TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the strategy returned 0.08% (gross) and -0.13% (net) compared to -3.21% for the Russell Midcap Growth Index. The equity markets performed well in the second quarter, as long as one held only a small number of the biggest, fastest-growing U.S. stocks (i.e., the Magnificent Seven). In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital Management U.S. Focus Growth Strategy highlighted stocks like Chemed Corporation (NYSE:CHE) in the Q2 2024 investor letter. Chemed Corporation (NYSE:CHE) is a company that offers hospice and palliative care services. The one-month return of Chemed Corporation (NYSE:CHE) was 0.72%, and its shares gained 14.43% of their value over the last 52 weeks. On September 10, 2024, Chemed Corporation (NYSE:CHE) stock closed at $571.49 per share with a market capitalization of $8.593 billion.
TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding Chemed Corporation (NYSE:CHE) in its Q2 2024 investor letter:
“There was also weakness from Chemed Corporation (NYSE:CHE), primarily a provider of hospice and palliative care services, as well as the operator of Roto-Rooter franchises for plumbing and related maintenance. Overall revenues and earnings were below expectations with the Roto-Rooter business weighing on results. In our follow-up discussions with Chemed, management noted it had seen lower call volumes for emergency work, which also was affected by consumers delaying spending. While Chemed plans initiatives to drive higher activity levels, we trimmed the position as it slipped by -15%.”
A close-up of an experienced nurse administering hospice and palliative care.
Chemed Corporation (NYSE:CHE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Chemed Corporation (NYSE:CHE) at the end of the second quarter which was 34 in the previous quarter. While we acknowledge the potential of Chemed Corporation (NYSE:CHE) 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 Chemed Corporation (NYSE:CHE) and shared TimesSquare Capital Management U.S. Focus Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
