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 Knight-Swift Transportation Holdings Inc. (NYSE:KNX) in the second quarter 2023 investor letter. Headquartered in Phoenix, Arizona, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) offers freight transportation services. On October 2, 2023, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) stock closed at $49.08 per share. One-month return of Knight-Swift Transportation Holdings Inc. (NYSE:KNX) was -8.24%, and its shares lost 3.33% of their value over the last 52 weeks. Knight-Swift Transportation Holdings Inc. (NYSE:KNX) has a market capitalization of $7.916 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Knight-Swift Transportation Holdings Inc. (NYSE:KNX) in its Q2 2023 investor letter:
“Results were less than anticipated for the truckload freight transportation provider, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) which led its shares down by -2%. Management notably reduced its guidance for the current fiscal year, which we had been expecting when we initiated this position in late January. Our view is that truckload activities were nearing a trough and this industry tends to recover quickly from such bottoms.”
A convoy of freight trucks on a highway, reflecting industrial freight transportation. Editorial photo for a financial news article. 8k. –ar 16:9
Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Knight-Swift Transportation Holdings Inc. (NYSE:KNX) at the end of second quarter which was 32 in the previous quarter.
We discussed Knight-Swift Transportation Holdings Inc. (NYSE:KNX) in another article and shared the list of cheap transportation stocks to invest in. 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.
