Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 2023 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. Healthcare and industrials were the largest sector weightings during the quarter. The financials and consumer discretionary were the leading relative performance contributors while healthcare and energy detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Agiliti, Inc. (NYSE:AGTI) in the third quarter 2023 investor letter. Headquartered in Eden Prairie, Minnesota, Agiliti, Inc. (NYSE:AGTI) provides healthcare technology management and service solutions. On October 18, 2023, Agiliti, Inc. (NYSE:AGTI) stock closed at $5.25 per share. One-month return of Agiliti, Inc. (NYSE:AGTI) was -22.34%, and its shares lost 70.19% of their value over the last 52 weeks. Agiliti, Inc. (NYSE:AGTI) has a market capitalization of $709.06 million.
Alger Weatherbie Specialized Growth Fund made the following comment about Agiliti, Inc. (NYSE:AGTI) in its Q3 2023 investor letter:
“Agiliti, Inc. (NYSE:AGTI) provides end-to-end healthcare technology management and service solutions to the U.S. healthcare industry. The company also offers comprehensive medical equipment management and service solutions to reduce capital and operating expenses, increase medical equipment and staff productivity, and improve patient safety. During the quarter, shares detracted from performance after the company reported mixed fiscal second quarter results, where revenues beat consensus estimates but missed on earnings. Further, management lowered their full year 2023 earnings guidance, where they cited two potential headwinds: 1) continued contraction in their peak needs rentals business due to excess equipment inventory at hospitals purchased during the pandemic, and 2) higher-than-expected initial costs for on- boarding larger contract wins.”
A medical research laboratory showcasing the latest technologies used in clinical-stage biopharmaceutical studies. Editorial photo for a financial news article. 8k. –ar 16:9
Agiliti, Inc. (NYSE:AGTI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Agiliti, Inc. (NYSE:AGTI) at the end of second quarter which was 4 in the previous quarter.
We discussed Agiliti, Inc. (NYSE:AGTI) in another article and shared the list of worst performing growth stocks in 2023. 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.
