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 IAC Inc. (NASDAQ:IAC), in the third quarter 2024 investor letter. IAC Inc. (NASDAQ:IAC) is a media and internet company. The one-month return of IAC Inc. (NASDAQ:IAC) was -12.65%, and its shares lost 1.76% of their value over the last 52 weeks. On December 6, 2024, IAC Inc. (NASDAQ:IAC) stock closed at $48.13 per share with a market capitalization of $4.152 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding IAC Inc. (NASDAQ:IAC) in its Q3 2024 investor letter:
“For the Communication Services sector, we generally prefer to invest in media and services companies that are either well placed from an advertising perspective with a target audience or provide differentiated services. Moving in the other direction was IAC Inc. (NASDAQ:IAC) with its 15% gain. This media and Internet conglomerate includes Dotdash Meredith (DDM) and Angi HomeServices. DDM provides digital and print publishing services. Angi offers referrals for repairs, remodels, cleaning, and landscaping. DDM continued its run of strong performance in the second quarter, while Angi’s focus on profitable growth and improved customer experience is gaining traction.”
A modern digital device being used to access the content & services of the company.
IAC Inc. (NASDAQ:IAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of the third quarter which was 42 in the previous quarter. While we acknowledge the potential of IAC Inc. (NASDAQ:IAC) 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 IAC Inc. (NASDAQ:IAC) and shared TimesSquare Capital Management U.S. Small Cap 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.