TimesSquare Capital Management, an equity investment management company, released its “U.S. FOCUS Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -2.04% (gross) and -2.29% (net) compared to -5.22% for the Russell Midcap Growth Index. This quarter’s best-performing small-to-mid-cap growth stocks have lower betas or higher returns on equity. Those with exorbitant prices (as measured by price/earnings) or a lack of near-term earnings fell out of favor. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. FOCUS Growth Strategy highlighted stocks like Waste Connections, Inc. (NYSE:WCN) in its Q3 2023 investor letter. Headquartered in Woodbridge, Canada, Waste Connections, Inc. (NYSE:WCN) provides non-hazardous waste management services. On December 22, 2023, Waste Connections, Inc. (NYSE:WCN) stock closed at $147.33 per share. One-month return of Waste Connections, Inc. (NYSE:WCN) was 10.52%, and its shares gained 10.47% of their value over the last 52 weeks. Waste Connections, Inc. (NYSE:WCN) has a market capitalization of $37.959 billion.
TimesSquare Capital U.S. FOCUS Growth Strategy made the following comment about Waste Connections, Inc. (NYSE:WCN) in its Q3 2023 investor letter:
“Waste Connections, Inc. (NYSE:WCN), a non-hazardous waste company, pulled back by -6%. They serve residential, commercial, municipal, and industrial customers in the U.S. and Canada. Second quarter results included inline revenues, an upside to profits on better margins, though with slightly lower volumes. Management noted that volumes came in weaker than anticipated due to intentionally shedding low margin contracts. Forward revenue guidance was lowered slightly, reflecting lower surcharges from falling diesel prices.”
A fleet of waste management trucks driving through a city at sunrise.
Waste Connections, Inc. (NYSE:WCN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Waste Connections, Inc. (NYSE:WCN) at the end of third quarter which was 41 in the previous quarter.
We discussed Waste Connections, Inc. (NYSE:WCN) in another article and shared ClearBridge Select Strategy’s views on the company in the previous quarter. 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.