Alger Capital, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 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 Information technology and Industrials sectors contributed to the fund’s relative performance in the quarter, while Health Care and Energy sectors detracted from 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 Core Laboratories N.V. (NYSE:CLB) in the Q3 2022 investor letter. Headquartered in Amstelveen, the Netherlands, Core Laboratories N.V. (NYSE:CLB) provides reservoir description and enhancement services. On December 13, 2022, Core Laboratories N.V. (NYSE:CLB) stock closed at $19.07 per share. One-month return of Core Laboratories N.V. (NYSE:CLB) was -17.16%, and its shares lost 16.07% of their value over the last 52 weeks. Core Laboratories N.V. (NYSE:CLB) has a market capitalization of $884.301 million.
Alger Capital made the following comment about Core Laboratories N.V. (NYSE:CLB) in its Q3 2022 investor letter:
“Core Laboratories N.V. (NYSE:CLB) is a unique oil services company that provides reservoir description and production enhancement services and products to the oil and gas industry. These services and products enable Core Laboratories’ clients to improve performance and increase resource recovery from producing fields. Shares underperformed during the quarter even though the company’s production enhancement segment-with its outsized exposure to domestic activity-reported strong results. However, the reservoir description segment-which is more reliant upon international activity (both onshore and offshore)-has recovered more slowly. The company’s global rig count, which has historically been a leading indicator of future reservoir description activity, has improved recently, giving us confidence in the business’s longer-term fundamentals.”
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Core Laboratories N.V. (NYSE:CLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Core Laboratories N.V. (NYSE:CLB) at the end of the third quarter, which was 11 in the previous quarter.
We discussed Core Laboratories N.V. (NYSE:CLB) in another article and shared the list of growth stocks that are too cheap to ignore. In addition, please check out our hedge fund investor letters Q3 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.
