TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned -1.59% (gross) and -1.83% (net), compared to a -2.92% return for the Russell 2000 Growth Index. The equity markets performed well in the second quarter, as long as one held only a handful of the biggest, fastest-growing U.S. stocks. Despite profitability turning positive this quarter following negative or neutral results in previous quarters, momentum remained the most important component in the worldwide market. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital Management U.S. Small Cap Growth Strategy highlighted stocks like IAC Inc. (NASDAQ:IAC), in the second quarter 2024 investor letter. IAC Inc. (NASDAQ:IAC) is a media and internet company. The one-month return of IAC Inc. (NASDAQ:IAC) was 3.32%, and its shares lost 1.21% of their value over the last 52 weeks. On September 16, 2024, IAC Inc. (NASDAQ:IAC) stock closed at $52.89 per share with a market capitalization of $4.555 billion.
TimesSquare Capital Management U.S. Small Cap Growth Strategy stated the following regarding IAC Inc. (NASDAQ:IAC) in its Q2 2024 investor letter:
“IAC Inc. (NASDAQ:IAC) operates as a media and internet company worldwide. Its largest segments are Dotdash Meredith (DDM) and Angi. DDM provides digital and print publishing services. Angi Homeservices offers referrals to repairing, remodeling, cleaning, and landscaping services. Both businesses reported first quarter results that surpassed expectations. Management is bullish on the outlook for DDM and announced this entity will partner with Open AI to bring DDM content and links to ChatGPT’s generative search results. Forward revenue projections for Angi were less confident, causing the stock price to recede by -12%.”
A modern digital device being used to access the content & services of the company.
IAC Inc. (NASDAQ:IAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of the second quarter which was 44 in the previous quarter. While we acknowledge the potential of IAC Inc. (NASDAQ:IAC) 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 IAC Inc. (NASDAQ:IAC) and shared FPA Queens Road Small Cap Value Fund’s views on the company. 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.