TimesSquare Capital Management
TimesSquare International Small Cap Portfolio
International Small-cap
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 1 investment thesis and positions in 25 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.
What it bought and sold
We reduced our position to reflect the persistent inflationary pressure in the UK consumer space.
Our strongest contributors this quarter were Dexerials, a Japanese maker of functional and optical materials, which surged 97% and to which we added earlier in the quarter.
We added to our position on this price weakness.
Meanwhile we added to Tekscend Photomask, a Japanese photomask manufacturer, and OSG, a maker of precision cutting tools.
We trimmed the holding into that gain.
We trimmed our position amid the uncertainty with the stock down -17% for the quarter.
We used the strength in Sumitomo Bakelite and MISUMI to trim both positions.
We used the strength in Sumitomo Bakelite and MISUMI to trim both positions.
After first initiating the position in February, we have been accumulating our position in Koninklijke Heijmans, a Dutch construction and property-development group.
We also trimmed our position in Technip Energies given the recent rally and the potential risk from work delays in the Middle East.
Meanwhile we added to Tekscend Photomask, a Japanese photomask manufacturer, and OSG, a maker of precision cutting tools.
We used this price weakness as an opportunity to bulk up the position.
We also trimmed our holdings in SWCC, whose shares rose 15% on better‑than‑expected results and expanding operating margins across its energy and infrastructure businesses.
We trimmed our position, as a further re‑rating for the company will require stronger organic growth.
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.
We also reduced our position in German forklift truck maker KION Group, which traded down -36% for the quarter.
During the quarter, we added to KRAFTIA Corporation, a specialist in the design, construction, administration, and maintenance of facilities.
After we added to our position on price weakness last quarter, the shares rose 10%.