TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy returned 3.90% (gross) and 3.69% (net) compared to 6.54% for the Russell Midcap Growth Index. The third quarter was stable for global markets, with most equity and credit markets achieving mid-to-high single-digit returns. Economic activity showed consistency, and energy prices fell; however, rising tensions in the Middle East have recently started to change this situation. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Focus Growth Strategy highlighted stocks like Amphenol Corporation (NYSE:APH), in the third quarter 2024 investor letter. Amphenol Corporation (NYSE:APH) designs and manufactures electrical, electronic, and fiber optic connectors. The one-month return of Amphenol Corporation (NYSE:APH) was 6.41%, and its shares gained 61.32% of their value over the last 52 weeks. On November 27, 2024, Amphenol Corporation (NYSE:APH) stock closed at $72.74 per share with a market capitalization of $87.696 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding Amphenol Corporation (NYSE:APH) in its Q3 2024 investor letter:
“Amphenol Corporation (NYSE:APH) produces electrical, electronic, and fiber optic connectors. Second quarter results surpassed consensus expectations on strong demand from data centers and AI-related products as well as defense. It appears some investors were disappointed that guidance was only in line with Street projections as the stock pulled back by -2%. Based on our experience with the company, our sense that management is opting for conservatism.”
A team of technicians assembling a complex electrical connector in a factory environment.
Amphenol Corporation (NYSE:APH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Amphenol Corporation (NYSE:APH) at the end of the third quarter which was 72 in the previous quarter. While we acknowledge the potential of Amphenol Corporation (NYSE:APH) 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 Amphenol Corporation (NYSE:APH) and shared trending AI stocks on latest news and ratings. TimesSquare Capital Management U.S. Focus Growth Strategy reported in the previous quarter that Amphenol Corporation (NYSE:APH) surged by 17%, followed by positive guidance for the next year. In addition, please check out our hedge fund investor letters Q3 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.