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 O’Reilly Automotive, Inc. (NASDAQ:ORLY) in the third quarter 2023 investor letter. Headquartered in Springfield, Missouri, O’Reilly Automotive, Inc. (NASDAQ:ORLY) is an automotive parts, tools, and supplies retailer. On December 22, 2023, O’Reilly Automotive, Inc. (NASDAQ:ORLY) stock closed at $952.06 per share. One-month return of O’Reilly Automotive, Inc. (NASDAQ:ORLY) was -3.56%, and its shares gained 14.22% of their value over the last 52 weeks. O’Reilly Automotive, Inc. (NASDAQ:ORLY) has a market capitalization of $56.326 billion.
TimesSquare Capital U.S. FOCUS Growth Strategy made the following comment about O’Reilly Automotive, Inc. (NASDAQ:ORLY) in its Q3 2023 investor letter:
“O’Reilly Automotive, Inc. (NASDAQ:ORLY) is a specialty retailer of after-market automotive parts and accessories. Its second quarter results edged past the consensus and management increased forward guidance. In the professional mechanics space, O’Reilly is gaining market share and has been experiencing a higher average ticket in the do-it-yourself area. After four decades at the company, their CEO announced he will be retiring next January with the current COO stepping into that role. O’Reilly accelerated investments, including store image improvements. Better employee benefits have led to higher retention rates, though at a higher cost. The stock price of O’Reilly pulled back by -5% on these developments.”
A mechanic working on a car in an auto shop, skillfully replacing the aftermarket parts.
O’Reilly Automotive, Inc. (NASDAQ:ORLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held O’Reilly Automotive, Inc. (NASDAQ:ORLY) at the end of third quarter which was 52 in the previous quarter.
We discussed O’Reilly Automotive, Inc. (NASDAQ:ORLY) in another article and shared Wedgewood Partners’ 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.