TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy returned 3.90% (gross) and 3.69% (net) compared to 6.54% for the Russell Midcap Growth Index. The third quarter was stable for global markets, with most equity and credit markets achieving mid-to-high single-digit returns. Economic activity showed consistency, and energy prices fell; however, rising tensions in the Middle East have recently started to change this situation. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Focus Growth Strategy highlighted stocks like CrowdStrike Holdings, Inc. (NASDAQ:CRWD), in the third quarter 2024 investor letter. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a global cyber security solutions provider. The one-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 17.16%, and its shares gained 71.56% of their value over the last 52 weeks. On November 26, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $364.30 per share with a market capitalization of $89.299 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2024 investor letter:
“The portfolio’s largest detractor this quarter was CrowdStrike Holdings, Inc. (NASDAQ:CRWD), a provider of cybersecurity solutions. Its unified platform offers cloud-delivered protection of endpoints, cloud workloads, identity, and data. We trimmed the position as a risk reduction measure in mid-July due to the customer outage caused by a faulty content configuration update for the Windows sensor. The company subsequently delivered solid results that exceeded the high end of guidance across all metrics. While some new business negotiations slipped due to the outage, those are expected to wrap up in subsequent quarters. While CrowdStrike tumbled by -25%, we are encouraged to learn they have closed several large deals since the outage. Management is offering customers and prospects discounted modules and credits via its Flex program.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of the third quarter which was 69 in the previous quarter. While we acknowledge the potential of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) 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 CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and shared Wells Fargo’s top growth stocks and the stocks with the highest consensus EPS growth estimates. Carillon Eagle Mid Cap Growth Fund shared its optimistic views on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2024 investor letter. 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.