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 returned 4.18% (net), compared to 6.90% for the Russell Midcap Growth Index. For the calendar year, the strategy returned -22.13% (net) compared to the benchmark’s return of -26.72%. Weakness in Consumer Staples, Energy, Health Care, Information Technology, and Real Estate holdings led to the underperformance of the portfolio in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Mid Cap Growth Strategy highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the Q4 2022 investor letter. SBA Communications Corporation (NASDAQ:SBAC) is a wireless communications infrastructure operator. On March 30, 2023, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $257.20 per share. One-month return of SBA Communications Corporation (NASDAQ:SBAC) was -1.21%, and its shares lost 26.64% of their value over the last 52 weeks. SBA Communications Corporation (NASDAQ:SBAC) has a market capitalization of $27.788 billion.
TimesSquare U.S. Mid Cap Growth Strategy made the following comment about SBA Communications Corporation (NASDAQ:SBAC) in its Q4 2022 investor letter:
“In the Real Estate sector, SBA Communications Corporation (NASDAQ:SBAC) is a real estate investment trust engaged in the provision of wireless communications infrastructure services. The company outpaced estimates in its latest quarter and offered upside to forward growth projections. Carrier leasing activity remains very solid as wireless carriers continue to deploy and densify their 5G networks. Despite these positives, the stock slipped -1% as their balance sheet is highly levered amid a rising interest rate environment. A portion of that debt is coming due next March.”
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SBA Communications Corporation (NASDAQ:SBAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of the fourth quarter which was 40 in the previous quarter.
We discussed SBA Communications Corporation (NASDAQ:SBAC) in another article and shared the list of most valuable real estate companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 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.
