Renaissance Investment Management, an investment management company, released its “Midcap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.43% (net) compared to a -0.65% return for the Russell Midcap Growth Index. A focus on high-quality growth stocks at attractive valuations led the strategy to outperform the index in the quarter. The Consumer Discretionary and Energy sectors significantly contributed to the strategy’s performance while Health Care and Real Estate 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 TransDigm Group Incorporated (NYSE:TDG) in its Q3 2022 investor letter. Based in Cleveland, Ohio, TransDigm Group Incorporated (NYSE:TDG) is an aircraft component manufacturer and supplier. On December 29, 2022, TransDigm Group Incorporated (NYSE:TDG) stock closed at $628.40 per share. One-month return of TransDigm Group Incorporated (NYSE:TDG) was -0.98% and its shares lost 0.95% of their value over the last 52 weeks. TransDigm Group Incorporated (NYSE:TDG) has a market capitalization of $34.169 billion.
Renaissance Investment made the following comment about TransDigm Group Incorporated (NYSE:TDG) in its Q3 2022 investor letter:
“TransDigm Group Incorporated (NYSE:TDG) lost 20.3% despite reporting solid operating results in a strong demand environment, driven by the resurgence of air travel demand. The stock is experiencing short-term headwinds as China remains depressed due to its zero-COVID lockdowns, and the Defense market continues to be impacted by supply chain constraints.”
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TransDigm Group Incorporated (NYSE:TDG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held TransDigm Group Incorporated (NYSE:TDG) at the end of the third quarter, which was 66 in the previous quarter.
We discussed TransDigm Group Incorporated (NYSE:TDG) in another article and shared the best aerospace stocks to buy. 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.