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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
During the third quarter of 2026, the TimesSquare U.S. Small Cap Growth Strategy returned -7.77% net of fees (-7.53% gross), outperforming the benchmark Russell 2000 Growth Index net return of -9.39%. Year-to-date, the strategy has returned 6.63% net of fees compared to 10.71% for the benchmark. Strategy outperformance was driven by positive stock selection and favorable factor exposure in Information Technology, Financials, and Consumer Staples, whereas positioning within Industrials, Health Care, and Consumer Discretionary detracted from relative performance. The macroeconomic environment was characterized by renewed monetary tightening as the Federal Reserve raised the federal funds target range by 25 basis points to 3.75%-4.00% amid multi-decade highs in Treasury yields. In addition, an escalating U.S.-Iran conflict prompted a sharp rally in crude oil prices, dampening consumer confidence despite resilient manufacturing and service sectors. In this volatile backdrop, market breadth narrowed substantially, penalizing momentum-driven, highly leveraged equities and favoring profitable enterprises with conservative balance sheets. Portfolio activity reflected disciplined scenario analysis, with capital reallocated away from fully valued or cap-constrained holdings toward mispriced high-quality growth businesses. The team initiated new long positions in enterprise content provider Box, Inc. and Midwestern lender Old National Bancorp, while fully exiting Credo Technology following market cap appreciation and selling Fabrinet on elevated valuation. Sizable contributors included Repligen Corporation and Netskope, while Regal Rexnord and JBT Marel faced transient supply and integration headwinds.
Disciplined bottom-up selection of high-quality small-cap growth companies with distinct competitive advantages, strong balance sheets, and sustainable earnings growth outperforms through full economic cycles.
Interest rate trajectories and long-term Treasury yields will remain the primary drivers of small- and mid-cap growth equities, prompting a disciplined, scenario-based stock selection approach rather than broad macroeconomic wagers.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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