TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was – 14.55%. 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 featured stocks like RenaissanceRe Holdings Ltd. (NYSE:RNR) in the fourth quarter 2023 investor letter. Headquartered in Pembroke, Bermuda, RenaissanceRe Holdings Ltd. (NYSE:RNR) is a reinsurance and insurance products provider. On March 28, 2024, RenaissanceRe Holdings Ltd. (NYSE:RNR) stock closed at $235.03 per share. One-month return of RenaissanceRe Holdings Ltd. (NYSE:RNR) was 4.54%, and its shares gained 18.18% of their value over the last 52 weeks. RenaissanceRe Holdings Ltd. (NYSE:RNR) has a market capitalization of $12.388 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding RenaissanceRe Holdings Ltd. (NYSE:RNR) in its fourth quarter 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, slipped by -1%. Their third quarter earnings exceeded Street projections by a substantial amount with strong contributions coming from underwriting income, investment income, and fee income. Premium growth, however, was below expectations. Of note, RenRe’s sales activity for property catastrophe business is heavily weighted to the first and second quarters from an activity perspective.”
A top-view of a large city skyline, exemplifying the power and the protection of a reinsurance company.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, RenaissanceRe Holdings Ltd. (NYSE:RNR) was held by 35 hedge fund portfolios, compared to 41 in the previous quarter, according to our database.
We discussed RenaissanceRe Holdings Ltd. (NYSE:RNR) in another article and shared the list of stocks George Soros and insiders are crazy about. In addition, please check out our hedge fund investor letters Q4 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.
