TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 Aspen Technology, Inc. (NASDAQ:AZPN) in the third quarter 2023 investor letter. Headquartered in Bedford, Massachusetts, Aspen Technology, Inc. (NASDAQ:AZPN) offers industrial software. On December 18, 2023, Aspen Technology, Inc. (NASDAQ:AZPN) stock closed at $215.14 per share. One-month return of Aspen Technology, Inc. (NASDAQ:AZPN) was 17.01%, and its shares gained 5.78% of their value over the last 52 weeks. Aspen Technology, Inc. (NASDAQ:AZPN) has a market capitalization of $13.704 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Aspen Technology, Inc. (NASDAQ:AZPN) in its Q3 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. Aspen Technology, Inc. (NASDAQ:AZPN) develops software applications for optimizing asset performance and management monitoring. Their share price was lifted 22% by steady fiscal fourth quarter results and better-than-expected guidance. While demand has been lackluster in the chemical space, other end markets have been strong; including the business they acquired from Emerson. Management also announced the termination of an agreement to acquire Micromine due to difficulty in obtaining regulatory approval.”
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Aspen Technology, Inc. (NASDAQ:AZPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Aspen Technology, Inc. (NASDAQ:AZPN) at the end of third quarter which was 16 in the previous quarter.
We discussed Aspen Technology, Inc. (NASDAQ:AZPN) in another article and shared Baron Small Cap Fund’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.
