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 Rockwell Automation, Inc. (NYSE:ROK) in the Q3 2023 investor letter. Headquartered in Milwaukee, Wisconsin, Rockwell Automation, Inc. (NYSE:ROK) provides industrial automation and digital transformation solutions. On December 15, 2023, Rockwell Automation, Inc. (NYSE:ROK) stock closed at $304.37 per share. One-month return of Rockwell Automation, Inc. (NYSE:ROK) was 12.26%, and its shares gained 21.43% of their value over the last 52 weeks. Rockwell Automation, Inc. (NYSE:ROK) has a market capitalization of $34.903 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Rockwell Automation, Inc. (NYSE:ROK) in its Q3 2023 investor letter:
“In the Industrials sector we gravitate towards business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. Rockwell Automation, Inc. (NYSE:ROK) is a new addition this quarter. They provide industrial automation and digital transformation solutions. There is secular growth stemming from a rapid push towards automated and connected manufacturing; as well as offering an offset to rising labor costs.”
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Rockwell Automation, Inc. (NYSE:ROK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Rockwell Automation, Inc. (NYSE:ROK) at the end of third quarter which was 32 in the previous quarter.
We discussed Rockwell Automation, Inc. (NYSE:ROK) in another article and shared the list of best stocks to buy on the dip for long term. 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.
