TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. 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 third quarter 2023 investor letter. Headquartered in Pembroke, Bermuda, RenaissanceRe Holdings Ltd. (NYSE:RNR) is a reinsurance and insurance products provider. On December 15, 2023, RenaissanceRe Holdings Ltd. (NYSE:RNR) stock closed at $196.11 per share. One-month return of RenaissanceRe Holdings Ltd. (NYSE:RNR) was -6.75%, and its shares gained 7.73% of their value over the last 52 weeks. RenaissanceRe Holdings Ltd. (NYSE:RNR) has a market capitalization of $10.295 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q3 2023 investor letter:
“In Financials, we prefer well-placed insurance companies and niche businesses while tending to avoid banks which face credit deterioration and rising deposit costs. RenaissanceRe Holdings Ltd. (NYSE:RNR), a provider of reinsurance and insurance products, surged ahead by 6%. Its second quarter numbers were solid across underwriting, property catastrophe premiums, investment income, and fee income. While there was an impact from severe storms during the quarter, RenRe’s losses were modest.”
An insurance agent at their desk consulting a customer about property & casualty insurance.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held RenaissanceRe Holdings Ltd. (NYSE:RNR) at the end of third quarter which was 46 in the previous quarter.
We discussed RenaissanceRe Holdings Ltd. (NYSE:RNR) in another article and shared the list of stocks George Soros just bought and sold. In addition, please check out our hedge fund investor letters Q3 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.
