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 Microchip Technology Incorporated (NASDAQ:MCHP) in the Q4 2022 investor letter. Headquartered in Chandler, Arizona, Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures provisions for semiconductor products. On March 30, 2023, Microchip Technology Incorporated (NASDAQ:MCHP) stock closed at $82.78 per share. One-month return of Microchip Technology Incorporated (NASDAQ:MCHP) was 0.22%, and its shares gained 11.91% of their value over the last 52 weeks. Microchip Technology Incorporated (NASDAQ:MCHP) has a market capitalization of $47.1 billion.
TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Microchip Technology Incorporated (NASDAQ:MCHP) in its Q4 2022 investor letter:
“Microchip Technology Incorporated (NASDAQ:MCHP) is a semiconductor manufacturer offering smart, connected, and secure embedded control solutions. Revenues in the latest quarter exceeded the consensus and that lifted the stock by 16%. While the company acknowledges the weak macro environment, they are not seeing much of an impact on their business. They have a sizable business backlog, multi-year agreements with large customers, and secular growth trends in areas such as 5G and Data Centers. While there has been weakness in some consumer end markets, Microchip has little exposure in areas such as personal computers and smartphones.”
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Microchip Technology Incorporated (NASDAQ:MCHP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Microchip Technology Incorporated (NASDAQ:MCHP) at the end of the fourth quarter which was 45 in the previous quarter.
We discussed Microchip Technology Incorporated (NASDAQ:MCHP) in another article and shared the list of largest semiconductor 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.
