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 Amphenol Corporation (NYSE:APH), in the second quarter 2024 investor letter. Amphenol Corporation (NYSE:APH) designs and manufactures electrical, electronic, and fiber optic connectors. The one-month return of Amphenol Corporation (NYSE:APH) was -6.51%, and its shares gained 40.08% of their value over the last 52 weeks. On September 10, 2024, Amphenol Corporation (NYSE:APH) stock closed at $60.79 per share with a market capitalization of $72.92 billion.
TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding Amphenol Corporation (NYSE:APH) in its Q2 2024 investor letter:
“Adding to that trend, Amphenol Corporation (NYSE:APH) reported better-than-expected results. The producer of electrical, electronic and fiber optic cables, and connectors showed steady organic revenue growth and enhanced its margins—especially in areas such as data communications, military applications, and commercial aerospace. Guidance for the next fiscal quarter was higher than expected, and Amphenol’s shares responded with a 17% gain.”
Amphenol Corporation (NYSE:APH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. Amphenol Corporation (NYSE:APH) was held by 72 hedge fund portfolios at the end of the second quarter, compared to 51 in the previous quarter, according to our database. The second quarter results of Amphenol Corporation (NYSE:APH) exceeded expectations with remarkable sales of $3.61 billion, representing an 18% increase in US dollars compared to Q2 2023. While we acknowledge the potential of Amphenol Corporation (NYSE:APH) 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 Amphenol Corporation (NYSE:APH) and shared Mar Vista Strategic Growth Strategy’s views on the company. 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.