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 A. O. Smith Corporation (NYSE:AOS) in its Q3 2023 investor letter. Headquartered in Milwaukee, Wisconsin, A. O. Smith Corporation (NYSE:AOS) is a manufacturer of residential and commercial gas, heat pumps, and electric water heaters, boilers, tanks, and water treatment products. On December 18, 2023, A. O. Smith Corporation (NYSE:AOS) stock closed at $79.39 per share. One-month return of A. O. Smith Corporation (NYSE:AOS) was 4.64%, and its shares gained 40.91% of their value over the last 52 weeks. A. O. Smith Corporation (NYSE:AOS) has a market capitalization of $11.807 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about A. O. Smith Corporation (NYSE:AOS) in its Q3 2023 investor letter:
“In the Industrials sector we gravitate towards business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. A. O. Smith Corporation (NYSE:AOS) manufactures heat pumps, water heaters, boilers, tanks, and water treatment products. The company reported solid second quarter results with margin expansion from North America and improved operating performance from the rest of the world, despite currency and economic headwinds in China. We decided to exit the position and redeploy the proceeds into other areas with more favorable growth prospects. A.O. Smith lost -8% for the time it was held during the quarter.”
A technician wearing a protective suit in a water treatment plant.
A. O. Smith Corporation (NYSE:AOS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held A. O. Smith Corporation (NYSE:AOS) at the end of third quarter which was 39 in the previous quarter.
We discussed A. O. Smith Corporation (NYSE:AOS) in another article and shared the list of top dividend aristocrats among billionaires. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Best Gender-Neutral Fragrances
- 13 Best Holding Company Stocks To Invest In
- 14 Best Automation Stocks To Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
