TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like PowerSchool Holdings, Inc. (NYSE:PWSC) in its Q4 2022 investor letter. Headquartered in Folsom, California, PowerSchool Holdings, Inc. (NYSE:PWSC) provides cloud-based software to the K-12 education market. On March 23, 2023, PowerSchool Holdings, Inc. (NYSE:PWSC) stock closed at $18.79 per share. One-month return of PowerSchool Holdings, Inc. (NYSE:PWSC) was -17.41%, and its shares gained 9.95% of their value over the last 52 weeks. PowerSchool Holdings, Inc. (NYSE:PWSC) has a market capitalization of $3.001 billion.
TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about PowerSchool Holdings, Inc. (NYSE:PWSC) in its Q4 2022 investor letter:
“Another bright spot for performance was the Consumer Discretionary sector. This quarter PowerSchool Holdings, Inc. (NYSE:PWSC) turned in a 38% return, which made it the strategy’s greatest contributor. At the start of the quarter, we added to our position in this cloud-based platform and collaboration software provider for K-12 educational settings. Later, the company reported revenues that were in line with expectations and earnings that exceeded them. Customer retention was over 100% during the recent renewal period (meaning on a net basis customers renewed for a higher dollar level of services) and PowerSchool signed new contracts with a major city’s school system and an online education provider.”
PowerSchool Holdings, Inc. (NYSE:PWSC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held PowerSchool Holdings, Inc. (NYSE:PWSC) at the end of the fourth quarter which was 10 in the previous quarter.
We discussed PowerSchool Holdings, Inc. (NYSE:PWSC) in another article and shared TimesSquare Capital Management’s views on the company in the last quarter. In addition, please check out our hedge fund investor letters Q4 2022 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.
