Fred Alger Management, an investment management company, released its “Alger Mid Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities experienced a robust rally in Q1, with the S&P Index finishing up 10.56%. The fund underperformed the Russell Midcap Growth Index in the quarter. Industrials and healthcare sectors were the leading contributors while financials and utilities detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alger Mid Cap Growth Fund highlighted stocks like Celsius Holdings, Inc. (NASDAQ:CELH), in the first quarter 2024 investor letter. Celsius Holdings, Inc. (NASDAQ:CELH) is a functional drink and liquid supplements manufacturer and distributor. The one-month return of Celsius Holdings, Inc. (NASDAQ:CELH) was -32.97%, and its shares gained 28.60% of their value over the last 52 weeks. On June 13, 2024, Celsius Holdings, Inc. (NASDAQ:CELH) stock closed at 62.05 per share with a market capitalization of $14.463 billion.
Alger Mid Cap Growth Fund stated the following regarding Celsius Holdings, Inc. (NASDAQ:CELH) in its first quarter 2024 investor letter:
“Celsius Holdings, Inc. (NASDAQ:CELH) engages in the development, marketing, sale, and distribution of functional drinks and liquid supplements. It also offers post-workout functional energy drinks and protein bars. During the quarter, shares contributed to performance after reporting solid fiscal first quarter results, where revenues and earnings beat analyst estimates. The strong quarter was largely attributed to continued partnership success with large global soft drink manufacturers. Moreover, the company signed a partnership with Ferrari racing, emulating the success of other energy drink competitors within F1 racing. Given the encouraging operating results, we continue to believe Celsius is well positioned to potentially capture market share within the large energy and soft drink industry.”
A hand pouring a cool can of a carbonated non-alcoholic beverage with a smiley face on it.
Celsius Holdings, Inc. (NASDAQ:CELH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Celsius Holdings, Inc. (NASDAQ:CELH) at the end of the first quarter which was 42 in the previous quarter. Celsius Holdings, Inc. (NASDAQ:CELH) generated $355.7 million in revenue, a 37% increase year over year, and achieved another record selling quarter. While we acknowledge the potential of Celsius Holdings, Inc. (NASDAQ:CELH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Celsius Holdings, Inc. (NASDAQ:CELH) and shared Carillon Eagle Mid Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
