Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. Healthcare and industrials were the largest sector weightings during the quarter. The financials and consumer discretionary were the leading relative performance contributors while healthcare and energy detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like StepStone Group LP (NASDAQ:STEP) in the third quarter 2023 investor letter. Headquartered in New York, New York, StepStone Group LP (NASDAQ:STEP) is an investment firm. On October 18, 2023, StepStone Group LP (NASDAQ:STEP) stock closed at $29.13 per share. One-month return of StepStone Group LP (NASDAQ:STEP) was -6.33%, and its shares gained 19.34% of their value over the last 52 weeks. StepStone Group LP (NASDAQ:STEP) has a market capitalization of $3.256 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about StepStone Group LP (NASDAQ:STEP) in its Q3 2023 investor letter:
“StepStone Group LP (NASDAQ:STEP) is a private markets investment firm that focuses on providing customized investment solutions and advisory and data services to clients. The company serves public and private defined benefit and defined contribution pension funds, sovereign wealth funds, insurance companies, prominent endowments. foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. During the period, the company reported mixed fiscal first quarter results, where earnings came in slightly below analyst estimates. However, shares contributed to performance as the company’s assets under management continued to move higher due in part to success in the high-net-worth channel.”
A venture capitalist analyzing investment opportunities in late-stage transactions. Editorial photo for a financial news article. 8k. –ar 16:9
StepStone Group LP (NASDAQ:STEP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held StepStone Group LP (NASDAQ:STEP) at the end of second quarter which was 9 in the previous quarter. 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.
