TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. 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 Synaptics Incorporated (NASDAQ:SYNA), in the first quarter 2024 investor letter. Synaptics Incorporated (NASDAQ:SYNA) develops, markets, and sells semiconductor products. The one-month return of Synaptics Incorporated (NASDAQ:SYNA) was -3.28%, and its shares gained 7.95% of their value over the last 52 weeks. On June 20, 2024, Synaptics Incorporated (NASDAQ:SYNA) stock closed at $87.61 per share with a market capitalization of $3.46 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Synaptics Incorporated (NASDAQ:SYNA) in its first quarter 2024 investor letter:
“Among the wide variety of Information Technology companies, we prefer critical system providers, specialized component designers, and systems that improve productivity or efficiency for their clients. Synaptics Incorporated (NASDAQ:SYNA), a developer of human interface semiconductor solutions for electronic devices and products, sold off by -14%. The revenue picture for the fiscal second quarter was mixed with a strong rebound in mobile offsetting declines in Internet-of-Things as well as enterprise & auto. Earnings were better than expected due to strong operating expense control.”
A technician inspecting a newly-manufactured semiconductor product.
Synaptics Incorporated (NASDAQ:SYNA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Synaptics Incorporated (NASDAQ:SYNA) at the end of the first quarter which was 20 in the previous quarter. Synaptics Incorporated (NASDAQ:SYNA) reported $237.3 million in revenue for the recent quarter, slightly ahead of its mid-point guidance. While we acknowledge the potential of Synaptics Incorporated (NASDAQ:SYNA) 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 Synaptics Incorporated (NASDAQ:SYNA) and shared TimesSquare Capital U.S. Small/Mid Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
