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 Alibaba Group Holding Limited (NYSE:BABA) in the Q3 2022 investor letter. Headquartered in Hangzhou, the People’s Republic of China, Alibaba Group Holding Limited (NYSE:BABA) is a technology company. On November 2, 2022, Alibaba Group Holding Limited (NYSE:BABA) stock closed at $64.70 per share. One-month return of Alibaba Group Holding Limited (NYSE:BABA) was -23.27% and its shares lost 60.74% of their value over the last 52 weeks. Alibaba Group Holding Limited (NYSE:BABA) has a market capitalization of $171.296 billion.
Alger Capital made the following comment about Alibaba Group Holding Limited (NYSE:BABA) in its Q3 2022 investor letter:
“Alibaba Group Holding Limited (NYSE:BABA) is a leading Chinese e-commerce and cloud computing company. It also serves the big data analytics, digital media, and entertainment markets. Alibaba’s third-quarter operating results surpassed analysts’ expectations thanks to robust cost cutting and robust profits. However, shares underperformed during the period due to COVID-19 outbreaks in some Chinese cities, geo-political tensions and a weakening yuan.”
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Alibaba Group Holding Limited (NYSE:BABA) is in 13th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 106 hedge fund portfolios held Alibaba Group Holding Limited (NYSE:BABA) at the end of the second quarter which was 100 in the previous quarter.
We discussed Alibaba Group Holding Limited (NYSE:BABA) in another article and shared the list of the largest IPOs of all time. 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.