Alger, an investment management firm, published its “Alger Mid Cap Focus Fund” first quarter 2021 investor letter – a copy of which can be downloaded here. During the quarter, the largest portfolio sector weightings for the fund were Consumer Discretionary and Information Technology. The fund’s largest sector overweight was Consumer Discretionary. Class Z shares of the Alger Mid Cap Focus Fund outperformed the Russell Midcap Growth Index during the first quarter of 2021. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Alger Mid Cap Focus Fund, in their Q1 2021 investor letter, mentioned Chargepoint Holdings Inc. (NYSE: CHPT) and shared their insights on the company. Chargepoint Holdings Inc. is a Campbell, California-based electric vehicle infrastructure company that currently has a $6.5 billion market capitalization. Since the beginning of the year, CHPT delivered a -44.44% return, while its 12-month gains are up by 127.01%. As of April 16, 2021, the stock closed at $22.27 per share.
Here is what Alger Mid Cap Focus Fund has to say about Chargepoint Holdings Inc. in their Q1 2021 investor letter:
“ChargePoint Holdings, Inc. was among the top detractors from performance. ChargePoint provides a network of electric vehicle (EV) charging stations globally. Like equities of many businesses geared to electric vehicles, ChargePoint shares underperformed in the first quarter of 2021 as part of a broad rotation away from high-growth technology companies with limited track records of performance as public companies. Longer term, Charge Point could potentially serve as a bellwether company of the fast growing EV category and we believe it is an attractive way to gain exposure to EV adoption without betting on whether a particular EV brand will win in the marketplace. Additionally, EVs are a massive end market.”
Our calculations show that Chargepoint Holdings Inc. (NYSE: CHPT) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. CHPT delivered a -46.25% return in the past 3 months.
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