TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like IAC Inc. (NASDAQ:IAC), in the first quarter 2024 investor letter. IAC Inc. (NASDAQ:IAC) is a media and internet company. The one-month return of IAC Inc. (NASDAQ:IAC) was -8.65%, and its shares lost 24.55% of their value over the last 52 weeks. On June 18, 2024, IAC Inc. (NASDAQ:IAC) stock closed at $46.03 per share with a market capitalization of $3.963 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding IAC Inc. (NASDAQ:IAC) in its first quarter 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. IAC Inc. (NASDAQ:IAC) is engaged in media and Internet businesses including ANGI and Dotdash Meredith (DDM). DDM provides digital and print publishing services. ANGI Homeservices offers repair, remodel, cleaning, and landscaping services through their marketplace. Its shares edged forward 2% on solid fourth quarter results and better forward guidance. DDM’s digital advertising business saw significant improvement, while ANGI made incremental improvements.”
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, 44 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of the first quarter which was 44 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 the list of best gig economy stocks to buy. TimesSquare Capital commented on IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter. The firm increased its position in the stock during the quarter despite a 20% decline. In addition, please check out our hedge fund investor letters Q1 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.
