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 Marvell Technology, Inc. (NASDAQ:MRVL) in the second quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Marvell Technology, Inc. (NASDAQ:MRVL) offers data infrastructure semiconductor solutions. On October 2, 2023, Marvell Technology, Inc. (NASDAQ:MRVL) stock closed at $54.59 per share. One-month return of Marvell Technology, Inc. (NASDAQ:MRVL) was -5.70 %, and its shares gained 16.05% of their value over the last 52 weeks. Marvell Technology, Inc. (NASDAQ:MRVL) has a market capitalization of $ 47.1 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Marvell Technology, Inc. (NASDAQ:MRVL) in its Q2 2023 investor letter:
“Returning to the positives, Marvell Technology, Inc. (NASDAQ:MRVL) reported revenues and earnings that bested expectations, with management expecting growth to accelerate in the second half of the year. Margins also appeared to recover with further expansion expected for this leading provider of high-speed communications semiconductors for data storage, networking, and connectivity. That combined to lift Marvell’s shares by 38% and we trimmed our holdings during that rally.”
A closeup of a hand manipulating a complex piece of machinery in a semiconductor factory. Editorial photo for a financial news article. 8k. –ar 16:9
Marvell Technology, Inc. (NASDAQ:MRVL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Marvell Technology, Inc. (NASDAQ:MRVL) at the end of second quarter which was 62 in the previous quarter.
We discussed Marvell Technology, Inc. (NASDAQ:MRVL) in another article and shared ClearBridge Mid Cap Growth Strategy’s views on the company. 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.
