Fred Alger Management, an investment management company, released its “Alger Spectra Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund outperformed the Russell 3000 Growth Index which returned 12.47%. Healthcare and Industrial sectors were the contributors to the fund’s relative performance in the quarter, while consumer discretionary and utilities detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund highlighted stocks like AbbVie Inc. (NYSE:ABBV) in the second quarter 2023 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On September 1, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $148.20 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was -1.42%, and its shares gained 8.75% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $261.58 billion.
Alger Spectra Fund made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q2 2023 investor letter:
“AbbVie Inc. (NYSE:ABBV) is a global biopharmaceutical company that develops and markets drugs in areas such as immunology, virology and oncology. Recently, the company expanded through the acquisition of Allergan, which added robust growth assets to help offset the loss of U.S. patent protection for Humira, a leading treatment used for rheumatology, dermatology. gastroenterology, and ophthalmology. The company reported strong fiscal first quarter results, where revenues and earnings both beat analyst estimates, along with management raising their fiscal 2023 earnings guidance. However, shares fell towards the end of this quarter after a competitor announced that they will be launching a Humira biosimilar at a steep discount to the current list price for AbbVie’s branded Humira.”
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AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of second quarter which was 75 in the previous quarter.
We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the list of best defensive stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 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.
