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 ICON Public Limited Company (NASDAQ:ICLR) in the third quarter 2024 investor letter. Headquartered in Dublin, Ireland, ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization. The one-month return of ICON Public Limited Company (NASDAQ:ICLR) was 2.49%, and its shares lost 20.83% of their value over the last 52 weeks. On December 8, 2024, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $217.47 per share with a market capitalization of $17.95 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its Q3 2024 investor letter:
“Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization providing outsourced development services to the biopharmaceutical industry. Second quarter results were essentially in line with Street estimates; however, revenue guidance was lowered due to Covid drug trial delays. News that pharmaceutical companies are reducing costs along with an unclear picture on the biotech development funding environment caused us to lower our weight in ICON, which dropped by -8%.”
A laboratory setting with a team of scientists working on a clinical trial.
ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of the third quarter which was 54 in the previous quarter. ICON Public Limited Company’s (NASDAQ:ICLR) third quarter revenue was $2.03 billion, represents a year-on-year decrease of 1.2% or 1% on a constant currency basis. While we acknowledge the potential of ICON Public Limited Company (NASDAQ:ICLR) 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 ICON Public Limited Company (NASDAQ:ICLR) and shared Polen International Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.