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 Shopify Inc. (NYSE:SHOP) in the third quarter 2023 investor letter. Headquartered in Ottawa, Canada, Shopify Inc. (NYSE:SHOP) is a commerce company. On November 16, 2023, Shopify Inc. (NYSE:SHOP) stock closed at $67.28 per share. One-month return of Shopify Inc. (NYSE:SHOP) was 33.80%, and its shares gained 87.00% of their value over the last 52 weeks. Shopify Inc. (NYSE:SHOP) has a market capitalization of $87.856 billion.
Alger Mid Cap Focus Fund made the following comment about Shopify Inc. (NYSE:SHOP) in its Q3 2023 investor letter:
“Shopify Inc. (NYSE:SHOP) operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting. While the company’s shares nearly doubled in the first half of 2023, market sentiment deteriorated towards unprofitable technology companies during the third quarter, as shares detracted from performance. Despite the share price decline, we continue to remain positive on the company’s asset-light model within the vast eCommerce market and believe that we are in the early innings of the company’s renowned focus on operational efficiency and profitability.”
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Shopify Inc. (NYSE:SHOP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Shopify Inc. (NYSE:SHOP) at the end of second quarter which was 66 in the previous quarter.
We discussed Shopify Inc. (NYSE:SHOP) in another article and shared the list of best Q3 earnings reports that crushed estimates. 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.
