Fred Alger Management, an investment management company, released its “Alger Mid Cap Focus Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, U.S equities fell after three positive consecutive quarters. The fund underperformed the Russell Midcap Growth Index in the quarter. Industrials and Consumer Staples were the leading contributors to the relative performance while, information technology and healthcare detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Mid Cap Focus Fund highlighted stocks like Celsius Holdings, Inc. (NASDAQ:CELH) in the third quarter 2023 investor letter. Headquartered in Boca Raton, Florida, Celsius Holdings, Inc. (NASDAQ:CELH) is a functional drink and liquid supplements manufacturer and distributor. On November 16, 2023, Celsius Holdings, Inc. (NASDAQ:CELH) stock closed at $50.04 per share. One-month return of Celsius Holdings, Inc. (NASDAQ:CELH) was -7.86%, and its shares gained 53.91% of their value over the last 52 weeks. Celsius Holdings, Inc. (NASDAQ:CELH) has a market capitalization of $11.556 billion.
Alger Mid Cap Focus Fund made the following comment about Celsius Holdings, Inc. (NASDAQ:CELH) in its Q3 2023 investor letter:
“Celsius Holdings, Inc. (NASDAQ:CELH) engages in the development, marketing, sale, and distribution of functional drinks and liquid supplements. It also offers post-workout functional energy drinks and protein bars. During the period, the company reported strong fiscal second quarter revenues which grew 112% year-over-year, an acceleration from the already 96% growth rate the company had posted in the previous twelve-months basis. We believe these results serve as ongoing evidence that Celsius remains well positioned to potentially continue taking market share in the energy drink space, both domestically and in international markets.”
Young athletes having a break while enjoying one of the sports drinks offered by the Company.
Celsius Holdings, Inc. (NASDAQ:CELH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Celsius Holdings, Inc. (NASDAQ:CELH) at the end of second quarter which was 24 in the previous quarter.
We discussed Celsius Holdings, Inc. (NASDAQ:CELH) in another article and shared Carillon Eagle Mid Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
