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 Cintas Corporation (NASDAQ:CTAS), in the third quarter 2024 investor letter. Headquartered in Cincinnati, Ohio, Cintas Corporation (NASDAQ:CTAS) provides corporate identity uniforms and related business services. The one-month return of Cintas Corporation (NASDAQ:CTAS) was 7.79%, and its shares gained 63.22% of their value over the last 52 weeks. On November 27, 2024, Cintas Corporation (NASDAQ:CTAS) stock closed at $224.05 per share with a market capitalization of $90.359 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding Cintas Corporation (NASDAQ:CTAS) in its Q3 2024 investor letter:
“Cintas Corporation (NASDAQ:CTAS) offers corporate identity uniforms and facilities services. Its shares climbed 18% after the company posted solid results and raised full year guidance. Despite seeing a modest pickup in unemployment over the past few months, that hasn’t impacted customer behavior or the sales pipeline.”
A corporate office with staff members wearing company branded uniforms.
Cintas Corporation (NASDAQ:CTAS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Cintas Corporation (NASDAQ:CTAS) at the end of the third quarter which was 46 in the previous quarter. In the fiscal first quarter, Cintas Corporation’s (NASDAQ:CTAS) total revenue rose by 6.8% to reach $2.5 billion, marking a record high for quarterly revenue. While we acknowledge the potential of Cintas Corporation (NASDAQ:CTAS) 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 Cintas Corporation (NASDAQ:CTAS) and shared the list of best dividend aristocrat stocks to buy. 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.