Sonu Chawla - Managing Mid Cap Exposure - $TSCM

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Mar 26, 2026

Sonu Chawla, portfolio manager and partner at Times Square Capital with a tech and math background and an MBA from Kellogg. She discusses valuation discipline and assessing management. She talks mid-cap advantages, barbell portfolios of secular winners and cyclicals, and sector calls from software to materials and energy. Short, focused conversations on navigating market dislocations and spotting mid-cap opportunities.

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ADVICE

Underwrite Early Growth With Qualitative Judgment

Do underwrite early-stage growth companies qualitatively if you can see a clear pathway to profitability rather than relying solely on quantitative screens.
Sonu's team uses domain expertise to invest pre-profit when they can model profitability in the near term.

ANECDOTE

Argenx Example Of Preprofit To Blockbuster Scaling

Sonu described Argenx as a pick they seeded pre-profit and rode through commercialization inflection.
Revenues grew from $440M in 2022 to $4.2B in 2025 and adjusted EBITDA swung from -$600M to $1.2B as VivGuard scaled.

INSIGHT

Mid Caps Offer Attractive Risk Reward

Mid-cap exposure offers a balance of growth and quality with less speculative risk than small caps and better alpha potential than large caps.
Carpenter Technology was chosen to get aerospace exposure at roughly half the multiple of its customers amid production recovery and pricing power.

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Sonu Chawla of Times Square Capital Management shares her investment philosophy, focusing on growth with a conscience, valuation discipline, and management assessment. Stocks discussed include Argenx, Carpenter Technologies, Cheniere, and JFrog. The conversation provides insights into how Sonu navigates market dislocations, valuation challenges, and sector opportunities.

Sonu's bio: Sonu is a Director, Portfolio Manager/Analyst, and Partner in TimesSquare’s growth equity group. She is responsible for research coverage of the Software, Technology Services, and Internet & Communications sectors within TMT industry. Sonu joined TimesSquare in August 2018 from Pine River Capital Management, a multi-strategy hedge fund where she was a Senior Analyst covering TMT sectors across Software, Internet, Services, Hardware and Telecom. Her previous research analyst experiences were as a Senior TMT Analyst at Surveyor Capital platform of Citadel and an Analyst at Fred Alger Management. Sonu has an M.S. in Mathematics and Computer Science from Indian Institute of Technology, Delhi and an M.B.A from Kellogg School of Management at Northwestern University. She is a member of the CFA Institute and the CFA Society New York. Sonu is conversational in Hindi.

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