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 WNS (Holdings) Limited (NYSE:WNS) in the first quarter 2024 investor letter. Headquartered in Mumbai, India, WNS (Holdings) Limited (NYSE:WNS) is a business process management (BPM) company. The one-month return of WNS (Holdings) Limited (NYSE:WNS) was 3.51%, and its shares lost 21.93% of their value over the last 52 weeks. On June 20, 2024, WNS (Holdings) Limited (NYSE:WNS) stock closed at $52.77 per share with a market capitalization of $2.411 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding WNS (Holdings) Limited (NYSE:WNS) in its first quarter 2024 investor letter:
“Many of our Industrial positions provide necessary business-to-business operational services, highly technical components, automation & efficiency improvements, or essential infrastructure services. WNS (Holdings) Limited (NYSE:WNS) is a business process management company supplying data, voice, analytical, and business transformation services worldwide. After a downtick in September earnings, WNS topped revenue and earnings estimates in the latest quarter. They signed eight new clients and expanded relationships with several current customers. Then in February, WNS was notified that a large customer will be terminating mid-2024. We learned this a health care services client and the pending close isn’t related to any dissatisfaction with WNS’ services. Rather, that client is moving these functions to a private vendor in which they invested a sizable stake. Nevertheless, WNS fell -20% on this development and we trimmed back the position.”
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WNS (Holdings) Limited (NYSE:WNS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held WNS (Holdings) Limited (NYSE:WNS) at the end of the first quarter which was 17 in the previous quarter. While we acknowledge the potential of WNS (Holdings) Limited (NYSE:WNS) 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 WNS (Holdings) Limited (NYSE:WNS) and shared Diamond Hill Small Cap Fund’s views on the company. TimesSquare Capital U.S. Small Cap Growth Strategy trimmed its position in WNS (Holdings) Limited (NYSE:WNS) in the previous quarter. 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.
