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 DexCom, Inc. (NASDAQ:DXCM) in the third quarter 2023 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On November 17, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $104.97 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 22.10%, and its shares lost 7.69% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $40.064 billion.
Alger Mid Cap Focus Fund made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q3 2023 investor letter:
“DexCom, Inc. (NASDAQ:DXCM) is a medical device company focused on developing and commercializing continuous glucose monitors (CGMS) for diabetes management. CGM devices provide near real-time data on blood glucose levels and have demonstrated that its use leads to sustainable improvement in HbA1c levels, a critical measure of how well diabetes is being controlled. During the period, shares detracted from performance as investors became concerned about the long-term impact of GLP-1 drugs, a newer class of drugs that are highly effective in treating diabetes and obesity. While we do not doubt the potential impact of GLP-1’s on the greater health care space, we believe these concerns appear overblown, as the company remains well positioned to address a large market opportunity and data have shown that historically GLP-1 drugs and CGM devices are generally complementary.”
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DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of second quarter which was 66 in the previous quarter.
We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared the list of best Internet of Things (IoT) stocks to buy. 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.
