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 Amazon.com, Inc. (NASDAQ:AMZN) in the Q4 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On April 4, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $103.95 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 10.68%, and its shares lost 34.52% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.074 trillion.
Renaissance Large Cap Growth Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:
“On the negative side, Amazon.com, Inc. (NASDAQ:AMZN) was our worst performing stock in the quarter. The company is finally seeing the consumer and enterprise weakness that other companies encountered earlier in the year. In addition, AWS growth decelerated in the third quarter, with management citing new pricing pressures as competitors look to gain market share. We found Amazon’s comments on cost controls and employee layoffs concerning, given the company’s historical propensity to invest in all macroeconomic environments. Management’s comments that the macro-economic slowdown was more sudden than expected is also concerning, especially since they do not expect an improvement in consumer trends anytime soon.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 240 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the fourth quarter which was 269 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of best WallStreetBets stocks to buy, according to hedge funds. 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.