TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ), in the first 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 11.83%, and its shares gained 47.05% of their value over the last 52 weeks. On June 18, 2024, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $90.01 per share with a market capitalization of $11.945 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its first quarter 2024 investor letter:
“Our preferences in the Consumer-oriented sectors lean toward value-oriented or specialty retailers, franchise models, or premium brands. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates membership warehouse clubs. Its shares gained 14% after they reported better-than-expected comparable sales growth along with in-line revenues and earnings for their fiscal fourth quarter. Highlights of the quarter were increased membership and customer traffic.”
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, 25 hedge fund portfolios held BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) at the end of the first quarter which was 27 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 most affordable grocery stores in the US. During the previous quarter, TimesSquare Capital actively traded its position in BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ). In addition, please check out our hedge fund investor letters Q1 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.
