Aptiv PLC (APTV) Fell on Slowing Global Automotive Production Forecast by Management

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Aptiv PLC (NYSE:APTV) in the second quarter 2023 investor letter. Headquartered in Dublin, Ireland, Aptiv PLC (NYSE:APTV) is a vehicle components manufacturer. On October 2, 2023, Aptiv PLC (NYSE:APTV) stock closed at $97.25 per share. One-month return of Aptiv PLC (NYSE:APTV) was -5.73%, and its shares gained 10.35% of their value over the last 52 weeks. Aptiv PLC (NYSE:APTV) has a market capitalization of $27.505 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Aptiv PLC (NYSE:APTV) in its Q2 2023 investor letter:

“The Consumer Discretionary sector detracted from performance this quarter. More specifically among our holdings, there was a -9% dip from Aptiv PLC (NYSE:APTV), which supplies automotive electronic technology for safety and entertainment systems. Aptiv’s shares slipped as its management continued to forecast slowing global automotive production. Investors appeared to latch onto those conservative expectations rather than Aptiv’s steadily increasing component content levels per vehicle.”

Car, Automotive, Oil

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Aptiv PLC (NYSE:APTV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Aptiv PLC (NYSE:APTV) at the end of second quarter which was 46 in the previous quarter.

We discussed Aptiv PLC (NYSE:APTV) in another article and shared the list of best automotive stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 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.