Alger Capital, an investment management company, released its “Alger Spectra Fund” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, Class A shares of the fund underperformed the Russell 3000 Growth Index. The portfolio’s largest sector overweight in the quarter was Energy and the largest sector underweight was Information Technology. Energy and Utility sectors were the significant performance contributors, while Information technology and Consumer Discretionary sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks AbbVie Inc. (NYSE:ABBV) in the Q4 2022 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On February 2, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $144.84 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was -13.04%, and its shares gained 2.98% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $256.147 billion.
Alger Capital made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q4 2022 investor letter:
“AbbVie Inc. (NYSE:ABBV) is a global biopharmaceutical company that develops and markets drugs in areas such as immunology. virology and oncology. Recently, the company expanded through the acquisition of Allergan, which added robust growth assets to help offset the loss of U.S. patent protection for Humira, a leading treatment used for rheumatology, dermatology. gastroenterology, and ophthalmology. While AbbVie reported weak third quarter revenues across the board, the U.S. Food and Drug Administration (FDA) approved Vraylar (an antipsychotic treatment) in December. Despite concerns around Humira’s loss of patent protection, we believe AbbVie has significantly diversified its revenue and that its launch of Rinvog for psoriatic arthritis and atopic dermatitis could be promising.”
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AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of the third quarter, which was 71 in the previous quarter.
We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the list of largest ophthalmology companies in the world. 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.