Fred Alger Management, an investment management company, released its “Alger Spectra Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 3000 Growth Index. The healthcare and communication services contributed to the fund’s relative performance in the quarter, while consumer staples and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund featured stocks like The Trade Desk, Inc. (NASDAQ:TTD) in its Q4 2023 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) provides a technology platform for advertising buyers. On March 1, 2024, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $83.89 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 24.28%, and its shares gained 47.62% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $41.017 billion.
Alger Spectra Fund stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its fourth quarter 2023 investor letter:
“The Trade Desk, Inc. (NASDAQ:TTD) is a demand-side platform (DSP) that allows advertisers to buy digital ad inventory across various ad formats and channels in the open internet and streaming/connected TV platforms: such as video, audio, digital out-of-home, native display, and social. The company separates itself from competitors through its real-time bidding capabilities and extensive data sources that blends third-party data and advertisers own first-party data resources. During the quarter. the company reported fiscal third quarter operating results that were in line with consensus estimates but lowered their fiscal fourth quarter guidance. Management cited some weakness driven by temporary ad pause given geopolitical tensions (i.e., Middle East) and vertical-specific macroeconomic trends (i.e., Automotive and Media strikes) seen in October and early November. We believe near-term caution from advertisers is likely to pass once macroeconomic conditions normalize.”
A large array of computer screens and tech equipment representing the technology company’s self-service cloud-based platform.
The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Trade Desk, Inc. (NASDAQ:TTD) was held by 41 hedge fund portfolios, up from 39 in the previous quarter, according to our database.
We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared the list of best cloud computing stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 12 Best Single Digit Stocks To Invest In
- 25 Countries with the Strongest Armies in the World
- 12 Best Battery Stocks To Invest In Before They Take Off
Disclosure: None. This article is originally published at Insider Monkey.
