TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q4 2022 investor letter. Headquartered in Pembroke, Bermuda, RenaissanceRe Holdings Ltd. (NYSE:RNR) is an insurance and reinsurance products provider. On March 22, 2023, RenaissanceRe Holdings Ltd. (NYSE:RNR) stock closed at $192.57 per share. One-month return of RenaissanceRe Holdings Ltd. (NYSE:RNR) was -7.10%, and its shares gained 27.52% of their value over the last 52 weeks. RenaissanceRe Holdings Ltd. (NYSE:RNR) has a market capitalization of $8.419 billion.
TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q4 2022 investor letter:
“Turning to areas of strength, there were contributions from the Financials sector this quarter. Leading that charge was the 31% gain from the reinsurance provider RenaissanceRe Holdings Ltd. (NYSE:RNR). RenRe’s level of gross premiums written was higher than anticipated, though more importantly the company expects that underwriting income, investment income, and fee income all are poised to increase materials in 2023.”
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RenaissanceRe Holdings Ltd. (NYSE:RNR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held RenaissanceRe Holdings Ltd. (NYSE:RNR) at the end of the fourth quarter which was 32 in the previous quarter.
We discussed RenaissanceRe Holdings Ltd. (NYSE:RNR) in another article and shared Heartland Mid Cap Value Strategy ‘s views on the company. 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.
