Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while Consumer Discretionary and Communications services detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Growth Fund highlighted stocks like DLocal Limited (NASDAQ:DLO) in the Q3 2023 investor letter. Headquartered in Montevideo, Uruguay, DLocal Limited (NASDAQ:DLO) is a payment processing platform. On November 30, 2023, DLocal Limited (NASDAQ:DLO) stock closed at $17.25 per share. One-month return of DLocal Limited (NASDAQ:DLO) was -5.48%, and its shares gained 39.23% of their value over the last 52 weeks. DLocal Limited (NASDAQ:DLO) has a market capitalization of $4.995 billion.
Alger Small Cap Growth Fund made the following comment about DLocal Limited (NASDAQ:DLO) in its Q3 2023 investor letter:
“DLocal Limited (NASDAQ:DLO) is a fast-growing global payment and technology company that enables cross-border and local-to-locale- commerce payments for over 330 merchants in 29 emerging market countries through its proprietary, cloud-based platform. We believe the company is well positioned to potentially grow market share within the emerging markets, as the business helps alleviate key pain points for global enterprise merchants around processing e-commerce payments. During the quarter, the company announced that Pedro Arnt, the CFO of Mercado Libre. will now serve as co-CEO of DLocal. During his time as CFO of Mercado Libre, his expertise in scaling the business led to its market cap expanding over 10 times. After the announcement of Pedro Arnt as co-CEO. shares of DLocal contributed to performance.”
A payment terminal in action with customers apart of the experience.
DLocal Limited (NASDAQ:DLO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held DLocal Limited (NASDAQ:DLO) at the end of third quarter which was 23 in the previous quarter.
We discussed DLocal Limited (NASDAQ:DLO) in another article and shared Artisan Developing World Fund’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.
