Renaissance Investment Management, an investment management company, released its “Large Cap Growth Strategy” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 10.53% (net) compared to a 2.20% return for the Russell 1000 Growth Index and a 7.56% return for the S&P 500 Index. The fund declined -16.67% (net) in 2022 compared to -29.14% and -18.11% return for the indexes respectively. Energy and Industrials were the primary contributors to the fund’s performance in the quarter while Consumer Discretionary and Communication Services sectors were the biggest laggards. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Large Cap Growth Strategy highlighted stocks like Fiserv, Inc. (NASDAQ:FISV) in the fourth quarter 2022 investor letter. Headquartered in Brookfield, Wisconsin, Fiserv, Inc. (NASDAQ:FISV) is a global financial services technology company. On April 4, 2023, Fiserv, Inc. (NASDAQ:FISV) stock closed at $111.59 per share. One-month return of Fiserv, Inc. (NASDAQ:FISV) was -4.68%, and its shares gained 8.69% of their value over the last 52 weeks. Fiserv, Inc. (NASDAQ:FISV) has a market capitalization of $70.093 billion.
Renaissance Large Cap Growth Strategy made the following comment about Fiserv, Inc. (NASDAQ:FISV) in its Q4 2022 investor letter:
“We made one change to the portfolio in the fourth quarter, adding a new position in the Information Technology sector with Fiserv, Inc. (NASDAQ:FISV), a leading financial services technology company that facilitates the movement of money, helping to run the financial operations of banks and merchants. The company enjoys a leading market position in a rational oligopoly in which the top three companies control 70% of the entire market. We also like the company’s strategy of being a “one-stop-shop” for banks and merchants, resulting in a large financial platform that has the operating scale to outcompete smaller rivals and a recurring revenue model that is highly attractive in uncertain macroeconomic environments.”
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Fiserv, Inc. (NASDAQ:FISV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Fiserv, Inc. (NASDAQ:FISV) at the end of the fourth quarter which was 59 in the previous quarter.
We discussed Fiserv, Inc. (NASDAQ:FISV) in another article and shared the list of best digital currency and payments stocks to buy. 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.
