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 Veeva Systems Inc. (NYSE:VEEV), in the second quarter 2024 investor letter. Veeva Systems Inc. (NYSE:VEEV) offers cloud-based software for the life sciences industry. The one-month return of Veeva Systems Inc. (NYSE:VEEV) was 17.90%, and its shares gained 3.07% of their value over the last 52 weeks. On September 10, 2024, Veeva Systems Inc. (NYSE:VEEV) stock closed at $221.89 per share with a market capitalization of $35.932 billion.
TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its Q2 2024 investor letter:
“Showing a -21% share weakness was Veeva Systems Inc. (NYSE:VEEV), which provides cloud-based systems for the life sciences industries, from R&D to commercialization. In April, Veeva announced the departure of its CFO and the interim appointment of its former CFO and current board member. As they search for a permanent replacement who has a software background, we are comfortable that the company is in good hands with the interim CFO who had been in that role from 2010-2020. Toward the end of the quarter, Veeva reported higher-than-anticipated revenues and earnings. However, Veeva slightly reduced its projections for the rest of the fiscal year because some recent client contracts will delay their starts until later in the year. There were no indications that Veeva was not closing deals nor that clients were cancelling.”
A team of IT experts monitoring a network of computers managing the medical content and communications.
Veeva Systems Inc. (NYSE:VEEV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the second quarter which was 46 in the previous quarter. While we acknowledge the potential of Veeva Systems Inc. (NYSE:VEEV) 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 Veeva Systems Inc. (NYSE:VEEV) and shared Ithaka US Growth Strategy’s views on the company. Conestoga Capital Advisors expressed its confidence in the long-term outlook of Veeva Systems Inc. (NYSE:VEEV) in its Q2 2024 investor letter. 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.
