Alger Capital, an investment management company, released its “Alger Spectra Fund” second quarter investor letter. A copy of the same can be downloaded here. Class A shares of the fund in the second quarter underperformed the Russell 3000 Growth Index. Communication services and material sectors significantly contributed to the fund’s relative performance, while Consumer discretionary 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.
In the second quarter investor letter, Alger Capital discussed stocks like Alibaba Group Holding Limited (NYSE:BABA). Based in Hangzhou, the People’s Republic of China, Alibaba Group Holding Limited (NYSE:BABA) is a multinational technology and infrastructure providing company. On September 1, 2022, Alibaba Group Holding Limited (NYSE:BABA) stock closed at $93.71 per share. One-month return of Alibaba Group Holding Limited (NYSE:BABA) was -3.82% and its shares lost 45.52% of their value over the last 52 weeks. Alibaba Group Holding Limited (NYSE:BABA) has a market capitalization of $249.104 billion.
Here is what Alger Capital specifically said about Alibaba Group Holding Limited (NYSE:BABA):
“Alibaba Group Holding Limited (NYSE:BABA) is a leading e-commerce and cloud computing company in China. It also serves the big data analytics, digital media and entertainment markets. Alibaba’s shares have previously suffered from concerns about heightened regulatory oversight of the Chinese internet sector by the Chinese Communist Party. additionally, many investors became concerned about the potential for U.S. exchange listed Chinese ADRs to be delisted if they failed to meet U.S financial reporting standards by 2024. The shares have since outperformed in response to statements by the Chinese government supporting stable markets and overseas listings. The Chinese government also stated that its intensified regulatory efforts aimed at tech companies may end soon. Alibaba’s first quarter earnings and revenues exceeded estimates as determined by a consensus of analysts at financial services firms and provided by FactSet. The quarterly results benefited from better direct sales and increasing marketing efficiency.”
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Alibaba Group Holding Limited (NYSE:BABA) is in 19th position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Alibaba Group Holding Limited (NYSE:BABA) was held by 106 hedge fund portfolios at the end of the second quarter, which was 100 in the previous quarter.
We discussed Alibaba Group Holding Limited (NYSE:BABA) in another article and shared the list of stocks that Jim Cramer recommended selling in August. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
