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 IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the fourth quarter 2023 investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development and manufacturing of products and services for animal veterinary, livestock and poultry, dairy, and water testing. On March 28, 2024, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $539.93 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was -6.14%, and its shares gained 9.40% of their value over the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $44.862 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding IDEXX Laboratories, Inc. (NASDAQ:IDXX) 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. IDEXX Laboratories, Inc. (NASDAQ:IDXX) develops, manufactures, and distributes products and services for the animal veterinary, livestock, poultry, dairy, and water testing markets. Third quarter revenues missed estimates on weaker clinical veterinarian visits in the companion animal segment. Clinical vet visit softness was not entirely unexpected this quarter given publicly available VetSource data and management expects this to improve as capacity constraints ease. Improved operating margins led to better earnings and a 27% gain for IDEXX.”
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, IDEXX Laboratories, Inc. (NASDAQ:IDXX) was held by 43 hedge fund portfolios, down from 48 in the previous quarter, according to our database.
We discussed IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared Alger Mid Cap Growth 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.
