Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” second quarter investor letter. A copy of the same can be downloaded here. The fund declined 19.25% in the second quarter compared to the Russell 2000 Growth Index. Class A shares of the fund in the second quarter underperformed the Russell 2000 Growth Index. Financials and consumer discretionary sectors significantly contributed to the fund’s relative performance, while healthcare and information technology were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the second quarter investor letter, Alger Capital discussed stocks like Inspire Medical Systems, Inc. (NYSE:INSP). Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On August 31, 2022, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $191.49 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was -12.27% and its shares lost 14.62% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $5.513 billion.
Here is what Alger Capital specifically said about Inspire Medical Systems, Inc. (NYSE:INSP):
“Inspire Medical Systems, Inc. (NYSE:INSP) markets the only FDA-approved implantable neuromodulation device used to treat obstructive sleep apnea (OSA). Inspire’s device monitors a patient’s breathing and delivers electrical stimulation to the hypoglossal nerve in order to maintain an open airway.
We believe the second quarter underperformance of Inspire shares is primarily attributable to the rotation away from high-growth, high-valuation health care names that are currently unprofitable. Additionally, we think the underperformance was compounded by Inspire being one of the best-performing medical device stocks in the first quarter. We believe many investors have been “selling the winners” in a risk-off environment. Looking ahead, we continue to believe that Inspire is one of the best growth opportunities in medical devices with no anticipated immediate competition. We also believe its market is highly underpenetrated.”
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Inspire Medical Systems, Inc. (NYSE:INSP) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Inspire Medical Systems, Inc. (NYSE:INSP) was held by 31 hedge fund portfolios at the end of the second quarter, which was 30 in the previous quarter.
We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared stock picks of billionaire Andreas Halvorsen’s Viking Global. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
