TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. The equity markets performed well in the second quarter, as long as one held only a small number of the biggest, fastest-growing U.S. stocks. Given the Magnificent Seven’s superior performance, differences in growth and value among large caps were downplayed. There wasn’t much style diversity between mid-caps, small caps, or outside the U.S. In the second quarter, the strategy returned -2.94% (gross) and -3.14% (net) while the Russell Midcap Growth Index returned -3.21%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Stevanato Group S.p.A. (NYSE:STVN) in the second quarter 2024 investor letter. Stevanato Group S.p.A. (NYSE:STVN) designs and distributes products and processes to offer integrated solutions for the biopharma and healthcare industries. The one-month return of Stevanato Group S.p.A. (NYSE:STVN) was 1.05%, and its shares lost 31.87% of their value over the last 52 weeks. On September 11, 2024, Stevanato Group S.p.A. (NYSE:STVN) stock closed at $20.20 per share with a market capitalization of $5.512 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Stevanato Group S.p.A. (NYSE:STVN) in its Q2 2024 investor letter:
“Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. Declining by -43% was Stevanato Group S.p.A. (NYSE:STVN), which manufactures glass packaging for syringes, autoinjectors, and other pharmaceutical needs. Stevanato’s results were lower than anticipated with some additional glass vial destocking by customers weighing on results. That also led management to reduce its guidance for the rest of the year. Other areas, such as syringes, showed better growth.”
A scientist in a laboratory observing a drug delivery system through a microscope.
Stevanato Group S.p.A. (NYSE:STVN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Stevanato Group S.p.A. (NYSE:STVN) at the end of the second quarter which was 15 in the previous quarter. The first quarter revenue of Stevanato Group S.p.A. (NYSE:STVN) reduced 1% year-over-year to €236 million. While we acknowledge the potential of Stevanato Group S.p.A. (NYSE:STVN) 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 Stevanato Group S.p.A. (NYSE:STVN) and shared v’s views on the company. Stevanato Group S.p.A. (NYSE:STVN) detracted from the performance of Baron Discovery Fund during Q2 2024. In addition, please check out our hedge fund investor letters Q2 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.