Alger Capital, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2022 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. The fund returned 3.01% (without sales charges) compared to 4.72% for the benchmark. The Energy and Industrials sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Health Care sectors detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Impinj, Inc. (NASDAQ:PI) in the Q4 2022 investor letter. Headquartered in Seattle, Washington, Impinj, Inc. (NASDAQ:PI) provides a platform for cloud connectivity. On February 24, 2023, Impinj, Inc. (NASDAQ:PI) stock closed at $125.56 per share. One-month return of Impinj, Inc. (NASDAQ:PI) was 0.56%, and its shares gained 82.63% of their value over the last 52 weeks. Impinj, Inc. (NASDAQ:PI) has a market capitalization of $3.284 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Impinj, Inc. (NASDAQ:PI) in its Q4 2022 investor letter:
“Impinj, Inc. (NASDAQ:PI) engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics hospitality, food and beverage, and industrial manufacturing industries Shares outperformed during the period as the company reported better-than-expected fiscal third quarter results. Moreover, endpoint integrated circuit revenues beat estimates due to an acceleration in the pace of upside wafers during the quarter. While semiconductor chip incremental supply is still falling short of demand, management noted a gradual recovery across the quarter that they expect to further improve into 2023 Management also cited improving supply outlook combined with robust secular demand is expected to drive continued sequential growth into 2023.”
Impinj, Inc. (NASDAQ:PI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Impinj, Inc. (NASDAQ:PI) at the end of the fourth quarter which was 24 in the previous quarter.
We discussed Impinj, Inc. (NASDAQ:PI) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Most Promising QQQ Stocks
- Bill Gates’ Current Portfolio: 10 Dividend Stocks
- 12 Most Promising Future Stocks to Buy
Disclosure: None. This article is originally published at Insider Monkey.
