Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The fund returned 3.10% without sales charges and -2.33% with sales charges in the quarter compared to 6.54 % for the benchmark. The Energy and real estate sectors contributed to the fund’s relative performance in the quarter, while consumer discretionary and industrials sectors detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like FirstService Corporation (NASDAQ:FSV) in the first quarter 2023 investor letter. Headquartered in Toronto, Canada, FirstService Corporation (NASDAQ:FSV) is a property management company. On June 22, 2023, FirstService Corporation (NASDAQ:FSV) stock closed at $143.12 per share. One-month return of FirstService Corporation (NASDAQ:FSV) was -1.12%, and its shares gained 15.81% of their value over the last 52 weeks. FirstService Corporation (NASDAQ:FSV) has a market capitalization of $6.391 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about FirstService Corporation (NASDAQ:FSV) in its first quarter 2023 investor letter:
“FirstService Corporation (NASDAQ:FSV) is a leading provider of property management services to owners and homeowners associations of community and high-rise properties, as well as the provider of branded services such as California Closets and CertaPro Painters for residential homeowners. Services also include home restoration after fires, flooding or other events. FirstService continues to extend its significant scale advantage as it provides higher quality and greater breadth of services than its competition, while using its free cash and strong balance sheet to continue to make what we believe are attractive value-enhancing acquisitions. During the period, shares contributed to performance as the company reported strong fiscal fourth quarter results. Despite continued pressure from labor shortages and cost inflation, the company reported better-than-expected revenues and earnings during the quarter. Moreover, notable revenue growth was attributed to FirstService restoration, which saw 20% year-over-year organic growth that included related revenue from Hurricanes lan and Fiona.”
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FirstService Corporation (NASDAQ:FSV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held FirstService Corporation (NASDAQ:FSV) at the end of first quarter 2023 which was 13 in the previous quarter.
We discussed FirstService Corporation (NASDAQ:FSV) in another article and shared Polen Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
