Here’s Why O’Reilly Automotive (ORLY) Outperformed in Q3

Renaissance Investment Management, an investment management company, released its “Large Cap Growth Strategy” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.46% (net) compared to a -3.60% return for the Russell 1000 Growth Index and -4.88% return for the S&P 500 Index. The focus on high-quality stocks led the strategy to outperform the indexes in the quarter. The Consumer Discretionary sector significantly contributed to the strategy’s performance while the Technology sector 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 O’Reilly Automotive, Inc. (NASDAQ:ORLY) in its Q3 2022 investor letter. Headquartered in Springfield, Missouri, O’Reilly Automotive, Inc. (NASDAQ:ORLY) is an automotive parts, tools, and supplies retailer. On December 27, 2022, O’Reilly Automotive, Inc. (NASDAQ:ORLY) stock closed at $843.84 per share. One-month return of O’Reilly Automotive, Inc. (NASDAQ:ORLY) was -2.39%, and its shares gained 19.16% of their value over the last 52 weeks. O’Reilly Automotive, Inc. (NASDAQ:ORLY) has a market capitalization of $52.804 billion.

Renaissance Investment made the following comment about O’Reilly Automotive, Inc. (NASDAQ:ORLY) in its Q3 2022 investor letter:

“In the third quarter, O’Reilly Automotive, Inc. (NASDAQ:ORLY) was the strongest contributor to our performance. The auto parts retailer continues to benefit from favorable macro trends, as the low availability of affordable new and used cars is forcing consumers to increase spending on repair and maintenance of older vehicles.”

O’Reilly Automotive, Inc. (NASDAQ:ORLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held O’Reilly Automotive, Inc. (NASDAQ:ORLY) at the end of the third quarter, which was 41 in the previous quarter.

We discussed O’Reilly Automotive, Inc. (NASDAQ:ORLY) in another article and shared Aristotle Atlantic Partners’ 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.