TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Aspen Technology, Inc. (NASDAQ:AZPN) in the second quarter 2023 investor letter. Headquartered in Bedford, Massachusetts, Aspen Technology, Inc. (NASDAQ:AZPN) offers enterprise asset performance, monitoring management, and optimization solutions. On October 2, 2023, Aspen Technology, Inc. (NASDAQ:AZPN) stock closed at $203.20 per share. One-month return of Aspen Technology, Inc. (NASDAQ:AZPN) was 6.41%, and its shares lost 18.74% of their value over the last 52 weeks. Aspen Technology, Inc. (NASDAQ:AZPN) has a market capitalization of $13.083 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Aspen Technology, Inc. (NASDAQ:AZPN) in its Q2 2023 investor letter:
“Detracting from that shine was a -27% decline from Aspen Technology, Inc. (NASDAQ:AZPN), which specializes in software that optimizes process manufacturing for pharmaceuticals, engineering and construction, and other industries. The company reported revenues and earnings that were less than anticipated, as was the guidance for the balance of its fiscal year. Although demand had remained stable across Aspen’s various industry clients, some—especially in the chemical industry—were delaying deal finalizations, which in turn will push back some revenue and earnings recognition until later in 2023. After speaking with Aspen’s management team, we felt comfortable that expectations had been reset and that the price sell-off had overreacted to that. That gave Aspen a more attractive balance of growth and valuation, so we added to our position.”
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Aspen Technology, Inc. (NASDAQ:AZPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Aspen Technology, Inc. (NASDAQ:AZPN) at the end of second quarter which was 22 in the previous quarter.
We discussed Aspen Technology, Inc. (NASDAQ:AZPN) in another article and shared the list of five best biofuel stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 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.
