TimesSquare Capital Management, an equity investment management company, released its “U.S. FOCUS Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -2.78% (net), compared to -0.65% return for the Russell Midcap Growth Index. Macroeconomic pressures led the strategy to underperform relative to the benchmark in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare Capital highlighted stocks like RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q3 2022 investor letter. Headquartered in Pembroke, Bermuda, RenaissanceRe Holdings Ltd. (NYSE:RNR) is an insurance and reinsurance products provider. On December 27, 2022, RenaissanceRe Holdings Ltd. (NYSE:RNR) stock closed at $186.95 per share. One-month return of RenaissanceRe Holdings Ltd. (NYSE:RNR) was -1.04%, and its shares gained 8.18% of their value over the last 52 weeks. RenaissanceRe Holdings Ltd. (NYSE:RNR) has a market capitalization of $8.17 billion.
TimesSquare Capital made the following comment about RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q3 2022 investor letter:
“RenaissanceRe Holdings Ltd. (NYSE:RNR), a provider of reinsurance and insurance services, lost -10%. They reported solid second quarter results due to higher net premium growth and net investment income. The stock’s weakness was attributable to the uncertainty associated with the hurricane season.”
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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, 32 hedge fund portfolios held RenaissanceRe Holdings Ltd. (NYSE:RNR) at the end of the third quarter, which was 21 in the previous quarter.
We discussed RenaissanceRe Holdings Ltd. (NYSE:RNR) in another article and shared the top stock picks of Gavin Abrams’ Abrams Bison Investments. 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.