Fred Alger Management, an investment management company, released its “Alger Spectra Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund underperformed the Russell 3000 Growth Index. The energy and consumer staples sectors were the contributors to the fund’s relative performance in the quarter, while communication services and health care detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund highlighted stocks like Vertiv Holdings Co (NYSE:VRT) in the third quarter 2023 investor letter. Headquartered in Westerville, Ohio, Vertiv Holdings Co (NYSE:VRT) manufactures and services critical digital infrastructure technologies and life cycle services. On November 3, 2023, Vertiv Holdings Co (NYSE:VRT) stock closed at $40.44 per share. One-month return of Vertiv Holdings Co (NYSE:VRT) was 0.77%, and its shares gained 176.99% of their value over the last 52 weeks. Vertiv Holdings Co (NYSE:VRT) has a market capitalization of $15.426 billion.
Alger Spectra Fund made the following comment about Vertiv Holdings Co (NYSE:VRT) in its Q3 2023 investor letter:
“Vertiv Holdings Co (NYSE:VRT) offers critical cooling and power management infrastructure technologies to meet the specific requirements of a diverse group of customers which primarily include datacenter customers. We believe the company is well positioned to potentially benefit from the secular demand in datacenters, as Vertiv holds leading positions in power and thermal management across the datacenter complex. During the quarter, the company reported strong fiscal second quarter results, where revenues and earnings handedly beat analyst estimates. Better-than- expected revenues were driven by higher pricing and volume growth. As the leading global supplier of power and thermal solutions to datacenters, we believe Vertiv is well positioned to benefit from the Al investment in datacenters. given the intense demand from hyperscalers for faster computing.”
A close-up of a group of technicians working on complex data center systems.
Vertiv Holdings Co (NYSE:VRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Vertiv Holdings Co (NYSE:VRT) at the end of second quarter which was 41 in the previous quarter.
We discussed Vertiv Holdings Co (NYSE:VRT) in another article and shared ClearBridge Large Cap Value Strategy’s views on the company in the previous quarter. 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.
