Renaissance Investment Management, an investment management company, released its “Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned 1.11% (net) compared to a 0.24% return for the Russell 2000 Growth Index and a -3.38% return for the S&P/Barra Small Cap 600 Growth. Stock selection in the information technology sector and underweight position and stock selection in the Real Estate sector led to the outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Investment highlighted stocks like Coherent Corp. (NASDAQ:COHR) in its Q3 2022 investor letter. Headquartered in Saxonburg, Pennsylvania, Coherent Corp. (NASDAQ:COHR) is a manufacturer and distributor of semiconductors and optical materials. On December 29, 2022, Coherent Corp. (NASDAQ:COHR) stock closed at $34.58 per share. One-month return of Coherent Corp. (NASDAQ:COHR) was -7.17% and its shares lost 49.30% of their value over the last 52 weeks.
Renaissance Investment made the following comment about Coherent Corp. (NASDAQ:COHR) in its Q3 2022 investor letter:
“We exited our position in Coherent Corp. (NASDAQ:COHR) due to weakness seen in other optical networking system providers and the company’s interest rate exposure on its large debt position caused by rising interest rates.”
Coherent Corp. (NASDAQ:COHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Coherent Corp. (NASDAQ:COHR) at the end of the third quarter, which was 33 in the previous quarter.
We discussed Coherent Corp. (NASDAQ:COHR) in another article and shared biggest nanotechnology companies in the world. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Most Shorted Stocks Hedge Funds Are Buying
- 15 Best Performing Dow Stocks in 2022
- 12 Best Life Insurance Companies in the US
Disclosure: None. This article is originally published at Insider Monkey.