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TimesSquare Capital Management

Mar 2025 → Sep 2026 · 13 funds

Our archive holds 25 letters from TimesSquare Capital Management, behind 32 investment theses and positions in 157 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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25
Letters
157
Companies
129
Moves
32
Theses

13 strategies

TimesSquare Capital Management publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 129 moves

  • ExitedIpsos SA
    September 2026
    “In July during our reunderwriting of the position, we concluded that growth in its revenues, elusive for a few quarters, was not apparent in the near term.”
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  • TrimmedRegal Rexnord
    September 2026
    “We had reduced the position early in the quarter, though an overly punitive stock price reaction led us to modestly add back to our position.”
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  • New positionSojitz Corporation
    September 2026
    “Sojitz is one of Japan's major sogo shosha (general trading companies), with a diversified global portfolio.”
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  • New positionBox, Inc.
    September 2026
    “We initiated the position with the view that the company is at an inflection point moving from a mature-stage content-collaboration vendor to a faster growing platform.”
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  • AddedSnowflake Inc.
    September 2026
    “We added to the position during the quarter.”
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  • TrimmedVeeva Systems
    September 2026
    “We trimmed our position on the strength of the price move.”
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  • ExitedCredo Technology
    September 2026
    “As its market capitalization outgrew our small cap range, we completed the exit we began last quarter.”
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  • New positionEastern Bankshares
    September 2026
    “Eastern Bankshares (U.S.)”
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  • AddedFukuoka Financial Group, Inc.
    September 2026
    “With both a rising rate environment in Japan, and Fukuoka’s exposure to the growth in Kyushu (Japan's "silicon island"), we added to our position throughout the quarter.”
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  • New positionOld National Bancorp
    September 2026
    “We initiated the position given the bank's above- average return on tangible common equity and efficient expense base, together with a low bar of expectations for regional banks as a group.”
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  • ExitedRotork plc
    September 2026
    “We sold the full position during the quarter after ABB agreed to a recommended cash offer for the company (see Most Significant Contributors).”
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  • AddedMYR Group
    September 2026
    “We added to the position during the quarter.”
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  • ExitedBodycote plc
    September 2026
    “We exited the full position during the quarter.”
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  • ExitedIonis Pharmaceuticals
    September 2026
    “We exited the position after two partnered late-stage (Phase 3) programs failed this summer, removing important opportunities underpinning our thesis.”
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  • New positionHill & Smith PLC
    September 2026
    “Hill & Smith designs, manufactures and supplies infrastructure products and galvanizing services.”
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  • New positionConstruction Partners
    September 2026
    “Construction Partners (U.S.)”
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  • AddedRegal Rexnord
    September 2026
    “we had reduced the position early in the quarter, though an overly punitive stock price reaction led us to modestly add back to our position.”
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  • TrimmedPerformance Food Group
    September 2026
    “We reduced the position during the quarter.”
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  • New positionMKS Inc.
    September 2026
    “We initiated the position mid-quarter because we saw unusually long forecasted visibility from semiconductor equipment orders and believed continued growth in high-bandwidth memory should benefit MKSI.”
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  • New positionCredo Technology
    September 2026
    “As CRDO’s market capitalization grew, we began initiating a mid cap position in this stock we’ve owned in our small cap strategy for years.”
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  • ExitedSt. James's Place
    September 2026
    “We had been expecting its asset inflows to reaccelerate, but after several quarters that failed to materialize and the net outflows continually weighed on St. James’s share price.”
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  • ExitedKarman Holdings
    September 2026
    “Thus, we sold our position in favor of redeploying portfolio capital where we had greater conviction.”
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  • ExitedWebster Financial
    September 2026
    “The position left the portfolio when Banco Santander completed its previously announced acquisition.”
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  • TrimmedVictory Capital
    September 2026
    “However, we trimmed the position into strength because we felt much of the good news was reflected in the prevailing valuation.”
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  • AddedNetskope, Inc.
    September 2026
    “We added to the position early in the quarter, encouraged by strong new-customer demand and an upgraded sales team expected to reach full productivity soon.”
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  • TrimmedRigaku Holdings Corp.
    September 2026
    “We trimmed the position, though we continue to see Rigaku as one of the globally leading Japanese exporters serving structurally growing end markets that we favor.”
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  • AddedMirum Pharmaceuticals, Inc.
    September 2026
    “We viewed the price reaction as extreme, especially because MIRM’s commercial business continues to grow and this should be a temporary delay, so we added to our position.”
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  • New positionLumentum Holdings
    September 2026
    “We initiated the position when indiscriminate selling in semiconductor and optical stocks pressured its share price.”
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  • TrimmedEncompass Health
    September 2026
    “We trimmed the position modestly during the quarter.”
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  • TrimmedPalo Alto Networks
    September 2026
    “We reduced the position on its price strength.”
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Showing the 30 most recent of 129 recorded moves.

Companies held · 157

Every company TimesSquare Capital Management has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 32

  • Snowflake Inc.
    September 2026

    Snowflake Inc. operates a cloud data platform and is benefiting from accelerating product revenue growth and AI-driven demand.

    Read the full thesis
  • Carpenter Technology
    September 2026

    Carpenter Technology manufactures engineered metals for aerospace and specialty markets and had record results with higher guided operating income.

    Read the full thesis
  • MKS Inc.
    September 2026

    MKS Inc. manufactures semiconductor capital equipment subsystems and is supported by strong order visibility and high-bandwidth memory growth.

    Read the full thesis
  • Fukuoka Financial
    September 2026

    Fukuoka Financial is a Kyushu-focused commercial bank benefiting from higher Japanese rates and regional growth.

    Read the full thesis
  • Regal Rexnord
    September 2026

    Regal Rexnord is an industrial components company with accelerating orders, despite margin pressure and a weaker outlook.

    Read the full thesis
  • Repligen Corporation
    September 2026

    Repligen Corporation supplies essential bioprocessing inputs and benefits from improving demand, customer wins, and an accretive acquisition.

    Read the full thesis
  • Construction Partners
    September 2026

    Construction Partners is an infrastructure contractor with consolidation, vertical integration, and inflation-protected contracts that should support margin expansion.

    Read the full thesis
  • Rigaku Holdings
    September 2026

    Rigaku Holdings makes scientific and analytical instruments with advanced X-ray technologies, and the fund sees it as a leading exporter serving structurally growing end markets.

    Read the full thesis
  • Nova Ltd.
    September 2026

    Nova Ltd. provides precision metrology for semiconductor manufacturing, and management sees 2027 as a better setup despite temporary spending skew.

    Read the full thesis
  • Hill & Smith
    September 2026

    Hill & Smith designs and supplies infrastructure products and galvanizing services, with high ROIC and exposure to a multi-year U.S. infrastructure cycle.

    Read the full thesis
  • Netskope, Inc.
    September 2026

    Netskope, Inc. is a cloud security platform with accelerating ARR growth, raised guidance, and improving sales execution.

    Read the full thesis
  • Regal Rexnord
    September 2026

    Regal Rexnord makes motion control and climate solutions components, and the investment case rests on accelerating orders and a discounted valuation despite near-term margin pressure.

    Read the full thesis

Letter archive · 25

2026

2025

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