Should You Buy Brown & Brown (BRO) Now?
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like Brown & Brown, Inc. (NYSE:BRO) in its Q4 2022 investor letter. Headquartered in Daytona Beach, Florida, Brown & Brown, Inc. (NYSE:BRO) provides insurance products and services. On March 22, 2023, Brown & Brown, Inc. (NYSE:BRO) stock closed at $54.88 per share. One-month return of Brown & Brown, Inc. (NYSE:BRO) was -2.80%, and its shares lost 20.45% of their value over the last 52 weeks. Brown & Brown, Inc. (NYSE:BRO) has a market capitalization of $15.861 billion.
TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about Brown & Brown, Inc. (NYSE:BRO) in its Q4 2022 investor letter:
"With the improving backdrop for insurance companies, we began a position in Brown & Brown, Inc. (NYSE:BRO). An independent insurance broker specializing in property, casualty, employee benefits, personal lines, and ancillary services, we believe that Brown will benefit as insurance pricing broadly increases and the company has consistently higher margins than peers. The recent weakness in its shares provided a particularly attractive opportunity for building our position."
Brown & Brown, Inc. (NYSE:BRO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Brown & Brown, Inc. (NYSE:BRO) at the end of the fourth quarter which was 27 in the previous quarter.
We discussed Brown & Brown, Inc. (NYSE:BRO) in another article and shared the list of dividend stocks that beat the market last five years. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.