TimesSquare Capital Management
Timessquare Global Small Cap Strategy
Global Small-cap
Sep 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 2 investment theses and positions in 36 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of TimesSquare Capital Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+2.1%index +12.3%
- 1Y+2.6%index +15.5%
- 3Y · /yr+13.6%index +17.9%
- 5Y · /yr+2.9%index +7.0%
- Inception · /yr+5.5%index +8.2%
Index: MSCI World Small Cap (Net)
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Timessquare Global Small Cap Strategy | +2.1% | +2.6% | +13.6% | +2.9% | +5.5% |
| MSCI World Small Cap (Net) | +12.3% | +15.5% | +17.9% | +7.0% | +8.2% |
Since inception: Since Inception (01/01/2018)
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
Eastern Bankshares (U.S.)
Construction Partners (U.S.)
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 added to our position throughout the quarter.
The position left the portfolio when Banco Santander completed its previously announced acquisition.
However, we trimmed the position into strength because we felt much of the good news was reflected in the prevailing valuation.
As a result, we added to the position on the pullback.
Shares of Greencore, the UK convenience-food producer, fell -17% after reporting subdued revenue growth and a cautious tone around the UK consumer; we reduced our position to reflect persistent inflationary pressure in the UK consumer space.
MACOM Technology Solutions, a provider of analog and mixed-signal semiconductors, rose 70% on strength across its defense and data-center end markets, and Lattice Semiconductor, a maker of low-power programmable logic devices, climbed 65%.
Hamilton Lane, a provider of private-markets investment solutions, declined -20% amid concerns around private-credit redemptions and optimistic marks on software investments; our analysis suggests the decline is overdone, and we trimmed the position modestly.
Our strongest contributor in the region was Sumitomo Bakelite, a specialty-plastics manufacturer, which rose 51% as the company achieved strong margin expansion on robust demand for advanced semiconductor-packaging materials.
Onto Innovation, a provider of semiconductor process-control, inspection, and metrology equipment, advanced 85% on strong advanced-packaging demand, while JFrog, a software supply-chain and DevOps platform, gained 94% as cloud revenue grew more than 50% and now accounts for over half of total sales.
Elsewhere, MYR Group, an electrical-construction services provider levered to grid and data-center power buildouts, rose 77%.
Onto Innovation, a provider of semiconductor process-control, inspection, and metrology equipment, advanced 85% on strong advanced-packaging demand, while JFrog, a software supply-chain and DevOps platform, gained 94% as cloud revenue grew more than 50% and now accounts for over half of total sales.
We added to our position in Pursuit Attractions and Hospitality, an operator of experiential travel attractions and hospitality assets.
Legence, a provider of energy-infrastructure and commercial HVAC services, climbed 48% on accelerating building-electrification and energy-efficiency demand.
MACOM Technology Solutions, a provider of analog and mixed-signal semiconductors, rose 70% on strength across its defense and data-center end markets, and Lattice Semiconductor, a maker of low-power programmable logic devices, climbed 65%.
Shares of waste-management operator Daiei Kankyo fell -5% on slight margin compression from upfront temporary outsourcing/labor costs tied to large demolition projects. We added to our position on this price weakness.
- AddedTechnip Energies N.V.Mar 2026
After we added to our position on price weakness last quarter, the shares rose 10%.
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.
- TrimmedKRAFTIA CorporationMar 2026
KRAFTIA gained 21% during the quarter and we trimmed our position on this strength.
Also held
Its investment theses
- Repligen CorporationSep 2026Repligen Corporation supplies essential bioprocessing inputs and benefits from improving demand, customer wins, and an accretive acquisition.
- Construction PartnersSep 2026Construction Partners is an infrastructure contractor with consolidation, vertical integration, and inflation-protected contracts that should support margin expansion.