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 Saia, Inc. (NASDAQ:SAIA), in the third quarter 2024 investor letter. Saia, Inc. (NASDAQ:SAIA) is a North America-based transportation company. The one-month return of Saia, Inc. (NASDAQ:SAIA) was -7.56%, and its shares gained 29.81% of their value over the last 52 weeks. On December 6, 2024, Saia, Inc. (NASDAQ:SAIA) stock closed at $515.93 per share with a market capitalization of $13.72 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Saia, Inc. (NASDAQ:SAIA) in its Q3 2024 investor letter:
“Many of our Industrial positions provide necessary business-to-business operational services, highly technical components, equipment enabling automation & efficiency improvements, or essential infrastructure services. Saia, Inc. (NASDAQ:SAIA) is a transportation company providing less-than-truckload services. Its share price fell -8% after reporting disappointing second quarter earnings. Start-up costs associated with opening three new major facilities were higher than anticipated and a shift away from heavy industrial customers to large national account retailers impacted results.”
A long line of trucks transporting goods across the open road, symbolizing the long-distance transportation services of the company.
Saia, Inc. (NASDAQ:SAIA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Saia, Inc. (NASDAQ:SAIA) at the end of the third quarter which was 25 in the previous quarter. Saia, Inc. (NASDAQ:SAIA) reported $842 million in revenues in the third quarter, an increase of 8.6% from Q3 2023 and set a record for any third quarter in the history of the company. While we acknowledge the potential of Saia, Inc. (NASDAQ:SAIA) 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 Saia, Inc. (NASDAQ:SAIA) and shared the list of most profitable industrial stocks to invest in. 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.