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 Martin Marietta Materials, Inc. (NYSE:MLM) in the third quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. On December 18, 2023, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $490.39 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 7.04%, and its shares gained 43.50% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $30.31 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Martin Marietta Materials, Inc. (NYSE:MLM) in its Q3 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), a supplier of aggregates and other materials to the construction industry, dropped by -11%. Second quarter revenues were in line with expectations while profits were well ahead. Volumes were mixed and management lowered its aggregates volume outlook along with mid-year price increases. End market demand remains split with infrastructure and heavy commercial showing strength, while residential and light commercial markets have been weak.”
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Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of third quarter which was 47 in the previous quarter.
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 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.
