Renaissance Investment Management, an investment management company, released its “Large Cap Growth Strategy” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 10.53% (net) compared to a 2.20% return for the Russell 1000 Growth Index and a 7.56% return for the S&P 500 Index. The fund declined -16.67% (net) in 2022 compared to -29.14% and -18.11% return for the indexes respectively. Energy and Industrials were the primary contributors to the fund’s performance in the quarter while Consumer Discretionary and Communication Services sectors were the biggest laggards. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Large Cap Growth Strategy highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the fourth quarter 2022 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On April 4, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $214.72 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 16.08%, and its shares lost 3.84% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $553.87 billion.
Renaissance Large Cap Growth Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q4 2022 investor letter:
“Lastly, Meta Platforms, Inc. (NASDAQ:META) declined for the quarter after reporting disappointing earnings and guidance. The company’s plan to accelerate operating expenses and capital investments despite a slowdown in the digital advertising market was not well received by investors. However, the stock pared losses in the second half of the quarter after management reversed course and announced a reduction in operating expenses for 2023 along with substantial headcount reductions.”
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Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 194 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the fourth quarter which was 177 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of best WallStreetBets stocks to buy, according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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.
