Renaissance Investment Management, an investment management company, released its “Small Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 1.39% (net) compared to a 4.13% return for the Russell 2000 Growth Index and a 6.98% return for the S&P/Barra Small Cap 600 Growth. The strategy returned -20.41% in 2022 compared to indexes’ return of -26.36% and -21.08% respectively. Energy and Consumer Staples were the best-performing sectors in the quarter, while Health Care and Communication Services sectors detracted. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Small Cap Growth Strategy highlighted stocks like Axon Enterprise, Inc. (NASDAQ:AXON) in the Q4 2022 investor letter. Headquartered in Scottsdale, Arizona, Axon Enterprise, Inc. (NASDAQ:AXON) is a conducted energy devices manufacturer. On April 4, 2023, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $223.00 per share. One-month return of Axon Enterprise, Inc. (NASDAQ:AXON) was 0.54%, and its shares gained 70.01% of their value over the last 52 weeks. Axon Enterprise, Inc. (NASDAQ:AXON) has a market capitalization of $16.248 billion.
Renaissance Small Cap Growth Strategy made the following comment about Axon Enterprise, Inc. (NASDAQ:AXON) in its Q4 2022 investor letter:
“Axon Enterprise, Inc. (NASDAQ:AXON), a leading provider of electrical weapons for personal defense and related services, was our top contributor during the quarter. The company reported another strong quarter, beating revenue and earnings expectations. Axon continues to see revenue momentum in its core products, TASERs, and new products such as cameras and sensors. The company is beginning to penetrate the Federal end market, and it is expanding in its international opportunities. We view Axon as uniquely positioned in the marketplace and expect to see continued secular growth in the future.”
Axon Enterprise, Inc. (NASDAQ:AXON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Axon Enterprise, Inc. (NASDAQ:AXON) at the end of the fourth quarter which was 27 in the previous quarter.
We discussed Axon Enterprise, Inc. (NASDAQ:AXON) in another article and shared TimesSquare U.S. Small/Mid Cap Growth 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.
