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 Grocery Outlet Holding Corp. (NASDAQ:GO). Headquartered in Emeryville, California, Grocery Outlet Holding Corp. (NASDAQ:GO) is an America-based retailer. On August 31, 2022, Grocery Outlet Holding Corp. (NASDAQ:GO) stock closed at $40.12 per share. One-month return of Grocery Outlet Holding Corp. (NASDAQ:GO) was -8.65% and its shares gained 55.32% of their value over the last 52 weeks. Grocery Outlet Holding Corp. (NASDAQ:GO) has a market capitalization of $3.889 billion.
Here is what Alger Capital specifically said about Grocery Outlet Holding Corp. (NASDAQ:GO):
“Grocery Outlet Holding Corp. (NASDAQ:GO) is a food retailer that sells deeply discounted brand-name consumables, generally providing a 10-50% discount on a total basket of branded goods relative to traditional grocers with 40-70% savings on its “opportunistically sourced” merchandise. The company buys opportunistic consumables in the same way that off-price retailers may buy discounted apparel, which involves capitalizing on cancelled orders, changes to packaging and other strategies. Shares of Grocery Outlet outperformed in the second quarter because the company is viewed by many investors as defensive and a beneficiary of inflation and consumers “trading down.” Additionally, rampant inflation could increase the company’s value proposition and the company has the benefit of passing on higher prices to consumers, given they sell primarily non-discretionary products. Finally, the company has strong unit volume growth, which may be attractive to investors during an economic slowdown.”
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Grocery Outlet Holding Corp. (NASDAQ:GO) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Grocery Outlet Holding Corp. (NASDAQ:GO) was held by 14 hedge fund portfolios at the end of the second quarter, which was 17 in the previous quarter.
We discussed Grocery Outlet Holding Corp. (NASDAQ:GO) in another article and Argosy Investors’ views on the company. 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.
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