Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” second quarter investor letter. A copy of the same can be downloaded here. The fund declined 19.25% in the second quarter compared to the Russell 2000 Growth Index. Class A shares of the fund in the second quarter underperformed the Russell 2000 Growth Index. Financials and consumer discretionary sectors significantly contributed to the fund’s relative performance, while healthcare and information technology 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 Herc Holdings Inc. (NYSE:HRI). Herc Holdings Inc. (NYSE:HRI) is a rental equipment provider based in Bonita Springs, Florida. On August 31, 2022, Herc Holdings Inc. (NYSE:HRI) stock closed at $112.53 per share. One-month return of Herc Holdings Inc. (NYSE:HRI) was -6.97 % and its shares lost 14.13% of their value over the last 52 weeks. Herc Holdings Inc. (NYSE:HRI) has a market capitalization of $3.367 billion.
Here is what Alger Capital specifically said about Herc Holdings Inc. (NYSE:HRI):
“Herc Holdings Inc. (NYSE:HRI) is one of North America’s largest equipment rental companies with products for construction, moving materials and other functions. We believe the company has strong fundamentals, but its stock underperformed because cyclical equities have gone out of favor with many investors due to the Fed increasing interest rates and investors’ growing fears that a potential recession could hurt construction activity in the U.S. In addition, Herc provided mixed results for its first quarter, including profitability falling below expectations as determined by the consensus of analysts at financial services firms. Nevertheless, the company raised its guidance for the fiscal year.
One of Herc’s s main competitors has indicated that rental demand continues to be very strong. Additionally, we believe a decade of underinvestment in capital improvements could support demand for rental equipment.”
Christian Lagerek/Shutterstock.com
Herc Holdings Inc. (NYSE:HRI) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Herc Holdings Inc. (NYSE:HRI) was held by 24 hedge fund portfolios at the end of the second quarter, which was 25 in the previous quarter.
We discussed Herc Holdings Inc. (NYSE:HRI) in another article and shared the list of companies that recently raised their guidance. 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.
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