Renaissance Investment Management, an investment management company, released its “Midcap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.23% (net) compared to a 6.90% return for the Russell Midcap Growth Index. The strategy declined -13.42% (net) in 2022 compared to a -26.72% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Midcap Growth Strategy highlighted stocks like Carlisle Companies Incorporated (NYSE:CSL) in its Q4 2022 investor letter. Headquartered in Scottsdale, Arizona, Carlisle Companies Incorporated (NYSE:CSL) manufactures engineered products. On March 22, 2023, Carlisle Companies Incorporated (NYSE:CSL) stock closed at $217.81 per share. One-month return of Carlisle Companies Incorporated (NYSE:CSL) was -15.15%, and its shares lost 11.68% of their value over the last 52 weeks. Carlisle Companies Incorporated (NYSE:CSL) has a market capitalization of $11.404 billion.
Renaissance Midcap Growth Strategy made the following comment about Carlisle Companies Incorporated (NYSE:CSL) in its Q4 2022 investor letter:
“On the negative side, Carlisle Companies Incorporated (NYSE:CSL) was the largest detractor to performance, declining 19.2%. The company reported solid operating results but lowered full-year guidance, as management is expecting a return to more normalized, sequential seasonality trends following several quarters of above-trend growth.
During the fourth quarter, we made several changes to the portfolio where we saw better opportunities for future growth. We added a new position in the Industrials sector with Carlisle, a leading diversified manufacturer of construction materials, wiring, and fluid technologies. We like the company’s market leadership and its ability to generate strong free cash flow in most operating environments. In addition, Carlisle could benefit from the recently passed Inflation Reduction Act of 2022, which incentivizes investments in energy efficiency, where Carlisle is an industry leader.”
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Carlisle Companies Incorporated (NYSE:CSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Carlisle Companies Incorporated (NYSE:CSL) at the end of the fourth quarter which was 41 in the previous quarter.
We discussed Carlisle Companies Incorporated (NYSE:CSL) in another article and shared the list of most undervalued industrial 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.
