Watsco (WSO) Rose 21% on Exceeded Expectations

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. 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 Watsco, Inc. (NYSE:WSO) in the second quarter 2023 investor letter. Headquartered in Miami, Florida, Watsco, Inc. (NYSE:WSO) is a distributor of air conditioning, heating, refrigeration equipment, and related parts and supplies. On October 2, 2023, Watsco, Inc. (NYSE:WSO) stock closed at $375.55 per share. One-month return of Watsco, Inc. (NYSE:WSO) was 6.86%, and its shares gained 36.79% of their value over the last 52 weeks. Watsco, Inc. (NYSE:WSO) has a market capitalization of $14.702 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Watsco, Inc. (NYSE:WSO) in its Q2 2023 investor letter:

“Returning to the positives, there was a 21% gain from Watsco, Inc. (NYSE:WSO), a commercial distributor of air conditioning, heating and refrigeration equipment and related parts. Watsco’s revenues and earnings each were higher than anticipated. Sales volumes for high-efficiency HVAC equipment increased, which also improved margins.”

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Watsco, Inc. (NYSE:WSO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Watsco, Inc. (NYSE:WSO) at the end of second quarter which was 36 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.