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 IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the third quarter 2023 investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development and manufacturing of products and services for animal veterinary, livestock and poultry, dairy, and water testing. On December 15, 2023, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $541.07 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was 14.41%, and its shares gained 34.54% of their value over the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $44.937 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its Q3 2023 investor letter:
“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. Moving in the other direction was IDEXX Laboratories, Inc. (NASDAQ:IDXX). This company develops, manufactures, and distributes products and services for the animal veterinary, livestock, poultry, dairy, and water testing markets. Their second quarter results were solid and forward guidance was raised. Its core pet diagnostics business has returned to double-digit growth. Despite these positives, its shares sold off by -13% and we added to the position on this weakness.”
A veterinarian in a veterinary clinic examining a companion animal.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held IDEXX Laboratories, Inc. (NASDAQ:IDXX) at the end of third quarter which was 43 in the previous quarter.
We discussed IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared the list of best pet 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.
