TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 6.50% (gross) and 6.24% (net), compared to an 8.41% return for the Russell 2000 Growth Index. Global markets performed fairly in the third quarter, with the majority of credit and stock markets reporting returns in the mid- to high single-digit range. Energy costs decreased and economic activity indicators remained steady, but recent increases in Middle East tensions started to reverse that. Smaller or value-oriented stocks in developed economies yielded higher returns in the equity space, whereas emerging markets saw the opposite trend. Beta was one of the most powerful variables in global equities this quarter, following a poor first half of 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like Insmed Incorporated (NASDAQ:INSM) in its Q3 2024 investor letter. Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company that develops therapeutic products for patients with serious and rare diseases. The one-month return of Insmed Incorporated (NASDAQ:INSM) was 4.98%, and its shares gained 176.60% of their value over the last 52 weeks. On December 6, 2024, Insmed Incorporated (NASDAQ:INSM) stock closed at $75.40 per share with a market capitalization of $13.489 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Insmed Incorporated (NASDAQ:INSM) in its Q3 2024 investor letter:
“Vaxcyte, Inc. (developer of vaccines) and Insmed Incorporated (NASDAQ:INSM) (developer of treatments for various pulmonary diseases). Insmed has one commercially approved treatment for lung infections that is under review for expanded use. Recently another treatment reported positive clinical data that paves the way for a commercial launch in 2025. The latter, Brensocatib, will be the first approved to treat directly chronic bronchial issues that currently only have symptom mitigation methods.”
A biopharmaceutical research team taking notes in front of a laboratory’s microscope.
Insmed Incorporated (NASDAQ:INSM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM) at the end of the third quarter which was 74 in the previous quarter. Insmed Incorporated (NASDAQ:INSM) reported global net revenues of $93.4 million in the third quarter of 2024, up 18% compared to Q3 2023. While we acknowledge the potential of Insmed Incorporated (NASDAQ:INSM) 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 Insmed Incorporated (NASDAQ:INSM) and shared the list of high growth healthcare stocks to invest in. Baron Health Care Fund also initiated a position in Insmed Incorporated (NASDAQ:INSM) during Q3 2024. 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.
