TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like Driven Brands Holdings Inc. (NASDAQ:DRVN) in the second quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Driven Brands Holdings Inc. (NASDAQ:DRVN) provides automotive services to retail and commercial customers. On September 22, 2023, Driven Brands Holdings Inc. (NASDAQ:DRVN) stock closed at $13.04 per share. One-month return of Driven Brands Holdings Inc. (NASDAQ:DRVN) was -10.62%, and its shares lost 55.08% of their value over the last 52 weeks. Driven Brands Holdings Inc. (NASDAQ:DRVN) has a market capitalization of $2.185 billion.
TimesSquare U.S. Small Cap Growth Strategy made the following comment about Driven Brands Holdings Inc. (NASDAQ:DRVN) in its Q2 2023 investor letter:
“Driven Brands Holdings Inc. (NASDAQ:DRVN) is a provider of automotive services including paint, collision, glass, vehicle repair, car wash, oil change, and maintenance. Its stock pulled back by -11% after reporting first quarter results that were modestly ahead of the consensus overall, though mixed across business segments. Though they experienced better same store sales, there were fewer-than-expected new business openings.”
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Driven Brands Holdings Inc. (NASDAQ:DRVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Driven Brands Holdings Inc. (NASDAQ:DRVN) at the end of second quarter which was 18 in the previous quarter.
We discussed Driven Brands Holdings Inc. (NASDAQ:DRVN) in another article and shared the list of stocks whose price targets were recently trimmed by analysts. In addition, please check out our hedge fund investor letters Q2 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.
