Alger Capital, an investment management company, released its “Alger Mid Cap Focus Fund” third quarter investor letter. A copy of the same can be downloaded here. Mid-cap growth stocks declined 0.65% for the quarter, as measured by the Russel Midcap Growth Index. Class Z shares of the fund underperformed the Russel Midcap Growth Index in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like Constellation Energy Corporation (NASDAQ:CEG) in the Q3 2022 investor letter. Headquartered in Baltimore, Maryland, Constellation Energy Corporation (NASDAQ:CEG) is a US-based electricity generator and distributor. On December 13, 2022, Constellation Energy Corporation (NASDAQ:CEG) stock closed at $90.84 per share. One-month return of Constellation Energy Corporation (NASDAQ:CEG) was -2.84%, and in three months its shares gained 5.16% of their value. Constellation Energy Corporation (NASDAQ:CEG) has a market capitalization of $29.706 billion.
Alger Capital made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter:
“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.
Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”
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Constellation Energy Corporation (NASDAQ:CEG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Constellation Energy Corporation (NASDAQ:CEG) at the end of the third quarter, which was 43 in the previous quarter.
We discussed Constellation Energy Corporation (NASDAQ:CEG) in another article and shared analysis of David Tepper stock portfolio. 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.
