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 IAC Inc. (NASDAQ:IAC) in its Q4 2022 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a global media and internet company. On March 30, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $50.41 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -5.56%, and its shares lost 50.20% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.48 billion.
TimesSquare U.S. Mid Cap Growth Strategy made the following comment about IAC Inc. (NASDAQ:IAC) in its Q4 2022 investor letter:
“Within Communication Services, media and Internet services provider IAC Inc. (NASDAQ:IAC) retreated -20%. It operates through four business segments: Angi is a leader in digital home services, Dotdash Meredith is the largest digital and print publisher in the U.S., IAC’s Search includes Ask.com as a broad collection of reference websites, and Emerging & Other is comprised of investments in early-stage companies. Third quarter revenues were in line with Street estimates while profits fell slightly below. Macroeconomic headwinds impacted its digital and search businesses, while Angi revenue decelerated.”
cellanr, CC BY-SA 2.0 <https://creativecommons.org/licenses/by-sa/2.0>, via Wikimedia Commons
IAC Inc. (NASDAQ:IAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of the fourth quarter which was 45 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared Longleaf Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
