Fred Alger Management, an investment management company, released its “Alger Spectra Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund outperformed the Russell 3000 Growth Index which returned 12.47%. Healthcare and Industrial sectors were the contributors to the fund’s relative performance in the quarter, while consumer discretionary and utilities detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On September 1, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $485.09 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 6.81%, and its shares gained 255.46% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.198 trillion.
Alger Spectra Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2023 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming. PCs, data centers, virtual reality and high- performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put, Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe NVIDIA is a long-term high unit volume growth opportunity. During the period, NVIDIA reported quarterly results that were in-line with analyst expectations as the company continued to work through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management guidance was considerably better-than-expected as they anticipate accelerated growth in their gaming and datacenter segments. With encouraging forward guidance from management and the rapid rollout and adoption of generative Al offerings, shares contributed to positive performance during the quarter.”
Photo by Javier Esteban on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 175 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of second quarter which was 132 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of biggest generative AI companies in the world. In addition, please check out our hedge fund investor letters Q2 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.
