Alger Capital, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The Information technology and Industrials sectors contributed to the fund’s relative performance in the quarter, while Health Care and Energy sectors detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like Ameresco, Inc. (NYSE:AMRC) in the Q3 2022 investor letter. Headquartered in Framingham, Massachusetts, Ameresco, Inc. (NYSE:AMRC) is a technology integrator. On December 13, 2022, Ameresco, Inc. (NYSE:AMRC) stock closed at $63.64 per share. One-month return of Ameresco, Inc. (NYSE:AMRC) was 0.05%, and its shares lost 17.67% of their value over the last 52 weeks. Ameresco, Inc. (NYSE:AMRC) has a market capitalization of $3.304 billion.
Alger Capital made the following comment about Ameresco, Inc. (NYSE:AMRC) in its Q3 2022 investor letter:
“Ameresco, Inc. (NYSE:AMRC) is one of largest energy service companies in North America. The company provides design and implementation of infrastructure upgrade projects, aimed at reducing energy usage, and manages onsite operations and maintenance following the completion of projects. Energy efficiency is an underappreciated dimension of decarbonization, and Ameresco is one of the few public companies with a high degree of leverage to improve the efficiency of buildings.
Shares outperformed during the quarter after the company reported better than expected second quarter earnings which beat analysts’ estimates. Notably, year-over-year revenue growth was up 111%, driven by the second full quarter of revenue recognition from the contract to build battery systems for Southern California Edison. Moreover, we believe the clean energy company is a key beneficiary of the Inflation Reduction Act, passed into law on August 16th, which provides funding for clean energy production.”
Ameresco, Inc. (NYSE:AMRC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Ameresco, Inc. (NYSE:AMRC) at the end of the third quarter, which was 17 in the previous quarter.
We discussed Ameresco, Inc. (NYSE:AMRC) in another article and shared the best fast growth stocks. 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.
