Alger Capital, an investment management company, released its “Alger Spectra Fund” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, Class A shares of the fund outperformed the Russell 3000 Growth Index. In the quarter, the portfolio’s largest sector overweight was Health Care, and the largest sector underweight was Information Technology. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital discussed stocks like Tesla, Inc. (NASDAQ:TSLA) in the Q3 2022 investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturing company. On November 2, 2022, Tesla, Inc. (NASDAQ:TSLA) stock closed at $214.98 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was -9.72% and its shares lost 47.56% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $678.853 billion.
Alger Capital made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2022 investor letter:
“Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Shares outperformed during the quarter despite covid 19 shutdowns at the company’s shanghai production plant early in the period. During this quarter, the company also ramped up production at its newer Germany and Texas plants. While investors were aware of these challenging variables, the company’s quarterly results exceeded expectations thanks to lower-than-expected operating expenses. Investors are aware that ramping up electric vehicle production is challenging and recognize it’s difficult to estimate production rates.”
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Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of the second quarter which was 80 in the previous quarter.
We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the list of the biggest global tech companies by market cap. 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.