Alger Capital, an investment management company, released its “Alger Spectra Fund” second quarter investor letter. A copy of the same can be downloaded here. Class A shares of the fund in the second quarter underperformed the Russell 3000 Growth Index. Communication services and material sectors significantly contributed to the fund’s relative performance, while Consumer discretionary and energy sectors 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 Amazon.com, Inc. (NASDAQ:AMZN). Headquartered in Seattle, Washington Amazon.com, Inc. (NASDAQ:AMZN) is a retailer that operates internationally. On August 31, 2022, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $126.77 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -11.08% and its shares lost 26.79% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of 1.291 trillion.
Here is what Alger Capital specifically said about Amazon.com, Inc. (NASDAQ:AMZN):
“Amazon.com, Inc. (NASDAQ:AMZN) detracted from portfolio performance in part due to poor operating profit and concerns about future margins. The company disclosed that its first quarter retail revenues increased 3% relative to Q1 2021 due to increased online shopping last year during the COVID-19 pandemic restrictions fueled by direct-to-consumer fiscal stimulus payments. This growth met an estimate from a consensus of analysts at financial services firms, according to FactSet. For the first quarter, however, amazon.com reported $3.7 billion in operating profit versus $5.3 billion anticipated by a consensus estimate. This substantial miss was driven by increased fuel and international shipping expenses, increased staffing due to hiring for employees who were sick with covid-19 and fulfillment center capacity buildout that is now becoming better utilized. These factors resulted in shares of amazon.com underperforming during the second quarter.”
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Amazon.com, Inc. (NASDAQ:AMZN) gained the first position on our list of 30 Most Popular Stocks Among Hedge Funds. Amazon.com, Inc. (NASDAQ:AMZN) was in 252 hedge fund portfolios at the end of second quarter which was 271 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the top stock picks of Robert B. Gillam’s McKinley Capital Management. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
