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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Mar 31, 2024
TimesSquare Capital Management's U.S. Small/Mid Cap Growth Strategy returned 5.90% net in Q1 2024, underperforming the Russell 2500 Growth Index's 8.51% return primarily due to not owning Super Micro and MicroStrategy, which accounted for over a quarter of the index's return. The portfolio's fundamental research-driven approach focuses on companies with quality management and sustainable growth across multiple sectors. Key investment themes include AI and GenAI infrastructure development, data center energy demands that could reach 20-25% of U.S. power consumption, and electrical grid upgrades driven by energy infrastructure limitations. The manager actively trimmed positions in strong performers like Shockwave Medical (up 71% on J&J acquisition news), Krystal Biotech (up 42%), and several industrial names while adding to Five Below on weakness. Healthcare utilization strengthened beyond GLP-1 themes, while consumer spending remained mixed with value-conscious behavior. Looking ahead, the team monitors central bank policies and election developments while maintaining their bottom-up investment approach focused on earnings growth and business fundamentals.
TimesSquare Capital Management focuses on fundamental research-driven growth investing in U.S. small to mid-cap stocks, seeking companies with quality management, distinct competitive advantages, and strong sustainable growth while navigating a market environment dominated by AI and technology infrastructure themes.
Looking further into 2024, markets will keep a close eye on central banks and the election booths. Many central banks telegraphed plans for easing rates with the notable exception of Japan where the BOJ recently ended its negative interest rate policy, though remained dovish by continuing to buy government bonds. As bottom-up investors, we seek underpinnings to near-term valuations in the form of expected earnings growth and other business fundamentals.
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