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 Tractor Supply Company (NASDAQ:TSCO), in the third quarter 2024 investor letter. Tractor Supply Company (NASDAQ:TSCO) is a rural lifestyle retailer in the United States. The one-month return of Tractor Supply Company (NASDAQ:TSCO) was 0.32%, and its shares gained 30.73% of their value over the last 52 weeks. On December 6, 2024, Tractor Supply Company (NASDAQ:TSCO) stock closed at $282.46 per share with a market capitalization of $30.178 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Tractor Supply Company (NASDAQ:TSCO) in its Q3 2024 investor letter:
“Our preferences in the Consumer-oriented sectors lean toward value-oriented or specialty retailers, franchise models, or premium brands. Tractor Supply Company (NASDAQ:TSCO) is engaged in the retail of farm and ranch products. Mixed second quarter results included a miss to same store sales and in-line earnings. We used that share price weakness as an opportunity to add to the position for this differentiated business. Its share price recovered later in the third quarter with an overall 8% gain on news that management plans to open 80 new stores this year and 90 in fiscal 2025.”
An equestrian rider proudly leading a horse around a competition course.
Tractor Supply Company (NASDAQ:TSCO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Tractor Supply Company (NASDAQ:TSCO) at the end of the third quarter which was 35 in the previous quarter. Tractor Supply NASDAQ:TSCO) net sales grew 1.6% in the third quarter while comparable sales down a slight 0.2%. While we acknowledge the potential of Tractor Supply Company (NASDAQ:TSCO) 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 Tractor Supply Company (NASDAQ:TSCO) and shared the list of best farmland and agriculture stocks to invest in according to hedge funds. 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.