TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter 2023 investor letter. Headquartered in Pembroke, Bermuda, RenaissanceRe Holdings Ltd. (NYSE:RNR) is a reinsurance and insurance products provider. On October 2, 2023, RenaissanceRe Holdings Ltd. (NYSE:RNR) stock closed at $197.56 per share. One-month return of RenaissanceRe Holdings Ltd. (NYSE:RNR) was 4.98%, and its shares gained 37.15% of their value over the last 52 weeks. RenaissanceRe Holdings Ltd. (NYSE:RNR) has a market capitalization of $10.111 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q2 2023 investor letter:
“There were also challenges from the Financials sector. That included the -7% showing from the reinsurance provider RenaissanceRe Holdings Ltd. (NYSE:RNR). At the start of the quarter, RenRe’s shares climbed sharply ahead of its earnings report. The company announced operating income that surpassed expectations with notable improvements in book value, fee income, and underwriting activities. However, levels of premiums written beyond its property catastrophe segment were lower than expected—though that was caused by RenRe’s avoidance of unappealing policies. The market’s reaction seemed to embody a “good as it gets” outlook for RenRe, which we believe ignores the company’s financial strength and market opportunity.”
A financial analyst looking at the news, analyzing the trends of the insurance market. Editorial photo for a financial news article. 8k. –ar 16:9
RenaissanceRe Holdings Ltd. (NYSE:RNR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held RenaissanceRe Holdings Ltd. (NYSE:RNR) at the end of second quarter which was 33 in the previous quarter.
We discussed RenaissanceRe Holdings Ltd. (NYSE:RNR) in another article and shared the list of oversold financial stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
