TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 Marriott Vacations Worldwide Corporation (NYSE:VAC) in the third quarter 2023 investor letter. Headquartered in Orlando, Florida, Marriott Vacations Worldwide Corporation (NYSE:VAC) is a vacation company. On December 15, 2023, Marriott Vacations Worldwide Corporation (NYSE:VAC) stock closed at $87.79 per share. One-month return of Marriott Vacations Worldwide Corporation (NYSE:VAC) was 9.41%, and its shares lost 36.28% of their value over the last 52 weeks. Marriott Vacations Worldwide Corporation (NYSE:VAC) has a market capitalization of $3.118 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Marriott Vacations Worldwide Corporation (NYSE:VAC) in its Q3 2023 investor letter:
“In Consumer-oriented sectors, we lean towards value-oriented or specialty retailers, franchise models, as well as premium brands. We have seen challenges this quarter stemming from falling consumer confidence and sentiment measures. Conversely, we decided to exit our position in Marriott Vacations Worldwide Corporation (NYSE:VAC), a timeshare resort property management company. The combination of weak second-quarter results and lower forward guidance caused the stock to drop by -9% during the time it was held in the quarter.”
The iconic entrance of a Marriott hotel, framed by an impressive lobby.
Marriott Vacations Worldwide Corporation (NYSE:VAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Marriott Vacations Worldwide Corporation (NYSE:VAC) at the end of third quarter which was 26 in the previous quarter.
We discussed Marriott Vacations Worldwide Corporation (NYSE:VAC) in another article and shared the list of stocks that hedge funds that are betting on. In addition, please check out our hedge fund investor letters Q3 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.
