General Stores, Inc. (NASDAQ:CASY) was 12.75%, and its shares gained 33.81% of their value over the last 52 weeks. Casey’s General Stores, Inc. (NASDAQ:CASY) has a market capitalization of $10.129 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Casey’s General Stores, Inc. (NASDAQ:CASY) in its Q2 2023 investor letter:
“BJ’s is now the sole holding in this sector following our exit from Casey’s General Stores, Inc. (NASDAQ:CASY), which operates over 2,000 gas stations and convenience stores across the Midwestern U.S. Recently Casey’s shares benefited from higher-than-typical sales of consumer-packaged goods, though margins on fuel sales have been very volatile. We believe that there could be more downside than upside potential and there were no significant new benefits to the business on the horizon. So as its price climbed early in the quarter, we sold our shares.”
A shelf filled with a variety of bottles of energy drinks, juices, and sodas in a convenience store. Editorial photo for a financial news article. 8k. –ar 16:9
Casey’s General Stores, Inc. (NASDAQ:CASY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Casey’s General Stores, Inc. (NASDAQ:CASY) at the end of second quarter which was 23 in the previous quarter.
We discussed Casey’s General Stores, Inc. (NASDAQ:CASY) in another article and shared the list of stocks whose price targets were recently trimmed by analysts. 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.
