EPAM Systems (EPAM) Gained 22% in Q3

Renaissance Investment Management, an investment management company, released its “Midcap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.43% (net) compared to a -0.65% return for the Russell Midcap Growth Index. A focus on high-quality growth stocks at attractive valuations led the strategy to outperform the index in the quarter. The Consumer Discretionary and Energy sectors significantly contributed to the strategy’s performance while Health Care and Real Estate detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Renaissance Investment highlighted stocks like EPAM Systems, Inc. (NYSE:EPAM) in its Q3 2022 investor letter. Headquartered in Newtown, Pennsylvania, EPAM Systems, Inc. (NYSE:EPAM) is a global digital platform engineering and software development services provider. On December 29, 2022, EPAM Systems, Inc. (NYSE:EPAM) stock closed at $330.74 per share. One-month return of EPAM Systems, Inc. (NYSE:EPAM) was -10.51% and its shares lost 50.87% of their value over the last 52 weeks. EPAM Systems, Inc. (NYSE:EPAM) has a market capitalization of $19.022 billion.

Renaissance Investment made the following comment about EPAM Systems, Inc. (NYSE:EPAM) in its Q3 2022 investor letter:

“EPAM Systems, Inc. (NYSE:EPAM) was the top contributor to our performance in the third quarter, gaining 22.9%. The company reported strong operating results, benefiting from favorable macro trends with corporate customers accelerating their digital transition to the cloud. In addition, EPAM has made impressive progress with relocating its workforce from Ukraine to other Eastern European countries.”

Photo by mahdis mousavi on Unsplash

EPAM Systems, Inc. (NYSE:EPAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held EPAM Systems, Inc. (NYSE:EPAM) at the end of the third quarter, which was 36 in the previous quarter.

We discussed EPAM Systems, Inc. (NYSE:EPAM) in another article and shared Harding Loevner’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.