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 Alphabet Inc. (NASDAQ:GOOG) in the Q3 2022 investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On November 2, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $87.07 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -14.84% and its shares lost 41.44% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.126 trillion.
Alger Capital made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) is a global technology company specializing in cloud operating systems and digital advertising company revenues are primarily driven by online advertising on its google search platform, along with selling hardware devices and apps on google play. Shares underperformed during the period as the company reported mixed second-quarter results. The company’s net revenues were slightly below analysts’ estimates as advertisers reduced their spending. Moreover, growth in their cloud computing segment-google cloud-was lower than analysts’ estimates. While near-term results were uninspiring, we believe the company remains well positioned for the long term with leading search technology that should produce incremental sales growth from increasing smartphone adoption.”
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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared Baron Funds’ views on the company. 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.