TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like RPM International Inc. (NYSE:RPM) in the fourth quarter 2023 investor letter. RPM International Inc. (NYSE:RPM), headquartered in Medina, Ohio, manufactures and sells specialized chemicals for the industrial, specialty, and consumer industries. On March 28, 2024, RPM International Inc. (NYSE:RPM) stock closed at $118.95 per share. One-month return of RPM International Inc. (NYSE:RPM) was 3.12%, and its shares gained 39.86% of their value over the last 52 weeks. RPM International Inc. (NYSE:RPM) has a market capitalization of $15.329 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding RPM International Inc. (NYSE:RPM) in its fourth quarter 2023 investor letter:
“Within Materials, we seek well positioned companies that are less susceptible to swings in commodity prices. RPM International Inc. (NYSE:RPM), a producer of coatings, sealants, and building materials, gained 18%. Fiscal first quarter revenues and earnings topped consensus projections. Growth was led by business lines touching building maintenance, infrastructure, and plant spending while sales to Original Equipment Manufacturers were weaker.”
An aerial view of a large industrial roofing system installed by the specialty chemical company.
RPM International Inc. (NYSE:RPM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, RPM International Inc. (NYSE:RPM) was held by 27 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.
We discussed RPM International Inc. (NYSE:RPM) in another article and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.