TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy returned 3.90% (gross) and 3.69% (net) compared to 6.54% for the Russell Midcap Growth Index. The third quarter was stable for global markets, with most equity and credit markets achieving mid-to-high single-digit returns. Economic activity showed consistency, and energy prices fell; however, rising tensions in the Middle East have recently started to change this situation. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Focus Growth Strategy highlighted stocks like BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ), in the third quarter 2024 investor letter. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates warehouse clubs that provide groceries, general merchandise, gasoline and other ancillary services, coupon books, and promotions. The one-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was 13.93%, and its shares gained 49.08% of their value over the last 52 weeks. On November 27, 2024, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $96.77 per share with a market capitalization of $12.869 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its Q3 2024 investor letter:
“Membership warehouse operator BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) sold off by -9%. The company posted a high quality second quarter beat on merchandise sales and higher same store sales. Member metrics continue to impress. However, the market reacted negatively to disappointing forward guidance. In our view, management is making near-term investments to generate future growth.”
A customer happily filling up their tank at the Wholesale Club’s gasoline station.
BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) at the end of the third quarter which was 34 in the previous quarter. While we acknowledge the potential of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) 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 BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) and shared the list of best grocery stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.