| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -4.7% | 9.4% |
| 2025 |
|---|
| 9.4% |
TimesSquare Capital Management's U.S. Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index in Q4 2025 but finished the year ahead of the benchmark with 9.36% net returns. The portfolio maintained its focus on companies with quality management and sustainable growth across diversified sectors. Key contributors included gaming company Take-Two Interactive, which the manager added to on weakness following Grand Theft Auto 6 delays, and cybersecurity firm JFrog, which rallied 32% on increased security demand. Healthcare holdings like argenx and Insmed delivered strong performance driven by successful drug launches and pipeline progress. The manager made several portfolio adjustments, exiting positions in Pool Corp, Allstate, and Carlisle due to industry headwinds while adding new positions in Casey's General Stores and Comfort Systems USA. Looking ahead to 2026, the manager anticipates significant AI adoption acceleration and expects the One Big Beautiful Bill to catalyze corporate capital spending, while remaining focused on fundamentals amid evolving geopolitical dynamics and trade policy uncertainty.
TimesSquare Capital Management focuses on mid-cap growth companies with quality management, distinct competitive advantages, and strong sustainable growth, maintaining approximately 75 stocks with fundamental research-driven selection criteria.
The global landscape continues to evolve, shaped by trends toward national economic resilience and shifting trade dynamics. The manager remains focused on fundamentals, seeking steady management teams capable of creating economic growth at their companies, which they believe will be rewarded over time by the markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology |
TTWO PINS AXON AMAT |
TimesSquare's mid-cap growth strategy delivered 9.36% net returns in 2025 despite Q4 underperformance. The manager actively repositioned the portfolio, adding to gaming and cybersecurity winners while exiting challenged positions in insurance and building materials. Strong healthcare and industrial holdings drove performance. Looking ahead, the manager expects AI adoption acceleration and infrastructure spending catalysts to benefit portfolio companies. |
| Oct 12 2025 | 2025 Q3 | ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO | AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors | - | TimesSquare's mid-cap growth strategy outperformed in Q3 2025 with strong contributions from AI-adjacent and semiconductor names, though expressing caution about infrastructure spending sustainability. The team made selective portfolio adjustments while benefiting from Fed easing and recovering capital markets activity. Focus remains on fundamental analysis and quality management teams despite market enthusiasm for speculative themes. |
| Jul 15 2025 | 2025 Q2 | BJ, CRS, CRWD, CW, EME, EVR, F, FROG, HOOD, HUBS, INSP, ORLY, PLTR, SAIA, VEEV | AI, cybersecurity, growth, healthcare, M&A, mid cap, tariffs, technology | JFROG | TimesSquare's mid-cap growth strategy underperformed in Q2 2025 amid tariff-driven volatility, returning 12.91% net versus the benchmark's 18.20%. Strong performers like Robinhood (+124%) and EMCOR (+45%) were offset by consumer-oriented defensive positions. The manager is balancing resilient holdings with companies positioned for potential tailwinds as markets absorb policy uncertainty. |
| Mar 31 2025 | 2025 Q1 | ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, JNJ, ORLY, ROST, TER, TPG, VRSK, WCN | consumer, financials, growth, healthcare, industrials, mid cap, technology, Trade Policy | - | TimesSquare's mid-cap growth strategy outperformed in Q1 2025 despite trade policy turbulence and consumer weakness. Strong specialty retail and biotech M&A gains offset AI infrastructure concerns and broader market pressures. The manager maintains selective positioning focused on quality companies with competitive advantages while cautiously navigating tariff-driven volatility and policy uncertainty. |
| Sep 30 2024 | 2024 Q3 | ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | - | TimesSquare's mid-cap growth strategy underperformed in Q3 despite strong individual winners like DoorDash and TPG. The manager actively trimmed risk positions while adding to high-conviction names. Key themes include AI spending momentum, stabilizing consumer demand from Fed cuts, and selective healthcare opportunities. Focus remains on finding growth potential mismatches versus market expectations amid election uncertainty and China investment exodus. |
| Jun 30 2024 | 2024 Q2 | ARGX, BJ, CHE, DASH, FIVE, GFL, GPN, HCP, IBKR, MPWR, NICE, RRX, STVN, TER, TSM, VRSK, WEX | consumer, financials, growth, healthcare, industrials, mid cap, semiconductors, technology | - | TimesSquare's mid-cap growth strategy outperformed in Q2 despite market concentration in mega-caps. Consumer weakness and industrial destocking pressured many holdings, but data center demand and selective opportunities drove outperformance. The team added DoorDash on valuation dislocation while exiting Five Below on continued deterioration. Focus remains on companies approaching positive inflection points amid cautious near-term outlook. |
| Apr 15 2024 | 2024 Q1 | APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN | AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology | - | TimesSquare's mid-cap growth strategy outperformed in Q1 2024, capitalizing on AI infrastructure themes and cybersecurity demand. CrowdStrike and EMCOR Group led contributions while the team positioned for GenAI's evolution toward data applications and data centers' massive power requirements. Active portfolio management included trimming winners and adding to quality names on weakness. |
| Dec 31 2023 | 2023 Q4 | APTV, ARGX, BC, BJ, COR, DXCM, FIVE, FND, IBKR, ICLR, IDXX, LEGN, LNG, NDAQ, ORLY, PINS, PXD, RNR, ROST, STVN, TPG | consumer, cybersecurity, growth, healthcare, industrials, mid cap, technology | - | TimesSquare's mid-cap growth strategy gained 13.44% in Q4 2023, driven by cybersecurity, infrastructure spending, and supply chain onshoring themes. Strong performance from technology and consumer holdings offset some healthcare weakness. The manager actively trimmed winners and added to quality companies on temporary setbacks, positioning for continued fundamental improvement in 2024. |
| Sep 30 2023 | 2023 Q3 | APTV, ARGX, BJ, CSGP, DXCM, EFX, FIVE, FND, GFL, IAC, IBKR, IDXX, LNG, NDAQ, PINS, PXD, RGEN, RNR, ROST, SWAV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | - | TimesSquare's mid-cap growth strategy outperformed in Q3 2023 by focusing on companies with pricing power and secular growth drivers. The manager capitalized on weakness in quality names like IAC and medical device companies affected by GLP-1 sentiment, while benefiting from strong performance in biotech and enterprise software. Positioning emphasizes automation, infrastructure spending, and cloud re-engagement themes. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Defense SpendingManager maintains exposure to global armaments companies, viewing the world as rapidly rearming off an extremely low base of defense spending. Despite Q4 underperformance, the position materially outperformed for the full year with top contributors including Rheinmetall, Palantir Technologies, and RTX. |
Defense Armaments Military Geopolitical Security |
GoldManager holds both physical gold bullion and a leveraged gold exposure called 'Gresham's Wrath' that combines 1.5x gold exposure with option income generation. Views gold as superior store of value due to its scarcity and protection from debasement, citing accelerating central bank demand and mistrust of fiat currencies. |
Gold Precious Metals Monetary Inflation Store of Value | |
Precious Metal Royalty/Streaming CompaniesMaintains diversified exposure to precious metals through royalty and streaming companies that benefit from price appreciation and production growth without operational mining risks. These capital-light businesses provide asymmetric optionality and inflation protection while offering all-weather resilience. |
Royalties Streaming Mining Cash Flow Diversification | |
Capital MarketsHolds positions in exchanges like Nasdaq and CBOE, viewing them as essential high-margin toll roads for the economy with immense operating leverage. These businesses benefit from network effects, regulatory barriers, and are positioned to benefit from volatility and innovation including digital assets. |
Exchanges Trading Technology Data Derivatives | |
Managed FuturesUses systematic long/short strategies across commodities and interest rates to generate absolute returns with low correlation to equities and bonds. Strategy was updated to include European exposures alongside North American markets, though performance was challenged by counter-trend reversals post-Liberation Day. |
Systematic Commodities Trend Following Diversification Risk Management | |
JapanExited unhedged Japanese exposure due to currency headwinds from weakening Yen but added new dynamically hedged position that filters for companies treating shareholders well. The new exposure uses four currency models to determine optimal hedge ratio, ending the year at 75% hedged. |
Japan Currency Hedging Shareholder Yield Corporate Governance FX Risk | |
| 2025 Q3 |
AIAI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels. |
Infrastructure Semiconductors Spending Sustainability Debt |
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 and manufacturing projects, given its scale, leading virtual design, and construction capabilities. |
Growth Construction Infrastructure Electrical Manufacturing | |
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 | |
SemiconductorsMultiple semiconductor companies showed strong performance with cyclical recovery and content growth. Monolithic Power Systems benefited from non-enterprise data center segments and cyclical recovery. Lattice Semiconductor noted record design wins and strong bookings. |
Cyclical Recovery Design Bookings Content | |
| 2025 Q2 |
Trade PolicyThe U.S. proposed tariff regime led to significant economic fallout and market volatility. Companies across sectors either scrapped or reduced forward guidance as they wait to see how results fare in this environment. Many companies are understandably conservative with their outlooks as tariff levies are quickly announced and rescinded. |
Tariffs Trade Policy Guidance Uncertainty |
AIThere was a rebound in spending for AI-related investments after weakness in Q1 following DeepSeek's emergence. Ford Motor's CEO predicted that artificial intelligence is going to replace literally half of all white-collar workers in the U.S. Veeva announced new AI-embedded features for its Vault suite of customer relationship management applications. |
Artificial Intelligence Automation Technology Software | |
Capital MarketsM&A activity began unexpectedly slowly this year but showed early signs of acceleration. As equity market levels climbed following initial recession fears, capital markets and trading firms recovered sharply with continued growth in fundamentals. Brokerage holdings benefited from renewed activity in cryptocurrencies. |
M&A Trading Brokerage Recovery | |
CybersecurityCybersecurity was one of the most resilient areas in an uncertain macroeconomic environment. CrowdStrike benefited as a cloud-based endpoint security provider, with gains in net new annual recurring revenues expected to double in the next fiscal year. |
Security Cloud Resilience Growth | |
| 2025 Q1 |
AIChina's DeepSeek AI model announcement in January created concerns about reductions in massive AI infrastructure spending, weighing on semiconductors and related industries. Corporate IT buyers showed more moderate spending though with resilience expected for AI and cybersecurity. The wider creation or adoption of GenAI applications for businesses is expected to generate greater activity volumes for companies like JFrog. |
AI Infrastructure GenAI DeepSeek Data Centers Semiconductors |
Trade PolicyThe Trump administration's shock and awe tariff policy unveiled in early April led to significant market turbulence and caused the Federal Reserve and OECD to reduce their U.S. and global GDP growth forecasts. Companies are girding for greater turbulence before the waters calm, with the global trade outlook creating significant price swings recently. |
Tariffs Trade War GDP Forecasts Policy Uncertainty | |
Consumer FinanceConsumer spending slowed initially from creeping inflation and then March's level of U.S. Consumer Confidence fell to a four-year low. The manager prefers value-oriented or specialty retailers, franchise models, premium brands, or support services for other consumer companies in this environment. |
Consumer Confidence Inflation Retail Spending | |
Biopharma M&AIntra-Cellular Therapies was acquired by Johnson & Johnson in January, providing a 52% return for the quarter. The manager focuses on companies providing novel therapies for unmet needs that deserve premium pricing, with Insmed's Brensocatib receiving FDA priority review for bronchiectasis treatment. |
M&A Novel Therapies FDA Approval Biotech | |
| 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 affects Information Technology budget setting cycles as companies approach year end. |
Cloud Technology Spending Investment Infrastructure |
CybersecurityCrowdStrike experienced a significant customer outage due to a faulty content configuration update but subsequently delivered solid results. The company has closed several large deals since the outage and is offering customers discounted modules through its Flex program. |
Security Software Enterprise Cloud Protection | |
E-commerceDoorDash delivered broad-based positive results versus street expectations with the manager building and ramping up position size. The online food delivery platform and logistics provider climbed 31% during the quarter. |
Delivery Logistics Platform Digital Consumer | |
| 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 |
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 | |
SemiconductorsSeveral semiconductor companies notably Taiwan Semiconductor lowered their outlook given the weakness in the automotive end markets. This pressured the broader semiconductor ecosystem including companies like Monolithic Power Systems. |
Automotive Taiwan Semiconductor Ecosystem | |
Trade DownConsumer spending remains tight with personal savings rates below long-term averages. Many national retailers saw either reduced customer demand or shifts to lower-priced items. Some retailers successfully navigated the environment offering better values or private-label options. |
Consumer Private Label Value | |
| 2024 Q1 |
AIGenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers. |
GenAI Data Centers Infrastructure Energy Technology |
Data CentersData centers could account for 20-25% of U.S. power demand, up from 4% today according to industry experts. This massive increase in power requirements creates opportunities in energy production, procurement, and transmission infrastructure. Current electrical grid limitations should drive activity among industrial equipment suppliers and engineering contractors. |
Power Demand Infrastructure Grid Energy Industrials | |
CybersecurityHigh demand for cybersecurity systems is unlikely to abate in the active threat environment. CrowdStrike expanded beyond endpoint security to cloud workloads and identity management, driving strong platform demand. CyberArk benefited from expanding Privileged Access Management platform with steady subscription renewals and new product sales. |
Threat Environment Cloud Security Identity Platform Subscriptions | |
Energy TransitionRegional and local energy self-sufficiency moves are propelling industrial activity, especially among equipment suppliers and engineering contractors. This trend combines with data center power demands to create infrastructure investment opportunities. Grid limitations require upgrades to support new energy demands. |
Self-sufficiency Infrastructure Grid Upgrade Regional Equipment | |
| 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, requiring additional governance rules for cyber risk management strategy. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. |
Cybersecurity IT Budgets SEC Rules Cyber Risk Security Solutions |
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. |
Infrastructure Capital Expenditures Automation Supply Chain Government Programs | |
OnshoringSupply chains are moving closer to home, particularly away from China, driving industrial capital expenditures. This structural shift is expected to continue for several years as companies address labor challenges with greater automation and relocate production domestically. |
Onshoring Supply Chain China Domestic Production Automation | |
| 2023 Q3 |
CloudWhile cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now beginning to reengage with cloud initiatives as they reach better financial positions, with green shoots noted by some holdings. |
Cloud Infrastructure SaaS Enterprise Software Digital Transformation Cost Optimization |
GLP1Enthusiasm for new GLP-1 obesity treatments touched nearly all areas of healthcare and consumer discretionary sectors. The sentiment seems extreme, especially how medical technology stocks were punished, but this may create investment opportunities. |
Diabetes Weight Loss Medical Devices Healthcare Pharmaceuticals | |
Infrastructure SpendingIndustrial infrastructure benefits from increased spending as companies reassess supply chains due to geopolitical pressures and higher costs of long-distance shipments. Government support programs for infrastructure investments create significant project backlogs for holdings capable of improving industrial efficiency. |
Industrial Policy Supply Chain Government Spending Construction Automation | |
AutomationCompanies are increasing use of productivity enhancement tools and software to offset rising labor costs. There is secular growth from rapid push towards automated and connected manufacturing, offering an offset to rising labor costs. |
Industrial Automation Robotics Manufacturing Labor Costs Productivity | |
Trade DownConsumers have traded down with spending habits or tightened wallets, partly responding to higher expenses from rising credit costs and energy prices. This makes the manager more cautious about consumer-oriented companies. |
Consumer Spending Discount Retail Economic Pressure Credit Costs Energy Prices |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Sonu Chawla | TTWO | Take-Two Interactive Software, Inc. | Communication Services | Interactive Home Entertainment | Bull | NASDAQ | Bookings, Engagement, Franchises, Gaming, Releases | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | PINS | Pinterest, Inc. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, Engagement, International, monetization, social media | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | AXON | Axon Enterprise, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | AI, growth, Lawenforcement, Retention, Software | Login |
| Jan 21, 2026 | Fund Letters | Sonu Chawla | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Foundry, Margins, Memory, Semicap | Login |
| Jul 15, 2025 | Fund Letters | Sonu Chawla | JFROG | JFrog Ltd. | Information Technology | Application Software | Bull | NASDAQ | Automation, Devops, guidance, Retention, Software, Subscriptions, Usage | Login |
| TICKER | COMMENTARY |
|---|---|
| ALL | Allstate Corp. provides property and casualty, and other insurance products. Personal lines insurance pricing continues to steadily deteriorate (following years of outsized increases), at the same time that we believe two of the largest players, State Farm and Geico are increasingly leaning into growth; this will pressure growth, margins, and ROE for the rest of the industry, and we believe these headwinds have not yet been fully reflected in consensus estimates. For these reasons, we decided to exit the position, with its shares falling by -11% during the quarter. |
| AME | Electronic instruments and electromechanical device manufacturer AMETEK Inc. rose 9%. Third quarter results came in ahead of sell-side expectations, with new orders leading to a record backlog. |
| ARGX | Shares of argenx SE contributed to performance, rising 14.0% during the fourth quarter and finishing 2025 up 37.8%. Argenx is a leading biotechnology company best known for developing Vyvgart, the leading FcRn inhibitor for the treatment of autoimmune conditions. Sales of Vyvgart continue to progress well in Generalized Myasthenia Gravis (Generalized MG) while the Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) launch is also off to a strong start. |
| AXON | Axon Enterprise Inc. develops and produces Taser weapons and body cameras for law enforcement agencies. Investors have grown accustomed to big beats and raises from Axon. A slight beat to third-quarter projections and mixed fourth-quarter guidance triggered a -21% decline. We added to the position due to solid customer growth and retention. There are also numerous growth drivers for their business including Taser 10, bodycam 4, and their artificial intelligence software bundle. |
| CASY | We trimmed Casey's on strength, and the stock's roughly flat performance compared favorably with benchmark's sector returns, which declined nearly -11%. |
| COR | Cencora Inc., a pharmaceutical sourcing and distribution company, gained 8%. Fiscal fourth quarter earnings outpaced the consensus as strength in the U.S. offset a miss in their international business. Management also announced that it is considering strategic alternatives for the animal health and non-core parts of its PharmaLex business. |
| CRS | Carpenter Technology Corp. was one of the top five winners for the quarter. |
| CSL | Carlisle Companies Inc. operates as a manufacturer and supplier of building envelope products and solutions. Overall third quarter results were positive as earnings surpassed the consensus. Growth in commercial re-roofing was offset by weakness in commercial new construction and soft residential demand. We decided to exit the Carlisle position because the housing market requires either improved affordability through increased supply or a more dramatic exogenous shock to rates before a sustained recovery can take hold. Carlisle's shares slipped by -2% while held in the quarter. |
| DASH | DoorDash Inc. operates a commerce platform that connects merchants, consumers, and independent contractors. reported better-than-expected quarterly results. However, management announced a significant increase in planned investments for 2026, which led to a -17% decline in its share price. |
| EME | EMCOR Group is a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile we view as more durable than a typical cyclical contractor framework. |
| HOOD | Robinhood Markets, Inc. is a digital brokerage platform serving retail investors. Shares detracted during the quarter following robust performance over the first nine months of the year. While overall activity levels remain strong, Robinhood experienced some softening in customer engagement in November, with cryptocurrency trading volumes in particular declining on both a month-over-month and year-over-year basis. |
| INSM | Insmed Inc., a biopharmaceutical company focused on developing and commercializing therapies for patients with rare diseases, advanced 21% over the quarter. We have been pleased with the launch of Brensocatib, a first-in-class oral medication that treats non-cystic fibrosis bronchiectasis. The reception has been positive from physicians, patients, and payers. |
| ORLY | Weakest performers included O'Reilly Automotive (-15%) |
| PINS | Pinterest Inc., an image-based social media company, pulled back by -20%. The company reported an inline quarter, however, guidance for fourth quarter revenue and profits was slightly below Street expectations. Pinterest has been pleased with the adoption of new functionality by advertisers as they strive to gain higher returns on advertising spend. User engagement trends have also been solid with monthly active user growth increasing solidly, notably in international markets. |
| POOL | Pool Corp. distributes swimming pool supplies, equipment, and accessories. The industry remains range-bound, with limited catalysts and sluggish trends in new-home sales and construction. We liquidated the position and redeployed the proceeds into other areas with better growth prospects. Pool sank by -25% while held in the quarter. |
| RGEN | Other strong performers in the quarter, primarily driven by strong earnings results, included Repligen |
| ROST | ROST posted strong same-store sales in its fiscal third quarter. In our estimation, the new CEO is doing an excellent job of reviving growth. We also believe that this off-price retailer is advantaged over traditional apparel companies because of its everyday discounts. In the current economy, where certain consumers are stressed, ROST fills a critical need. |
| TPG | The underperformance came from: Texas Pacific Land Corp |
| TTWO | Take-Two Interactive Software Inc. develops, publishes, and markets interactive software games. Their game franchise includes Grand Theft Auto, BioShock, Red Dead Redemption, Max Payne, NBA 2 K, LA Noire, Civilization, Midnight Club, and Borderlands. The company delivered solid fiscal second-quarter results, with 20% year-over-year growth in recurring consumer spending. Net bookings projections were therefore increased. Overshadowing earnings was an announcement that its subsidiary, Rockstar Games, will delay the launch of Grand Theft Auto 6 from May to November 2026 to allow for a higher level of polish. GTA6 is the most anticipated game launch in the company's history. Shares of Take-Two fell sharply following that report and we added to our position on weakness. Take-Two's price subsequently rebounded and ended the quarter down on -1%, which far exceeded the benchmark sector average of -20%. |
| VEEV | Veeva Systems Inc. provides industry cloud solutions to the global life sciences industry. The company delivered solid fiscal third-quarter results and issued guidance above the Street. Veeva management reiterated confidence in achieving its 2030 financial targets, maintaining that the current focus on competitive dynamics with Salesforce.com in the customer relationship management (CRM) market (20% of Veeva's total revenues) does not undermine its long-term trajectory. Despite these positives, the stock sold off by -25% on competitive concerns in the CRM market as Veeva projected lower Vault CRM customer versus its initial expectations. |
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