Renaissance Investment Management, an investment management company, released its “Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned 1.11% (net) compared to a 0.24% return for the Russell 2000 Growth Index and a -3.38% return for the S&P/Barra Small Cap 600 Growth. Stock selection in the information technology sector and underweight position and stock selection in the Real Estate sector led to the outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Investment highlighted stocks like ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 investor letter. Headquartered in Santa Clara, California, ShockWave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On December 29, 2022, ShockWave Medical, Inc. (NASDAQ:SWAV) stock closed at $207.51 per share. One-month return of ShockWave Medical, Inc. (NASDAQ:SWAV) was -17.80%, and its shares gained 15.50% of their value over the last 52 weeks. ShockWave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $7.5 billion.
Renaissance Investment made the following comment about ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 investor letter:
“ShockWave Medical, Inc. (NASDAQ:SWAV) contributed the most to our performance during the quarter as the company reported revenues and earnings above expectations for the second quarter. The company’s treatment for calcified cardiovascular disease continues to take share from the cur[1]rent solution of high-pressure balloons. The company is only in its second year of launch in the U.S. and China and Japan should begin to add to revenues in 2023. Moreover, the company continues to introduce new products that target adjacent markets, expanding its opportunities. We see a long runway for growth for the company.”
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ShockWave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held ShockWave Medical, Inc. (NASDAQ:SWAV) at the end of the third quarter, which was 27 in the previous quarter.
We discussed ShockWave Medical, Inc. (NASDAQ:SWAV) in another article and shared TimesSquare Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
