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 Smartsheet Inc. (NYSE:SMAR) in the third quarter 2024 investor letter. Smartsheet Inc. (NYSE:SMAR) offers an enterprise platform to plan, capture, manage, automate, and report on work for teams and organizations. The one-month return of Smartsheet Inc. (NYSE:SMAR) was 0.32%, and its shares gained 27.48% of their value over the last 52 weeks. On December 9, 2024, Smartsheet Inc. (NYSE:SMAR) stock closed at $56.08 per share with a market capitalization of $7.85 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Smartsheet Inc. (NYSE:SMAR) in its Q3 2024 investor letter:
“Among the wide variety of Information Technology companies, we prefer critical system providers, specialized component designers, systems that improve productivity or efficiency for their clients, and others that are growing their shares of corporate IT budgets.Smartsheet Inc. (NYSE:SMAR), a designer and developer of a cloud-based platform for work management, jumped 26%. The company reported solid fiscal second quarter results with broad-based beats on key metrics, including annualized recurring revenues and operating margins. The company won new business and expanded its relationship with a large customer. At the end of the quarter, prior acquisition rumors were confirmed when Smartsheet agreed to be taken private.”
An executive in suit presenting a large touch screen of the company’s cloud-based enterprise platform.
Smartsheet Inc. (NYSE:SMAR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Smartsheet Inc. (NYSE:SMAR) at the end of the third quarter which was 57 in the previous quarter. While we acknowledge the potential of Smartsheet Inc. (NYSE:SMAR) 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 Smartsheet Inc. (NYSE:SMAR) and shared Meridian Growth Fund’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.
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Disclosure: None. This article is originally published at Insider Monkey.