TimesSquare Capital Management
Timessquare Global Small Cap Strategy
Global Small-cap
Sep 2025 → Jun 2026
Our archive holds 3 letters from this strategy and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of TimesSquare Capital Management for every strategy.
What it bought and sold
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.
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.
KRAFTIA gained 21% during the quarter and we trimmed our position on this strength.