TimesSquare Capital Management
TimesSquare Global Concentrated Small Cap Strategy
Global Small-cap
Mar 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of TimesSquare Capital Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+4.4%index +12.3%
- 1Y+5.5%index +15.5%
- 3Y · /yr+11.7%index +17.9%
- 5Y · /yr+2.5%index +7.0%
- Inception · /yr+7.2%index +9.8%
Index: MSCI World Small Cap (Net)
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| TimesSquare Global Concentrated Small Cap Strategy | +4.4% | +5.5% | +11.7% | +2.5% | +7.2% |
| MSCI World Small Cap (Net) | +12.3% | +15.5% | +17.9% | +7.0% | +9.8% |
Since inception: Since Inception (03/01/2019)
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
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.
We added to the position during the quarter.
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.
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.
The position left the portfolio when Banco Santander completed its previously announced acquisition.
We trimmed the position modestly during the quarter.
Eastern Bankshares (U.S.) Eastern Bankshares is a regional bank based in Boston with branches across New England.
Management was particularly bullish on the remainder of the year, and we added modestly to the position.
ALS Ltd. (Australia) ALS Ltd. is a global testing services provider.
As a result, we added to the position on the pullback.
We trimmed our holdings in SWCC, whose shares rose 14% on better‑than‑expected results and expanding operating margins across its energy and infrastructure businesses.
- New positionGuardian Pharmacy ServicesMar 2026
During the quarter, we initiated a position in Guardian Pharmacy Services, which operates onsite pharmacies in long‑term care facilities.
- TrimmedKRAFTIA CorporationMar 2026
With the completion of the Ukujima solar power plant is now in sight, KRAFTIA gained 21% during the quarter and we trimmed our position on this strength.
After we added to our position on price weakness last quarter, the shares rose 10%.
We used this weakness to add to our position.
With negative earnings revisions now in the rear‑view mirror, and upside potential from higher recycling commodity prices, a cyclical volume recovery, and possible M&A activity, we added to our position during the quarter.
We exited our position in Japan’s oldest and largest Internet Service Provider (ISP), Internet Initiative Japan, after the share price declined -17% during the quarter.