Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. Consumer discretionary and industrial sectors contributed to the fund’s relative performance in the quarter, while healthcare and energy sectors were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like Heska Corporation (NASDAQ:HSKA) in the Q3 2022 investor letter. Headquartered in Loveland, Colorado, Heska Corporation (NASDAQ:HSKA) engages in the pet care business. On November 4, 2022, Heska Corporation (NASDAQ:HSKA) stock closed at $63.95 per share. One-month return of Heska Corporation (NASDAQ:HSKA) was -11.59% and its shares lost 67.21% of their value over the last 52 weeks. Heska Corporation (NASDAQ:HSKA) has a market capitalization of $691.869 million.
Alger Capital made the following comment about Heska Corporation (NASDAQ:HSKA) in its Q3 2022 investor letter:
“Heska Corporation (NASDAQ:HSKA) sells diagnostic tools and specialty products to the animal health market. Specifically, Heska sells blood testing and supplies, digital imaging products, software and single-use products primarily for cats and dogs. The company also offers private-label vaccines and pharmaceutical production primarily for cattle and other small mammals.
Shares of Heska underperformed this quarter largely due to an industry-wide slowdown in the animal health market. The company reported lower than expected earnings results due to the recent weakness in vet visitation trends. Consequently, management lowered forward guidance given the difficult macroeconomic outlook. While near-term weakness is expected at this time, we believe the company remains well positioned to benefit from new product launches going into next year.”
Photo by Karlo Tottoc on Unsplash
Heska Corporation (NASDAQ:HSKA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Heska Corporation (NASDAQ:HSKA) at the end of the second quarter, which was 18 in the previous quarter.
We discussed Heska Corporation (NASDAQ:HSKA) in another article and shared Alger Capital’s views on the company. 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.
