TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like Safety Insurance Group, Inc. (NASDAQ:SAFT), in the first quarter 2024 investor letter. Safety Insurance Group, Inc. (NASDAQ:SAFT) offers private passenger and commercial automobile, and homeowner insurance. The one-month return of Safety Insurance Group, Inc. (NASDAQ:SAFT) was -3.72%, and its shares gained 6.31% of their value over the last 52 weeks. On June 18, 2024, Safety Insurance Group, Inc. (NASDAQ:SAFT) stock closed at $75.62 per share with a market capitalization of $1.122 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Safety Insurance Group, Inc. (NASDAQ:SAFT) in its first quarter 2024 investor letter:

"In the Financials sector we tend to avoid banks that face credit deterioration or rising deposit costs, preferring asset managers, niche insurance companies, and niche fintech providers.Safety Insurance Group, Inc. (NASDAQ:SAFT), a supplier of property & casualty insurance products inclusive of commercial vehicles and fleets, gained 9%. Their latest results demonstrated growth in the policy count along with pricing improvement. We added to our position."

A business owner examining their business owners policy for coverage and liability protection.

Safety Insurance Group, Inc. (NASDAQ:SAFT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Safety Insurance Group, Inc. (NASDAQ:SAFT) at the end of the first quarter which was 10 in the previous quarter. While we acknowledge the potential of Safety Insurance Group, Inc. (NASDAQ:SAFT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Safety Insurance Group, Inc. (NASDAQ:SAFT) and shared the list of best car insurance in Massachusetts for 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.