Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” first 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. The fund returned 3.10% without sales charges and -2.33% with sales charges in the quarter compared to 6.54 % for the benchmark. The Energy and real estate sectors contributed to the fund’s relative performance in the quarter, while consumer discretionary and industrials sectors detracted from performance. 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 Vertex, Inc. (NASDAQ:VERX) in the first quarter 2023 investor letter. Headquartered in King of Prussia, Pennsylvania, Vertex, Inc. (NASDAQ:VERX) is a tax technology solutions provider. On June 23, 2023, Vertex, Inc. (NASDAQ:VERX) stock closed at $18.95 per share. One-month return of Vertex, Inc. (NASDAQ:VERX) was -9.50%, and its shares gained 63.79% of their value over the last 52 weeks. Vertex, Inc. (NASDAQ:VERX) has a market capitalization of $2.872 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Vertex, Inc. (NASDAQ:VERX) in its first quarter 2023 investor letter:
“Vertex, Inc. (NASDAQ:VERX) is an on-premises and cloud provider of tax compliance software to large enterprises (e.g.. companies with over 250 employees). The firm offers comprehensive solutions that automate end-to-end indirect tax processes for enterprises and mid-market companies with complex tax transactions. Its software enables tax determination, data management. compliance and reporting, and document management During the period, the company reported solid fiscal fourth quarter results that beat consensus and issued full-year 2023 revenue guidance that was above analyst estimates. Moreover, cloud revenue continued to show strength, which grew 34% year-over- year, along with a 16% increase in annual recurring revenue.”
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Vertex, Inc. (NASDAQ:VERX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Vertex, Inc. (NASDAQ:VERX) at the end of first quarter 2023 which was 9 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
