TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” first-quarter investor letter. A copy of the letter can be downloaded here. In the first quarter, the strategy returned 11.72% (gross) and 11.49% (net) compared to 9.50% for the Russell Midcap Growth Index. The first-quarter performance was barbelled, particularly for U.S. small- to mid-cap equities. The best-performing stocks were those with the highest quality (return on equity) or low valuations (price/earnings). Stocks with higher risk (beta) or stocks with hyper-growth expectations were also rewarded. 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 CrowdStrike Holdings, Inc. (NASDAQ:CRWD), in the first quarter 2024 investor letter. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a global cyber security provider. The one-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 8.30%, and its shares gained 168.41% of their value over the last 52 weeks. On June 21, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $380.63 per share with a market capitalization of $92.63 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its first quarter 2024 investor letter:
“The high demand for cybersecurity systems is unlikely to abate, which benefited CrowdStrike Holdings, Inc. (NASDAQ:CRWD). The company’s expansion beyond endpoint security to offering security on all cloud workloads, along with its growing product suite in areas such as identity and security information & event management, is driving strong demand for its platform among customers amidst a very active cyberthreat environment. That lifted its shares by 25% this quarter, and we trimmed our position.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of the first quarter which was 62 in the previous quarter. While we acknowledge the potential of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) 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.
We discussed CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in another article and shared the list of best SaaS stocks to buy. Carillon Eagle Mid Cap Growth Fund benefited in Q1 2024 from CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock’s recent performance. 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.
