TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the strategy returned -1.35% (gross) and -1.56% (net) compared to 8.14% for the Russell Midcap Growth Index. In the fourth quarter, the U.S. small to mid-cap growth equities with the greatest valuation (P/E), lowest quality (return on equity), or highest risk (beta or volatility) provided the strongest gains. In this environment, the portfolio’s fourth-quarter performance fell short of the Russell Midcap® Growth Index, resulting in poor performance for the year. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, TimesSquare Capital Management U.S. Focus Growth Strategy emphasized stocks such as IDEXX Laboratories, Inc. (NASDAQ:IDXX). IDEXX Laboratories, Inc. (NASDAQ:IDXX) develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets. The one-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was -9.79%, and its shares lost 23.50% of their value over the last 52 weeks. On April 4, 2025, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $393.73 per share with a market capitalization of $31.907 billion.
TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its Q4 2024 investor letter:
“Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. IDEXX Laboratories, Inc. (NASDAQ:IDXX) develops and distributes products for the veterinary, livestock, poultry, dairy, and water testing markets. Revenues for the third quarter were below expectations due to lower veterinarian visits and stemming from hurricanes Helen and Milton. That caused its share price to descend by -18%. We decided to sell out of the position, which fell -18% while held in the quarter.”
A veterinarian in a veterinary clinic examining a companion animal.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held IDEXX Laboratories, Inc. (NASDAQ:IDXX) at the end of the fourth quarter which was 42 in the previous quarter. While we acknowledge the potential of IDEXX Laboratories, Inc. (NASDAQ:IDXX) 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.
We covered IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article, where we shared the list of best pet stocks to buy according to billionaires. In addition, please check out our hedge fund investor letters Q4 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.