Here’s What Lifted TPG (TPG) By 40%

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 TPG Inc. (NASDAQ:TPG) in the third quarter 2024 investor letter. Based in Fort Worth, Texas, TPG Inc. (NASDAQ:TPG) is an alternative asset manager. The one-month return of TPG Inc. (NASDAQ:TPG) was 0.10%, and its shares gained 82.30% of their value over the last 52 weeks. On December 6, 2024, TPG Inc. (NASDAQ:TPG) stock closed at $68.78 per share with a market capitalization of $25.457 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding TPG Inc. (NASDAQ:TPG) in its Q3 2024 investor letter:

“In the Financials sector we tend to avoid banks that face credit deterioration or rising deposit costs, preferring either asset managers or specialized insurance companies. TPG Inc. (NASDAQ:TPG) is an alternative asset management firm. The company enjoyed healthy results in the second quarter, with catch-up fees from several deal closings driving management fee upside. Expense controls were also a positive catalyst. The quarter also featured strong fundraising at Angelo Gordon. These developments lifted TPG by 40%.”

A successful businessman shaking hands with a client in a modern office building, celebrating a successful financial transaction.

TPG Inc. (NASDAQ:TPG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held TPG Inc. (NASDAQ:TPG) at the end of the third quarter which was 27 in the previous quarter. While we acknowledge the potential of TPG Inc. (NASDAQ:TPG) 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 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.