TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned -1.59% (gross) and -1.83% (net), compared to a -2.92% return for the Russell 2000 Growth Index. The equity markets performed well in the second quarter, as long as one held only a handful of the biggest, fastest-growing U.S. stocks. Despite profitability turning positive this quarter following negative or neutral results in previous quarters, momentum remained the most important component in the worldwide market. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital Management U.S. Small Cap Growth Strategy highlighted stocks like Silk Road Medical, Inc (NASDAQ:SILK) in its Q2 2024 investor letter. Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company that offers products for the treatment of carotid artery disease. The one-month return of Silk Road Medical, Inc (NASDAQ:SILK) was 1.63%, and its shares gained 67.42% of their value over the last 52 weeks. On September 16, 2024, Silk Road Medical, Inc (NASDAQ:SILK) stock closed at $27.49 per share with a market capitalization of $1.117 billion.
TimesSquare Capital Management U.S. Small Cap Growth Strategy stated the following regarding Silk Road Medical, Inc (NASDAQ:SILK) in its Q2 2024 investor letter:
“Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company focused on developing products to treat carotid artery disease. In late June, Boston Scientific announced plans to acquire Silk Road Medical to expand their cardiology portfolio and that news boosted the stock by 46%.”
A technician using an ENHANCE Transcarotid Peripheral Access Kit to perform a procedure.
Silk Road Medical, Inc (NASDAQ:SILK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Silk Road Medical, Inc (NASDAQ:SILK) at the end of the second quarter which was 27 in the previous quarter. While we acknowledge the potential of Silk Road Medical, Inc (NASDAQ:SILK) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Silk Road Medical, Inc (NASDAQ:SILK) and shared Wasatch Micro-Cap Growth-U.S. Strategy’s views on the company. Baron Discovery Fund also benefitted from the performance of Silk Road Medical, Inc (NASDAQ:SILK) during Q2 2024. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
