Alger Capital, an investment management company, released its “Alger Spectra Fund” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, Class A shares of the fund underperformed the Russell 3000 Growth Index. The portfolio’s largest sector overweight in the quarter was Energy and the largest sector underweight was Information Technology. Energy and Utility sectors were the significant performance contributors, while Information technology and Consumer Discretionary sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the fourth quarter investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On February 1, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $105.15 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 26.50%, and its shares lost 24.27% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.073 trillion.
Alger Capital made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s Amazon Web Services (AWS) business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. Shares underperformed during the quarter as the company reported weaker than expected fiscal third quarter results, driven by currency headwinds, slower consumer spending growth as well as slowing AWS growth given the challenging macroeconomic environment. Moreover, management lowered their fiscal fourth quarter revenue guidance, citing broad-scale inflation has impacted its sales growth for both consumers and enterprises. The company also noted an uptick in AWS customers focused on controlling costs, where they are moving storage into lower priced tiers.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 269 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the third quarter, which was 252 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of top smartest companies to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2022 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.
