TimesSquare Capital Management U.S. Focus Growth Strategy’s Q4 2025 Investor Letter

TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” fourth-quarter 2025 investor letter. The strategy returned -3.55% (gross) and -3.76% (net) in the fourth quarter compared to a -3.70% return for the Russell Midcap Growth Index. In 2025, the strategy returned 14.84% (gross) and 13.88% (net) compared to 8.66% for the index. Global equity markets ended the quarter on a positive note, with Europe leading, followed by Emerging Markets. In most markets, large caps outperformed small caps. The trade truce between the United States and China was prolonged for an additional year, but global geopolitical concerns, whether related to tariffs or not, persisted. Third-quarter GDP exceeded expectations, but consumer caution persists due to ongoing labor-market softening, influencing the Fed’s decision on interest rate cuts. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.

A copy of TimesSquare Capital Management U.S. Focus Growth Strategy’s Q4 2025 investor letter can be downloaded here.