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 Addus HomeCare Corporation (NASDAQ:ADUS), in the second quarter 2024 investor letter. Addus HomeCare Corporation (NASDAQ:ADUS) offers personal care services to elderly, chronically ill, disabled persons, and individuals who are at risk of hospitalization. The one-month return of Addus HomeCare Corporation (NASDAQ:ADUS) was 1.27%, and its shares gained 57.78% of their value over the last 52 weeks. On September 13, 2024, Addus HomeCare Corporation (NASDAQ:ADUS) stock closed at $132.00 per share with a market capitalization of $2.389 billion.
TimesSquare Capital Management U.S. Small Cap Growth Strategy stated the following regarding Addus HomeCare Corporation (NASDAQ:ADUS) 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. Addus HomeCare Corporation (NASDAQ:ADUS) administers personal care and hospice services to elderly and disabled patients. Its share price improved 13% on solid results, which included a modest revenue beat driven by improved sequential volumes and better expense controls, leading to a profit margin that was ahead of expectations.”
A nurse providing hospice care in a home setting, reassuring a patient’s family members.
Addus HomeCare Corporation (NASDAQ:ADUS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Addus HomeCare Corporation (NASDAQ:ADUS) at the end of the second quarter which was 23 in the previous quarter. Addus HomeCare Corporation’s (NASDAQ:ADUS) revenue for the second quarter of 2024 was $286.9 million, up 10.4% compared to Q2 2023. While we acknowledge the potential of Addus HomeCare Corporation (NASDAQ:ADUS) 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 Addus HomeCare Corporation (NASDAQ:ADUS) and shared Wasatch Small Cap Growth Strategy’s views on the company. 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.
