Here’s Why Renaissance Large Cap Growth Strategy Sold PerkinElmer (PKI)

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 PerkinElmer, Inc. (NYSE:PKI) in the fourth quarter 2022 investor letter. Headquartered in Waltham, Massachusetts, PerkinElmer, Inc. (NYSE:PKI) provides end-to-end solutions to diagnostics, life sciences, and applied services markets. On April 4, 2023, PerkinElmer, Inc. (NYSE:PKI) stock closed at $131.89 per share. One-month return of PerkinElmer, Inc. (NYSE:PKI) was 6.21%, and its shares lost 20.60% of their value over the last 52 weeks. PerkinElmer, Inc. (NYSE:PKI) has a market capitalization of $16.912 billion.

Renaissance Large Cap Growth Strategy made the following comment about PerkinElmer, Inc. (NYSE:PKI) in its Q4 2022 investor letter:

“Conversely, we sold our position in PerkinElmer, Inc. (NYSE:PKI) following a deterioration in fundamental factors. After a careful review, we believe the prudent decision is to step aside until the company completes the divestiture of its Applied, Food, and Enterprise Services business to private equity. While it allows PerkinElmer to become a pure-play Life Sciences & Diagnostics business, the divestiture will also produce a company that may operate with under-utilized assets until the new management team can deploy capital to rebuild its revenue base following the loss of approximately 30% of revenues.”

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PerkinElmer, Inc. (NYSE:PKI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held PerkinElmer, Inc. (NYSE:PKI) at the end of the fourth quarter which was 30 in the previous quarter. 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.