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 returned -0.21% (net), compared to -0.65% for the Russell Midcap Growth Index. Strength in Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials sectors contributed to the performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare Capital highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the Q3 2022 investor letter. SBA Communications Corporation (NASDAQ:SBAC) is a wireless communications infrastructure operator. On December 23, 2022, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $282.51 per share. One-month return of SBA Communications Corporation (NASDAQ:SBAC) was -4.73% and its shares lost 24.52% of their value over the last 52 weeks. SBA Communications Corporation (NASDAQ:SBAC) has a market capitalization of $30.501 billion.
TimesSquare Capital made the following comment about SBA Communications Corporation (NASDAQ:SBAC) in its Q3 2022 investor letter:
“Our sole holding in the Real Estate sector is SBA Communications Corporation (NASDAQ:SBAC), an owner and operator of wireless communications infrastructure. They reported a slight beat to estimates for the second quarter and raised full year guidance. One notable blemish on the quarter was higher international churn. This came from carrier consolidation and liquidation events in Panama and Guatemala. Management is very positive on tower leasing activity and development services. The company entered into an agreement to acquire 2,600 additional towers in Brazil. Nevertheless, its shares descended by -11%.”
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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, 40 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of the third quarter, which was 36 in the previous quarter.
We discussed SBA Communications Corporation (NASDAQ:SBAC) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.
