TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned 9.15% (net), compared to a 12.75% return for the Russell 2000 Growth Index. For the year, the fund returned 15.96% (net) compared to 18.66% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Small Cap Growth Strategy featured stocks like BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in the fourth quarter 2023 investor letter. Headquartered in Marlborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates warehouse clubs. On March 20, 2024, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $77.72 per share. One-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was 11.92%, and its shares gained 3.45% of their value over the last 52 weeks. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) has a market capitalization of $10.334 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its fourth quarter 2023 investor letter:
“We actively traded our position in the warehouse club operator BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) during the quarter. BJ’s revenues and earnings edged higher than anticipated, though excluding gasoline purchases, revenues were flat and less than expected. Store traffic increased, but deflation offset that. We projected some weakness ahead of time, and we trimmed our position prior to the earnings report. With plans for additional membership incentives and new store openings, we believe management has reset expectations for the future. As its shares slipped by -7% after the report we added back to our position.”
A customer happily filling up their tank at the Wholesale Club’s gasoline station.
BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was held by 27 hedge fund portfolios, compared to 27 in the previous quarter, according to our database.
We discussed BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in another article and shared the list of best discount retailer stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
