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 Aptiv PLC (NYSE:APTV) in the third quarter 2023 investor letter. Headquartered in Dublin, Ireland, Aptiv PLC (NYSE:APTV) is a vehicle components manufacturer. On December 15, 2023, Aptiv PLC (NYSE:APTV) stock closed at $87.20 per share. One-month return of Aptiv PLC (NYSE:APTV) was 7.05%, and its shares lost 6.35% of their value over the last 52 weeks. Aptiv PLC (NYSE:APTV) has a market capitalization of $24.666 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Aptiv PLC (NYSE:APTV) in its Q3 2023 investor letter:
“In Consumer-oriented sectors, we lean towards value-oriented or specialty retailers, franchise models, as well as premium brands. We have seen challenges this quarter stemming from falling consumer confidence and sentiment measures. Another benefit came from Aptiv PLC (NYSE:APTV), a supplier of electronic automotive technology for safety and entertainment systems. Second quarter revenues, operating margins, and earnings topped consensus estimates. Its -3% return outpaced the index sector average of -6%.”
A focus on an anti-whiplash system inside a car, showcasing the detail and precision of the companies automotive parts.
Aptiv PLC (NYSE:APTV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Aptiv PLC (NYSE:APTV) at the end of third quarter which was 40 in the previous quarter.
We discussed Aptiv PLC (NYSE:APTV) in another article and shared the list of most undervalued auto stocks to buy according to hedge funds. 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.