| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.01% | 0.75% | 0.75% |
TimesSquare's U.S. Focused Mid Cap Growth Strategy outperformed the Russell Midcap Growth Index in Q1 2026 despite navigating complex geopolitical tensions and market volatility. The portfolio benefited from strategic positioning in defense, energy infrastructure, and data center plays. Cheniere Energy surged 47% as Iran conflicts and Qatari facility damage tightened global LNG supply. Defense names like Curtis Wright and Karman Holdings gained from increased spending proposals amid heightened tensions. EMCOR capitalized on AI-driven data center construction demand, rising 21%. The manager actively managed positions, trimming winners like EMCOR and liquidating TPG due to AI disruption concerns while adding to Cencora on weakness. The strategy focuses on companies with disciplined management teams capable of navigating an environment where capital allocation increasingly prioritizes strategic necessity over pure economic returns. Key risks include ongoing geopolitical tensions, AI disruption fears, and energy-driven inflation. The team monitors interest rate paths, Iran developments, and evolving trade regulations while maintaining focus on fundamental, bottom-up stock selection.
Focus on identifying disciplined management teams capable of compounding value by navigating the new era of complexity where capital allocation is driven by strategic necessity rather than pure economic returns.
Moving into a world where capital is increasingly directed by strategic necessity rather than pure economic returns, transforming energy, defense, and supply chains into critical instruments of national policy. Investment team closely monitoring interest rate paths, geopolitical developments in Iran, and evolving regulatory landscape following recent trade-related legal rulings.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 20 2026 | 2026 Q1 | COR, CRS, CW, EME, HUBS, IBKR, LNG, MPWR, ORLY, TPG, VEEV, VRSK | AI, defense, energy, Geopolitical, growth, mid cap, Resilience |
ORLY LNG IBKR VEEV COR EME CRS CW VRSK MPWR |
TimesSquare's mid cap growth strategy outperformed in Q1 2026 by capitalizing on geopolitical themes including LNG supply disruption, defense spending, and AI infrastructure demand. Active portfolio management included trimming winners and liquidating AI-disrupted positions. The strategy targets disciplined management teams navigating strategic capital allocation over pure economic returns in an increasingly complex environment. |
| Jan 21 2026 | 2025 Q4 | APH, COR, CRS, CYBR, EME, HUBS, IBKR, LNG, ORLY, PANW, PFGC, TPG, VEEV, VRSK | defense, energy, financials, growth, healthcare, industrials, mid cap, technology |
IBKR VEEV KRMN APH HUBS |
TimesSquare's concentrated mid-cap growth strategy outperformed benchmarks in 2025 despite Q4 volatility, delivering 13.88% net returns through fundamental stock selection. The portfolio spans technology, healthcare, industrials, and energy with new defense exposure via Karman Holdings. Management expects AI adoption acceleration and trade policy changes to drive 2026 opportunities while maintaining focus on quality companies with sustainable competitive advantages. |
| Oct 12 2025 | 2025 Q3 | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | - | TimesSquare's concentrated mid-cap growth strategy outperformed in Q3 2025, driven by strong stock selection in specialty retail, data center infrastructure, and electronic components. The team actively trimmed underperformers while adding new positions, maintaining focus on quality management and sustainable competitive advantages despite emerging concerns about AI infrastructure spending sustainability and elevated market valuations. |
| Jul 15 2025 | 2025 Q2 | APH, BJ, CRWD, EME, F, HUBS, ORLY, VEEV | AI, consumer, growth, healthcare, industrials, mid cap, tariffs, technology |
CRWD CRWD ORLY BJ VEEV EME HUBS APH |
TimesSquare's mid-cap growth strategy returned 11.56% in Q2 but lagged benchmarks due to Palantir exposure. Strong performance from EMCOR, Amphenol, and Veeva offset tariff-driven market volatility. The manager balances defensive positioning with growth opportunities in AI, cybersecurity, and data centers while navigating policy uncertainty and reduced corporate guidance across sectors. |
| Mar 31 2025 | 2025 Q1 | BJ, COR, CRWD, EME, IT, ORLY, TPG, VRSK, WCN | AI, consumer, cybersecurity, growth, industrials, mid cap, technology, Trade Policy | - | TimesSquare's concentrated mid-cap growth strategy outperformed in Q1 2025 through selective positioning in consumer franchises, essential industrial services, and technology companies. Strong performance from O'Reilly Automotive, BJ's Wholesale, and Cencora offset weakness in TPG and Gartner. Trade policy uncertainty creates volatility, but the team maintains focus on quality companies with sustainable competitive advantages. |
| Sep 30 2024 | 2024 Q3 | APH, BJ, CHE, CRWD, CTAS, ORLY, RNR, TER, VEEV, VRSK | AI, consumer, cybersecurity, Data centers, growth, healthcare, mid cap, technology | - | TimesSquare's concentrated mid-cap growth strategy underperformed in Q3 despite strong individual company fundamentals. CrowdStrike's outage-related decline overshadowed solid execution across most holdings. Federal Reserve rate cuts and AI spending momentum support the technology thesis while political uncertainty creates near-term volatility. The team maintains conviction in quality growth companies trading below intrinsic value. |
| Jun 30 2024 | 2024 Q2 | APH, CHE, COR, CRWD, JNJ, LEGN, NVS, PANW, TER, VEEV, VRSK | AI, Biotechnology, cybersecurity, Data centers, growth, industrials, mid cap, technology | - | TimesSquare's concentrated mid-cap growth strategy outperformed in Q2 through strong cybersecurity and semiconductor positions, offsetting biotech weakness from regulatory concerns. The team navigates tight consumer spending and muted IT spending while capitalizing on data center strength and seeking businesses with positive inflection points or sustained growth trajectories. |
| Apr 15 2024 | 2024 Q1 | ANSYS, COR, CRWD, JNJ, LEGN, LNG, NVDA, NVS, ORLY, RNR, SNPS, VEEV, VRSK | energy, growth, healthcare, industrials, mid cap, technology |
ORLY LNG RNR COR VEEV LEGN SNPS VRSK CRWD |
TimesSquare's concentrated mid-cap growth strategy outperformed with 11.49% returns driven by technology infrastructure, healthcare utilization, and cybersecurity themes. Strong stock selection in O'Reilly Automotive, RenaissanceRe, and CrowdStrike offset Cheniere Energy weakness. The team actively managed positions, initiating Legend Biotech and exiting Synopsys while positioning for continued GenAI infrastructure spending and data center energy demands. |
| Dec 31 2023 | 2023 Q4 | BC, CHE, CRWD, CTAS, IDXX, IT, MLM, PANW, RNR, VEEV, VRSK | cybersecurity, growth, healthcare, industrials, infrastructure, mid cap, technology |
AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT 1ITCI IM PANW CTAS CHE KMLM ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ABC VEEV |
TimesSquare's concentrated mid-cap growth strategy outperformed in Q4, driven by strong cybersecurity and technology holdings. The team sees structural tailwinds from increased IT spending, supply chain reshoring, and infrastructure investment. Active portfolio management included trimming winners and adding Veeva Systems. Portfolio companies showed improving fundamentals expected to continue into 2024. |
| Sep 30 2023 | 2023 Q3 | BC, CHE, CRWD, IDXX, LNG, MLM, ORLY, PANW, RNR, SNPS, VRSK, WCN | Cloud, consumer, cybersecurity, energy, growth, healthcare, infrastructure, mid cap |
AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT DLNG RNR ICLR|LLY|PLTR|SNPS|TGT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
TimesSquare's concentrated mid-cap growth strategy outperformed in Q3 2023, driven by cybersecurity and energy infrastructure holdings. The team sees cloud spending recovery, industrial infrastructure acceleration from supply chain shifts, and selective opportunities from GLP-1 treatment disruption in healthcare. Consumer spending pressures create caution, while the bottom-up approach targets differentiated businesses with sustainable growth across 15 concentrated positions. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI disruption fears drove sector-wide rotation out of alternative asset managers and software companies. EMCOR benefits from data center construction demand for AI hyper-scalers. Monolithic Power Systems gained from AI picks and shovels enthusiasm as investors position for continued data center spending growth. |
Data Centers Disruption Infrastructure |
DefenseHeightened geopolitical tensions and proposals to increase defense spending drove investor interest in defense stocks. Karman Holdings acquired Seemann Composites extending reach into maritime defense market. Curtis Wright's aerospace and defense business highlighted ground defense and naval defense strength. |
Geopolitical Spending Maritime | |
EnergyGeopolitical tensions with Iran and structural damage to Qatari LNG facilities sidelined 20% of global capacity, significantly tightening supply-demand balance. Cheniere Energy surged 47% on solid earnings and increased guidance while maintaining elevated share buybacks. |
LNG Geopolitical Supply | |
ResilienceIran conflict underscored growing importance of national resilience, prompting re-evaluation of global supply chains and energy dependencies. Capital increasingly directed by strategic necessity rather than pure economic returns, transforming energy, defense, and supply chains into critical instruments of national policy. |
Supply Chains Strategic National | |
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Inflation Federal Reserve Economic Data | |
DollarThe U.S. dollar fell over 9% in 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar. |
Currency Dollar Weakness International | |
| 2025 Q3 |
AIAI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. |
Infrastructure Semiconductors Spending Debt Sustainability |
Data CentersStrong data center growth was the key driver for EMCOR's US Electrical segment. EMCOR is well positioned to win an outsized portion of large data center projects given its scale, leading virtual design, and construction capabilities. |
Construction Electrical Infrastructure Growth Services | |
Capital MarketsHelped by a more accommodative Federal Reserve, capital markets activities picked up. There have been meaningful recoveries in the levels of M&A and IPOs in recent months. |
M&A IPOs Recovery Fed Activity | |
CybersecurityCyberArk Software offers access security solutions and was acquired by Palo Alto in a cash-and-stock transaction. CrowdStrike provides cybersecurity products and services to prevent breaches but was exited on market cap considerations. |
Security M&A Software Breaches Access | |
| 2025 Q2 |
AIAI spending rebounded after first quarter weakness following DeepSeek's emergence. Ford Motor's CEO predicted artificial intelligence will replace literally half of all white-collar workers in the U.S., confirming the AI megatrend's significance. |
Artificial Intelligence White Collar Automation Technology Disruption |
Trade PolicyU.S. proposed tariff regime led to significant economic fallout and market volatility. Companies across sectors either scrapped or reduced forward guidance while waiting to see results. Consumer goods companies faced potential tariff impacts, with some customers advancing purchases ahead of expected price hikes. |
Tariffs Trade War Import Costs Supply Chain Policy | |
CybersecurityCybersecurity was one of the most resilient areas in an uncertain macroeconomic environment. CrowdStrike benefited from this resilience, with results higher than anticipated and net new annual recurring revenues expected to double in the next fiscal year. |
Endpoint Security Cloud Security Cyber Threats Recurring Revenue Enterprise Security | |
Data CentersDatacenter-related end markets were favored among longer-cycle secular opportunities. Amphenol saw strength across all end markets, especially the third of its revenues coming from data centers, contributing to higher-than-anticipated results. |
Infrastructure Cloud Computing Digital Infrastructure Connectivity Growth | |
| 2025 Q1 |
AIChina's DeepSeek AI model announcement created concerns about reduced spending on AI infrastructure including data centers, weighing on semiconductors. Corporate IT buyers showed more moderate spending though resilience expected for AI and cybersecurity. CrowdStrike benefited from optimism about lower AI implementation costs leading to broader adoption. |
Data Centers Semiconductors Infrastructure Implementation Adoption |
Trade PolicyTrump administration's shock and awe tariff policy unveiled in early April led to significant market volatility and caused the Federal Reserve and OECD to reduce GDP growth forecasts. Companies are girding for greater turbulence with the global trade outlook remaining fluid. |
Tariffs GDP Volatility Turbulence Policy | |
CybersecurityCrowdStrike Holdings provides cloud-based endpoint security for devices and cloud environments. The company reported better-than-anticipated results but gave less optimistic outlook due to one-time costs from last year's outage. Annual recurring revenues expected to reaccelerate later this year. |
Endpoint Cloud Security Outage Recurring | |
| 2024 Q3 |
AIAI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic is affecting Information Technology budget setting cycles as companies approach year end. |
Cloud Technology Infrastructure Spending |
CybersecurityCrowdStrike experienced a significant customer outage due to a faulty content configuration update but subsequently delivered solid results exceeding guidance. The company has closed several large deals since the outage and is offering customers discounted modules through its Flex program. |
Software Security Enterprise Recovery | |
Data CentersStrong demand from data centers and AI-related products drove solid performance for companies like Amphenol Corp, which produces electrical and electronic connectors for these applications. |
Infrastructure Connectivity Hardware Growth | |
| 2024 Q2 |
AIThe narrative for Technology and related services continues with its GenAI headlines. Enterprises remain in the early stages of determining what their GenAI uses might be, and how to implement them. Corporate IT spending on software has been muted thus far in 2024 compared with the same period in 2023. |
GenAI Enterprise Implementation Software Technology |
Data CentersData center capital expenditures remain strong, boosting semiconductors and related companies. Globally, capex spending in the cloud is projected to be nearly 40% higher in 2024 than 2023. |
Capex Cloud Semiconductors Infrastructure Growth | |
CybersecurityCybersecurity holdings were beneficial to the strategy this quarter. CrowdStrike Holdings gained 20% with 33% growth in annual recurring revenue and growing momentum in emerging areas such as Cloud Security, Identity, and Security Information & Event Management. Palo Alto Networks returned 19% as it shifted its marketing strategy to emphasize larger platform contracts. |
Cloud Security Identity Platform Revenue Growth | |
BiotechnologyLegend Biotech, a biotechnology developer of cell therapies to treat blood cancers such as multiple myeloma and leukemia, pulled back 27%. Recently both the European Union and the FDA approved the use of Legend's Carvykti treatment of multiple myeloma. There were concerns surrounding potential negative impacts from Congress's draft BIOSECURE Act. |
Cell Therapy FDA Approval BIOSECURE Treatment | |
OnshoringStrength persisted for longer-cycle end markets such as electrical construction, commercial aerospace, and infrastructure. Reshoring trends continue to drive capital investment. |
Infrastructure Investment Manufacturing Trends Capital | |
| 2024 Q1 |
AIGenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. |
GenAI Technology Data Centers Infrastructure |
Data CentersGenAI's insatiable energy needs drive greater interest in energy production, procurement, and transmission for power-hungry data centers. Industry experts expect data centers could account for 20% to 25% of U.S. power demand, up from 4% or less today. |
Energy Power Infrastructure Grid | |
Grid UpgradeCurrent limitations on existing electrical grids should drive more activity among Industrials, especially equipment suppliers and engineering contractors. This activity is also propelled by moves toward regional or local energy self-sufficiency. |
Electrical Infrastructure Industrials Equipment | |
GLP1Health Care utilization rates have been strong in 2024, broadening interest beyond last year's GLP-1 obesity drug theme. Cencora enjoyed significant revenue growth with notable contributions from GLP-1 sales. |
Healthcare Pharmaceuticals Obesity Revenue | |
CybersecurityHigh demand for cybersecurity systems is unlikely to abate. CrowdStrike's expansion beyond endpoint security to offering security on all cloud workloads, along with its growing product suite in areas such as identity and security information & event management, is driving strong demand amid a very active cyberthreat environment. |
Security Cloud Identity Threats | |
| 2023 Q4 |
CybersecurityCybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. |
Cybersecurity Software IT Services Enterprise Software Data Privacy Cloud |
Infrastructure SpendingIndustrial capital expenditures may continue to be a bright spot for several years as structural labor challenges are addressed with greater automation and supply chains move closer to home, particularly away from China. The U.S. is in the early stage of increased domestic infrastructure spending related to recent government programs. |
Construction Industrial Machinery Automation Construction Equipment Infrastructure | |
OnshoringSupply chains are moving closer to home, particularly away from China, driving industrial capital expenditures and automation investments. This structural shift is expected to continue for several years as companies address labor challenges and geopolitical risks. |
Industrial Policy Automation Supply Chain Manufacturing Trade Policy | |
| 2023 Q3 |
CloudWhile cloud adoption is still nascent, businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. |
Cloud Computing SaaS Digital Transformation Enterprise Software IT Spending |
CybersecurityCrowdStrike reported strong demand for cloud, identity, and next generation SIEM products with raised guidance. Palo Alto Networks supplies network and cloud-based security solutions despite mixed quarterly results. |
Endpoint Security Network Security Identity Management SIEM Cloud Security | |
Infrastructure SpendingIndustrial infrastructure benefits from increased spending as companies reassess supply chains due to geopolitical pressures and government support programs. This creates significant project backlogs for holdings capable of improving industrial efficiency. |
Industrial Infrastructure Supply Chain Government Programs Project Backlogs Industrial Efficiency | |
GLP1Enthusiasm for new GLP-1 obesity treatments touched nearly all areas of Health Care and part of Consumer Discretionary. Some sentiment seems extreme, especially how medical technology stocks were punished, potentially creating investment opportunities. |
Obesity Treatment Medical Technology Healthcare Innovation Pharmaceutical Investment Opportunities | |
Trade DownConsumers have traded down with spending habits or tightened wallets partly due to higher expenses from rising credit costs and energy prices, making the manager more cautious about consumer-oriented companies. |
Consumer Spending Credit Costs Energy Prices Consumer Discretionary Spending Patterns | |
LNGCheniere Energy operates liquefied natural gas terminals and reported solid quarters with raised guidance, buying back stock and paying down debt while building cash to fund projects and accelerate share repurchases. |
Liquefied Natural Gas Energy Infrastructure Share Repurchases Debt Reduction Project Funding |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | VEEV | Veeva Systems Inc. | Health Information Services | Software | Bull | New York Stock Exchange | cloud-based, CRM, Life Sciences Software, Pharmaceutical, SaaS, Software Transition | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | COR | Cencora Inc. | Medical Distribution | Health Care Distributors | Bull | New York Stock Exchange | Contrarian Investment, Drug Distribution, healthcare infrastructure, Healthcare services, Pharmaceutical Distribution | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | EME | EMCOR Group Inc. | Engineering & Construction | Construction & Engineering | Bull | New York Stock Exchange | AI infrastructure, Construction services, Data center infrastructure, Electrical Services, hyperscale, Pick and shovel | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | CRS | Carpenter Technology Corp. | Metal Fabrication | Metals & Mining | Bull | New York Stock Exchange | Aerospace, Commercial Aviation, Cyclical Recovery, High-Performance Alloys, materials, Specialty-Metals | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | CW | Curtiss-Wright Corp. | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, Defense spending, engineered products, Ground Defense, Naval Defense, Nuclear Power | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | VRSK | Verisk Analytics Inc. | Consulting Services | Research & Consulting Services | Bull | NASDAQ | AI-Enabled Solutions, Data Flywheel, Insurance Analytics, ISO Database, network effects, proprietary data, Regulatory Embedding | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | MPWR | Monolithic Power Systems Inc. | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, data center, Enterprise Data, Picks and shovels, power electronics, Power Semiconductors | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | ORLY | O'Reilly Automotive Inc. | Auto Parts | Specialty Retail | Bull | NASDAQ | Automotive Aftermarket, Consumer Discretionary, Dual Channel, Parts Distribution, professional services, Specialty retail | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | LNG | Cheniere Energy Inc. | Oil & Gas Midstream | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | energy infrastructure, Export Terminals, geopolitical, LNG, natural gas, Share Buybacks, Supply-Demand | Login |
| Apr 20, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | IBKR | Interactive Brokers Group Inc. | Capital Markets | Capital Markets | Bull | NASDAQ | Account Growth, Capital markets, Electronic Brokerage, Fintech, Self directed investing, trading volume | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | VEEV | Veeva Systems Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | cloud, Competition, CRM, guidance, lifesciences | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | KRMN | Karman Holdings, Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | backlog, Defense, Hypersonics, Missiles, Satellites | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | New York Stock Exchange | Aerospace, Capacity, Connectors, Datacom, Defense | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | HUBS | HubSpot, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Adoption, ARR, CRM, monetization, Upmarket | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Accounts, Brokerage, efficiency, scale, Trading | Login |
| Jul 15, 2025 | Fund Letters | Sonu Chawla | CRWD | CrowdStrike Holdings, Inc. | Information Technology | Systems Software | Bull | NASDAQ | cybersecurity, Endpoint, Identity, Reacceleration, Retention, Subscriptions | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | LNG | Cheniere Energy | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | energy infrastructure, Equity, Export, Liquefaction, LNG, natural gas, Regulatory | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | PANW | Palo Alto Networks Inc. | Software & Services | Systems Software | Bull | NASDAQ | ARR growth, cloud security, Cybersecurity Platform, Network Security, Next-Generation Security | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | ORLY | O'Reilly Automotive | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Auto parts, Automotive Aftermarket, DIFM, Equity, growth, professional services, Specialty retail | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | SNPS | Synopsys | Information Technology | Software | Bull | NASDAQ | EDA software, Equity, exit, M&A, Semiconductor Design, Software, technology | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | NYSE | AI, Connectors, data centers, Electronic Components, Fiber Optic, infrastructure, technology hardware | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | KMLM | Martin Marietta Materials Inc. | Materials | Construction Materials | Bull | NYSE | aggregates, Asphalt, Cement, construction materials, infrastructure, Ready-Mix | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | DLNG | Cheniere Energy Inc. | Energy | Oil & Gas Storage & Transportation | Bull | NYSE | capital returns, debt reduction, energy infrastructure, Export Terminals, LNG, natural gas | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | CTAS | Cintas Corp. | Commercial & Professional Services | Commercial Services & Supplies | Bull | NASDAQ | business services, Commercial Services, Facility Services, recurring revenue, Uniform Rental | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | LEGN | Legend Biotech | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Car-T, cell therapy, Equity, FDA approval, Multiple Myeloma, Oncology | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | EME | EMCOR Group | Industrials | Construction & Engineering | Bull | NYSE | backlog, Construction services, Electrical Systems, Industrials, infrastructure, Mechanical Systems, utilities | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | RNR | RenaissanceRe Holdings Ltd. | Financials | Reinsurance | Bull | NYSE | Bermuda, Insurance, Property Catastrophe, Reinsurance, risk management, underwriting | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | CHE | Chemed Corp. | Health Care Equipment & Services | Health Care Services | Bull | NYSE | Aging demographics, Healthcare services, Home Services, Hospice Care, Palliative Care, Plumbing Services | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | ABC | Brunswick Corp. | Consumer Discretionary | Leisure Products | Neutral | NYSE | Boat Manufacturing, Consumer Discretionary, Marine Recreation, Outboard Engines, Propulsion Systems | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT | CrowdStrike Holdings Inc. | Information Technology | Systems Software | Bull | NASDAQ | cloud security, cybersecurity, endpoint protection, growth, SaaS, SIEM, technology | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | HUBS | HubSpot | Information Technology | Application Software | Neutral | NYSE | Application Software, cloud-based, CRM, Marketing automation, SaaS, SMB | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | CRWD | CrowdStrike Holdings | Information Technology | Systems Software | Bull | NASDAQ | cloud-based, cybersecurity, Endpoint Security, growth, recurring revenue, SaaS, technology | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | ICLR|LLY|PLTR|SNPS|TGT | Synopsys Inc. | Information Technology | Application Software | Bull | NASDAQ | EDA software, electronic design automation, Semiconductor Design, semiconductors, Software, technology | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | ORLY | O'Reilly Automotive | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Automotive Aftermarket, Consumer Discretionary, defensive, Specialty retail, value-oriented | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | CRWD | CrowdStrike Holdings | Information Technology | Software | Bull | NASDAQ | cloud security, cybersecurity, endpoint protection, Equity, SIEM, Software, Trim | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | IDEXX Laboratories Inc. | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | NASDAQ | Animal Health, Diagnostic Equipment, Livestock Testing, Pet Care, Veterinary diagnostics, Water Testing | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | Verisk Analytics Inc. | Industrials | Research & Consulting Services | Bull | NASDAQ | Data Analytics, financial services, Insurance Analytics, Insurance Technology, risk assessment, Software | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | VEEV | Veeva Systems | Health Care | Health Care Technology | Bull | NYSE | biopharma, cloud-based, Equity, Healthcare Technology, Life Sciences Software, R&D, SaaS | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | VEEV | Veeva Systems Inc. | Software & Services | Application Software | Bull | NYSE | biopharma, Cloud software, Life Sciences Software, Pharmaceutical CRM, regulatory compliance, SaaS | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | RNR | RenaissanceRe Holdings | Financials | Reinsurance | Bull | NYSE | Catastrophe, Equity, Insurance, Pricing, Reinsurance, risk management, underwriting | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | VEEV | Veeva Systems | Health Care | Health Care Technology | Bull | NYSE | AI, cloud-based, CRM, Data Analytics, Health Care Technology, life sciences, SaaS, subscription revenue | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | BJ | BJ's Wholesale Club | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, defensive, membership model, recurring revenue, value-oriented, Warehouse club | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT | CrowdStrike Holdings Inc. | Software & Services | Systems Software | Bull | NASDAQ | ARR growth, Cloud software, cybersecurity, endpoint protection, IT Security, SaaS | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | VRSK | Verisk Analytics | Industrials | Research & Consulting Services | Bull | NASDAQ | Add, Auto Insurance, Data Analytics, Equity, Insurance Analytics, Property & Casualty, risk assessment | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | COR | Cencora | Health Care | Health Care Distributors | Bull | NYSE | Drug Distribution, Equity, GLP-1, growth, healthcare, Pharmaceutical Distribution, Specialty Pharmacy | Login |
| - | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | 1ITCI IM | Gartner Inc. | Software & Services | Research & Consulting Services | Bull | NYSE | advisory services, Contract Value, IT Research, recurring revenue, Technology Consulting | Login |
| TICKER | COMMENTARY |
|---|---|
| ORLY | O'Reilly Automotive Inc., a specialty retailer of aftermarket automotive parts and accessories, edged forward 1%. The company reported a solid quarter, outpacing consensus estimates. Their do-it-for-me, professional-mechanic-focused business continues to perform well, posting double-digit sales growth while its do-it-yourself segment exhibited signs of stabilization. |
| LNG | Cheniere Energy Inc. operates liquefied natural gas terminals in New Orleans and Corpus Christi. Heightened geopolitical tensions with Iran and structural damage to Qatari LNG facilities have sidelined 20% of global capacity, significantly tightening the supply-demand balance. This along with solid fourth-quarter earnings and increased forward guidance drove a 47% surge in the stock price. The company maintained elevated share buybacks and increased its authorization for the 2026–2030 period. |
| IBKR | Electronic broker Interactive Brokers Group Inc. edged forward by 7% over the quarter. Account growth and trading volume were contributing factors in their latest results. |
| TPG | Alternative asset manager TPG Inc. retreated by -36%, along with other alternative asset managers, primarily due to a sharp, sector-wide rotation out of the sector, driven by investor fears over software exposure and AI disruption. While no limited partners have stepped back to date, management indicated that fundraising may slow and monetization could be delayed. We decided to liquidate the position. |
| VEEV | Veeva Systems Inc. provides cloud-based software for the life sciences industry. Despite reporting strong fiscal fourth quarter results and offering guidance that surpassed Street expectations, its shares traded down by -21%. This stems from investor concerns regarding their Vault customer relationship management system. Vault CRM was launched in 2024 as they moved away from Salesforce.com and Veeva's management team has been conservative in customer migration estimates. |
| COR | Cencora Inc. sources and distributes pharmaceutical products. Reported mixed fiscal first quarter results as revenues for the US Healthcare business came in slightly below sell-side projections, and the International was in-line. Its stock price pulled back -7% and we added to the position on weakness. |
| EME | EMCOR Group Inc. provides electrical, mechanical, construction, industrial, and facilities services. The stock price gained 21% on the heels of a strong fourth quarter. 2026 guidance surpassed Street estimates. The company continues to benefit from the booming demand for data center infrastructure. It is an essential pick-and-shovel play for the construction of massive data centers required by AI hyper-scalers. We trimmed the position on strength. |
| CRS | Carpenter Technology Corp. manufactures, fabricates, and distributes specialty metals. Its share price jumped 25% after management confirmed a rebound in aerospace demand. |
| CW | Curtis Wright Corp., a provider of engineered products, solutions, and services to aerospace, defense, commercial nuclear power, and industrial markets. Fourth quarter revenues beat sell-side expectations and that led to higher earnings. Their aerospace and defense business was a highlight, led by ground defense and naval defense. |
| VRSK | Verisk Analytics Inc. provides data, analytics, and technology solutions to the insurance industry. While there were some concerns heading into fourth-quarter earnings, the company delivered solid results, a large share buyback, in-line forward guidance, and the rollout of AI-enabled solutions for clients. Its stock price dropped by -21% in the quarter due to AI disruption fears. The most important moat against AI disruption narrative is VRSK's proprietary data, and management has highlighted that 90% of its revenues are underpinned by unique data sources. |
| MPWR | Monolithic Power Systems Inc. provides semiconductor-based power electronics solutions to direct current as well as convert and control voltages for electronic systems. The company is benefiting from the broader enthusiasm for AI picks and shovels as investors position themselves for continued growth in data center spending. They reported a modest fourth-quarter beat and gave solid first-quarter guidance. The major surprise from the earnings call was that management raised its full-year enterprise data segment growth outlook, which boosted the stock by 21%. |
| HUBS | HubSpot Inc. offers a cloud-based customer relationship management platform. We exited the position due to the combination of potential AI disruption and the seat-based model's potential challenges. The stock tumbled -39% before it was sold. |
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