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 BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its Q3 2022 investor letter. Headquartered in Marlborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is a warehouse club. On December 27, 2022, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $66.33 per share. One-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was -11.84% and its shares lost 1.40% of their value over the last 52 weeks. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) has a market capitalization of $8.917 billion.
Renaissance Investment made the following comment about BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its Q3 2022 investor letter:
“Another new position we added in the quarter was BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ). The company is the third-largest warehouse club in the United States, behind Costco and Sam’s Club. In a highly uncertain macro-economic environment, we like the defensive qualities of the company, including its exposure to consumer essentials, a strong balance sheet, and growing free-cash-flow generation. We also like the new store growth potential, which is set to expand faster than its largest competitors.”
BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) at the end of the third quarter which was 31 in the previous quarter.
We discussed BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in another article and shared TimesSquare Capital Management’s 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.
