TimesSquare Capital Management U.S. SMID Cap Growth Strategy’s Q3 2023 Investor Letter

TimesSquare Capital Management, an equity investment management company, released its “U.S. SMID Cap Growth Strategy” third-quarter investor letter.  The same can be downloaded here. In the third quarter, the U.S. SMID Cap Growth Composite fell -2.65% (gross) and -2.89% (net) compared to the Russell 2500 Growth Index’s -6.84% decline.  This quarter, the small-to-mid-cap growth stocks that performed better had lower betas or higher returns on equity. Stocks that lacked short-term earnings or had exorbitant valuations (as measured by price/earnings) were penalized. In the third quarter, the portfolio beat the Russell 2500 Growth Index in this setting. In addition, please check the fund’s top five holdings to know its best picks in 2023.