TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy returned 3.90% (gross) and 3.69% (net) compared to 6.54% for the Russell Midcap Growth Index. The third quarter was stable for global markets, with most equity and credit markets achieving mid-to-high single-digit returns. Economic activity showed consistency, and energy prices fell; however, rising tensions in the Middle East have recently started to change this situation. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Focus Growth Strategy highlighted stocks like RenaissanceRe Holdings Ltd. (NYSE:RNR), in the third quarter 2024 investor letter. RenaissanceRe Holdings Ltd. (NYSE:RNR) is a reinsurance and insurance products provider. The one-month return of RenaissanceRe Holdings Ltd. (NYSE:RNR) was 6.75%, and its shares gained 35.20% of their value over the last 52 weeks. On November 27, 2024, RenaissanceRe Holdings Ltd. (NYSE:RNR) stock closed at $285.44 per share with a market capitalization of $14.826 billion.
TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q3 2024 investor letter:
“RenaissanceRe Holdings Ltd. (NYSE:RNR), a provider of reinsurance and insurance services, surged ahead by 22%. Solid second quarter results were generated by favorable reserve releases in the Catastrophe, Casualty, and Specialty segments. There were also lower than anticipated losses in their Total Property business. Net investment income and share buybacks also exceeded projections.”
A top-view of a large city skyline, exemplifying the power and the protection of a reinsurance company.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held RenaissanceRe Holdings Ltd. (NYSE:RNR) at the end of the third quarter which was 30 in the previous quarter. While we acknowledge the potential of RenaissanceRe Holdings Ltd. (NYSE:RNR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed RenaissanceRe Holdings Ltd. (NYSE:RNR) and shared the list of cheap hot stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2024 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.