Fred Alger Management, an investment management company, released its “Alger Mid Cap Focus Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, U.S equities fell after three positive consecutive quarters. The fund underperformed the Russell Midcap Growth Index in the quarter. Industrials and Consumer Staples were the leading contributors to the relative performance while, information technology and healthcare detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Mid Cap Focus Fund highlighted stocks like Splunk Inc. (NASDAQ:SPLK) in the Q3 2023 investor letter. Headquartered in San Francisco, California, Splunk Inc. (NASDAQ:SPLK) is a cloud solutions and software provider. On November 16, 2023, Splunk Inc. (NASDAQ:SPLK) stock closed at $150.88 per share. One-month return of Splunk Inc. (NASDAQ:SPLK) was 2.30%, and its shares gained 95.25% of their value over the last 52 weeks. Splunk Inc. (NASDAQ:SPLK) has a market capitalization of $25.442 billion.
Alger Mid Cap Focus Fund made the following comment about Splunk Inc. (NASDAQ:SPLK) in its Q3 2023 investor letter:
“Splunk Inc. (NASDAQ:SPLK) is a software platform for searching, monitoring, and analyzing machine-generated data in real time. The company collects data from a wide variety of sources, including application logs, web server logs, network devices, and security systems. Splunk then indexes and stores this data in a searchable format, making it easy to query and analyze. It can be used to detect and respond to security threats such as malware intrusions and data breaches. During the quarter, shares of Splunk contributed to performance after receiving an all-cash acquisition offer of $28 billion from Cisco. With unanimous approval from both boards, the company expects to complete the transaction by the third quarter of 2024.”
An experienced software developer architecting a cloud software solution on multiple monitors.
Splunk Inc. (NASDAQ:SPLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Splunk Inc. (NASDAQ:SPLK) at the end of second quarter which was 49 in the previous quarter.
We discussed Splunk Inc. (NASDAQ:SPLK) in another article and shared Patient Capital Management’s views on the company. 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.
