TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the letter can be downloaded here. Within equities, smaller or value-oriented stocks in developed economies yielded higher, whereas emerging markets saw the opposite trend. In the third quarter, the strategy returned 4.96% (gross) and 4.75% (net) while the Russell Midcap Growth Index returned 6.54%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Cencora, Inc. (NYSE:COR), in the third quarter 2024 investor letter. Cencora, Inc. (NYSE:COR) sources and distributes pharmaceutical products. The one-month return of Cencora, Inc. (NYSE:COR) was -2.28%, and its shares gained 20.00% of their value over the last 52 weeks. On December 6, 2024, Cencora, Inc. (NYSE:COR) stock closed at $243.41 per share with a market capitalization of $47.05 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Cencora, Inc. (NYSE:COR) in its Q3 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. Cencora, Inc. (NYSE:COR), a pharmaceutical products distributor, had a flat return due to uneven fiscal third quarter results. US health care revenues grew for the quarter, however, international fell short. Gross margins deteriorated due to a higher mix of GLP-1s.”
A close-up of a staff member counting pills in a pharmaceutical warehouse.
Cencora, Inc. (NYSE:COR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Cencora, Inc. (NYSE:COR) at the end of the third quarter which was 47 in the previous quarter. Cencora, Inc.’s (NYSE:COR) consolidated revenue was $79.1 billion in the fiscal fourth quarter 2024, up 15% year-over-year. While we acknowledge the potential of Cencora, Inc. (NYSE:COR) 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 Cencora, Inc. (NYSE:COR) and shared the list of stocks that hedge funds and mutual funds are in love with and those that they hate according to Goldman Sachs. TimesSquare Capital Management U.S. Focus Growth Strategy noted in the previous quarter investor letter that Cencora, Inc. (NYSE:COR) declined 7% despite strong earnings and increased guidance. 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.