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 Martin Marietta Materials, Inc. (NYSE:MLM) in the fourth quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. On March 28, 2024, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $613.94 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 6.27%, and its shares gained 75.16% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $37.955 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Martin Marietta Materials, Inc. (NYSE:MLM) in its fourth quarter 2023 investor letter:
“Within Materials, we seek well positioned companies that are less susceptible to swings in commodity prices. Martin Marietta Materials, Inc. (NYSE:MLM) is a supplier of aggregates and other materials to the construction industry. Their third quarter included higher than expected earnings with inline revenues. Across its product lineup: aggregate volumes declined, cement volumes were flat, ready-mix volumes were up, and asphalt volumes were up. These results along with higher profit guidance led to a 22% increase in the stock price.”
A large construction project with cranes and forklifts in action, demonstrating the company’s building materials business.
Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Martin Marietta Materials, Inc. (NYSE:MLM) was held by 52 hedge fund portfolios, compared to 50 in the previous quarter, according to our database.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared The London Company Large Cap Strategy’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.
