TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned -3.67% (net), compared to -7.32% return for the Russell 2000 Growth Index. Year-to-date the fund returned 11.56% (net) compared to 9.59% return for the index. The third quarter saw a decline in global equities markets, but they remained positive YTD. Value has generally outperformed Growth, as demonstrated by the style factors and market indexes. 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 highlighted stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in the third quarter 2023 investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On December 6, 2023, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $151.74 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was 19.57%, and its shares lost 35.54% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $4.48 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about Inspire Medical Systems, Inc. (NYSE:INSP) in its Q3 2023 investor letter:
“We also exited our position in the developer of medical equipment to treat obstructive sleep apnea, Inspire Medical Systems, Inc. (NYSE:INSP). The new anti-obesity medicines led to a market belief that a decline in obesity rates will cause a decline in sleep apnea diagnoses and thus lower sales volumes for Inspire. However, that view is not supported by our discussions with doctors, nor by the high demand and long wait times for Inspire’s devices. Nevertheless, there is some correlation between obesity levels and sleep apnea. Given that this cloud will take several quarters to dissipate, we sold our position that was down -33% during the partial quarter.”
A medical professional performing a minimally invasive procedure while using the company’s technology.
Inspire Medical Systems, Inc. (NYSE:INSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Inspire Medical Systems, Inc. (NYSE:INSP)at the end of third quarter which was 47 in the previous quarter.
We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared Headwaters Capital Management’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.
