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 returned 4.18% (net), compared to 6.90% for the Russell Midcap Growth Index. For the calendar year, the strategy returned -22.13% (net) compared to the benchmark’s return of -26.72%. Weakness in Consumer Staples, Energy, Health Care, Information Technology, and Real Estate holdings led to the underperformance of the portfolio in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Mid Cap Growth Strategy highlighted stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the Q4 2022 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a building materials company. On March 31, 2023, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $355.06 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was -1.37%, and its shares lost 7.77% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $22.051 billion.
TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Martin Marietta Materials, Inc. (NYSE:MLM) in its Q4 2022 investor letter:
“Martin Marietta Materials, Inc. (NYSE:MLM), a supplier of aggregates to the construction industry, edged forward by 5%. Its third quarter results were in line with Street estimates. Pricing for aggregates and cement were higher than expected while volumes were strong. While management lowered near-term guidance, they gave a positive outlook for 2023 with further aggregate pricing improvement and flattish volumes. Demand is projected to be higher in public infrastructure and commercial activities, though weak within the single-family residential segment.”
Copyright: lightkeeper / 123RF Stock Photo
Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of the fourth quarter which was 42 in the previous quarter.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared TimesSquare Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 14 Cheap Quarterly Dividend Stocks to Buy
- Starter Stock Portfolio: 15 Safe Stocks To Buy
- 15 Cheap Beginner Stocks to Buy
Disclosure: None. This article is originally published at Insider Monkey.
