TimesSquare Capital Mid Cap Growth Strategy Added GFL Environmental (GFL) on Weakness

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 GFL Environmental Inc. (NYSE:GFL) in the third quarter 2023 investor letter. Headquartered in Vaughan, Canada, GFL Environmental Inc. (NYSE:GFL) offers non-hazardous solid waste management and environmental services. On December 15, 2023, GFL Environmental Inc. (NYSE:GFL) stock closed at $32.82 per share. One-month return of GFL Environmental Inc. (NYSE:GFL) was 9.40%, and its shares gained 17.26% of their value over the last 52 weeks. GFL Environmental Inc. (NYSE:GFL) has a market capitalization of $12.143 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about GFL Environmental Inc. (NYSE:GFL) in its Q3 2023 investor letter:

“In the Industrials sector we gravitate towards business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. GFL Environmental Inc. (NYSE:GFL) provides non-hazardous solid waste management and environmental services in the U.S. and Canada. Their shares dropped -18% on mixed second quarter results. While earnings outpaced estimates, revenues came up short on lower solid waste volumes. Of note, these appear to be linked to the purposeful shedding of lower margin, non-core businesses inherited from acquisitions. We added to the position on this weakness.”

A team of waste management experts inspecting a stack of hazardous waste barrels.

GFL Environmental Inc. (NYSE:GFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held GFL Environmental Inc. (NYSE:GFL) at the end of third quarter which was 27 in the previous quarter.

We discussed GFL Environmental Inc. (NYSE:GFL) in another article and shared Ave Maria World Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.