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 RPM International Inc. (NYSE:RPM) in the third quarter 2023 investor letter. RPM International Inc. (NYSE:RPM), headquartered in Medina, Ohio, manufactures and sells specialized chemicals for the industrial, specialty, and consumer industries. On December 18, 2023, RPM International Inc. (NYSE:RPM) stock closed at $111.60 per share. One-month return of RPM International Inc. (NYSE:RPM) was 9.20%, and its shares gained 13.44% of their value over the last 52 weeks. RPM International Inc. (NYSE:RPM) has a market capitalization of $14.377 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about RPM International Inc. (NYSE:RPM) in its Q3 2023 investor letter:
“Within Materials, we seek well positioned companies that are less susceptible to swings in commodity prices. RPM International Inc. (NYSE:RPM) produces coatings, sealants, and building materials. Its fiscal fourth quarter earnings exceeded expectations, aided by better gross margins and cost containment initiatives. Going forward, management believes there will be moderating inflation and destocking trends, along with increased infrastructure spending. We trimmed the position on the strength of its 6% rise as its shares approached our price target.”
A crane carrying heavy building materials, representing the robust civil engineering products of the company.
RPM International Inc. (NYSE:RPM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held RPM International Inc. (NYSE:RPM) at the end of third quarter which was 23 in the previous quarter.
We discussed RPM International Inc. (NYSE:RPM) in another article and shared Aristotle Capital Value Equity 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.
