TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy returned 3.90% (gross) and 3.69% (net) compared to 6.54% for the Russell Midcap Growth Index. The third quarter was stable for global markets, with most equity and credit markets achieving mid-to-high single-digit returns. Economic activity showed consistency, and energy prices fell; however, rising tensions in the Middle East have recently started to change this situation. 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 Chemed Corporation (NYSE:CHE) in the Q3 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 6.63%, and its shares gained 0.77% of their value over the last 52 weeks. On November 27, 2024, Chemed Corporation (NYSE:CHE) stock closed at $571.31 per share with a market capitalization of $8.56 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding Chemed Corporation (NYSE:CHE) in its Q3 2024 investor letter:
“Chemed Corporation (NYSE:CHE), a provider of healthcare and maintenance services, gained 11%. It operates Vitas and Roto-Rooter business segments. Vitas offers hospice and palliative care services through a network of physicians and registered nurses. Roto-Rooter includes plumbing, drain cleaning, and water restoration. Vitas continues to perform well as the pandemic-related pressures appear to have fully abated. The acquisition of Covenant, which occurred earlier in the year, also boosted revenue growth for Vitas. Conversely, Roto-Rooter has seen its revenues decline as demand continues to be impacted by lower spending by consumers on home services.”
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, 27 hedge fund portfolios held Chemed Corporation (NYSE:CHE) at the end of the third quarter which was 29 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 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.