TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 CoStar Group, Inc. (NASDAQ:CSGP) in the third quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and online marketplace services to commercial and residential property markets. On December 18, 2023, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $88.25 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was 5.95%, and its shares gained 15.05% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $36.036 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its Q3 2023 investor letter:
“In the Industrials sector we gravitate towards business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and online marketplace services to the commercial real estate industry. Second quarter revenues were in line with Street estimates while profits and earnings were above. Updated company guidance included a slight downtick in revenues, but an increase in profits. The company also increased its earnings guidance. However, the company plans to continue investing in the Homes.com initiative, which is seeing increased customer traffic and is taking market share. The specter of continued investments resulted in its shares trading down by -14%.”
A woman analyzing a large dataset on a computer screen, emphasizing the importance of analytics in the technology sector.
CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held CoStar Group, Inc. (NASDAQ:CSGP) at the end of third quarter which was 38 in the previous quarter.
We discussed CoStar Group, Inc. (NASDAQ:CSGP) in another article and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.
