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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
TimesSquare's U.S. FOCUS Growth Strategy reported a -3.76% net return for 4Q25, slightly lagging its gross composite (-3.55%) but ending the full year ahead of the Russell Midcap Growth Index benchmark at 13.88% net. Throughout the quarter, global equity markets advanced amidst complex central bank easing, tariff discussions, and regional geopolitical tensions in Ukraine and Venezuela. In the portfolio, positive contributions and steady outlooks were highlighted in Financials (TPG), Healthcare (Cencora), and IT (Amphenol), while near-term pullbacks in HubSpot, Veeva, and O'Reilly were attributed to elevated expectations or transitory headwinds. Looking to 2026, the fund is positioned to capture opportunities in AI acceleration, defense stockpiling, and consumer tax reform tailwinds.
The strategy is fundamental research-driven with a growth investment style. It focuses on identifying high-quality companies with distinct competitive advantages, quality management, and strong, sustainable growth, primarily within the range of capitalizations of the Russell Midcap Growth Index.
As we enter 2026, the global landscape continues to evolve, shaped by trends toward national economic resilience and shifting trade dynamics. Geopolitical risks remain elevated, but the manager expects positive tailwinds from tax reforms ('One Big Beautiful Bill') and a significant acceleration in AI adoption. The focus remains on fundamental stock picking, seeking steady management teams capable of generating growth.
As of Dec 31, 2025
The U.S. Mid Cap Growth Strategy is managed by three experienced portfolio managers who bring complementary expertise spanning 25+ years of industry experience. Sonu Chawla, CFA serves as Partner and Portfolio Manager with 25 years of industry experience and 7 years at TSCM, specializing in fundamental research with emphasis on management quality and long-term compounding, covering Software, Technology Services, and Internet Communications sectors. Grant R. Babyak holds positions of Chief Executive Officer, Partner, and Portfolio Manager, bringing 37 years of industry experience and 25 years with TimesSquare, providing institutional memory and strategic oversight. Edward F. Salib serves as Partner and Portfolio Manager/Analyst focusing on consumer discretionary and staples sectors. The team is supported by 8 experienced research analysts in a collaborative research environment emphasizing thorough fundamental analysis. TimesSquare Capital Management LLC was founded in 2000 and operates as a significantly employee-owned organization and independent affiliate of Affiliated Managers Group since 2004. The firm employs 43 individuals including 19 equity partners and 21 investment professionals who average 23 years industry experience and 13 years at TSCM. The employee ownership structure aligns interests with client success and promotes retention of key professionals through equity participation.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Growth Outlook
Market outlook remains above average conviction: The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Risk Appetite
Risk appetite posture is above average conviction: The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Forward Guidance
Forward guidance signal: The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Language Signal
Tone analysis indicates above average conviction language: The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Time Horizon
Investment time horizon reflects a high conviction orientation. The TimesSquare U.S. FOCUS Growth Strategy navigated a complex macro environment in 4Q25, finishing the year with a net return of 13.88%, well ahead of the Russell Midcap Growth In...
Top Conviction Themes
Key Catalysts
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