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 Ross Stores, Inc. (NASDAQ:ROST) in the third quarter 2023 investor letter. Headquartered in Dublin, California, Ross Stores, Inc. (NASDAQ:ROST) is an off-price fashion and apparel retailer. On December 15, 2023, Ross Stores, Inc. (NASDAQ:ROST) stock closed at $133.94 per share. One-month return of Ross Stores, Inc. (NASDAQ:ROST) was 3.48%, and its shares gained 16.55% of their value over the last 52 weeks. Ross Stores, Inc. (NASDAQ:ROST) has a market capitalization of $45.093 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Ross Stores, Inc. (NASDAQ:ROST) 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. Faring better was Ross Stores, Inc. (NASDAQ:ROST) and its 1% markup. They operate off-price retail stores featuring apparel and home fashion. Their second quarter results outpaced estimates on better customer traffic and higher gross margin due to lower freight costs. Management raised its full-year sales comparisons and earnings guidance.”
A glossy storefront of a value retailer, filled with fashionable apparel and accessories.
Ross Stores, Inc. (NASDAQ:ROST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Ross Stores, Inc. (NASDAQ:ROST) at the end of third quarter which was 54 in the previous quarter.
We discussed Ross Stores, Inc. (NASDAQ:ROST) in another article and shared the list best clothing stocks to buy. 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.
