Alger Capital, an investment management company, released its “Alger Spectra Fund” second quarter investor letter. A copy of the same can be downloaded here. Class A shares of the fund in the second quarter underperformed the Russell 3000 Growth Index. Communication services and material sectors significantly contributed to the fund’s relative performance, while Consumer discretionary and energy sectors were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the second quarter investor letter, Alger Capital discussed stocks like Meta Platforms, Inc. (NASDAQ:META). Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On August 31, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $162.93 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -4.48% and its shares lost 56.58% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $437.882 billion.
Here is what Alger Capital specifically said about Meta Platforms, Inc. (NASDAQ:META):
“Meta Platforms, Inc. (NASDAQ:META) operates Facebook, the world’s largest social network. The digital advertising industry is taking market share of advertising dollars from print, radio, and tv media. However, concerns about brand risk, or having advertisements appear alongside of controversial content, caused brands and agencies to move budgets away from meta, resulting in disappointing revenue. Diminished ad tracking capability relative to consumer opt-out also weighed upon sentiment for meta shares. Meta’s share performance responded favorably, however, to first quarter results that that while not strong fundamentally, were positive against extremely low expectations among some investors. The positive contribution to portfolio performance was due to a sequential quarterly increase in customer utilization and management lowering its expense guidance $3 billion in order to protect earnings. In a market environment that is rewarding companies with relatively high current earnings, we believe Meta’s spending discipline resonated with investors.”
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Meta Platforms, Inc. (NASDAQ:META) was held by 184 hedge fund portfolios at the end of the second quarter, which was 200 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared RGA Investment Advisors’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
