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 Veeva Systems Inc. (NYSE:VEEV), in the third quarter 2024 investor letter. Veeva Systems Inc. (NYSE:VEEV) offers cloud-based software for the life sciences industry. The one-month return of Veeva Systems Inc. (NYSE:VEEV) was 6.09%, and its shares gained 29.82% of their value over the last 52 weeks. On November 26, 2024, Veeva Systems Inc. (NYSE:VEEV) stock closed at $226.88 per share with a market capitalization of $36.74 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its Q3 2024 investor letter:
“Veeva Systems Inc. (NYSE:VEEV) supplies industry cloud solutions for the global life sciences industry. Its stock price was boosted 15% after they reported solid fiscal second quarter results and raised the mid-point of fiscal 2025 revenue guidance in recognition of greater pipeline visibility and improved sales cycle progression.”
A team of IT experts monitoring a network of computers managing the medical content and communications.
Veeva Systems Inc. (NYSE:VEEV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the third quarter which was 50 in the previous quarter. While we acknowledge the potential of Veeva Systems Inc. (NYSE:VEEV) 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 Veeva Systems Inc. (NYSE:VEEV) and shared the list of high-growth software stocks that are profitable in 2024. In its previous quarterly report, TimesSquare Capital noted that Veeva Systems Inc. (NYSE:VEEV) shares experienced a 21% decline. 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.