Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. US markets rallied strongly in Q4, with the S&P Index up 11.69%. However, Class A shares of the fund underperformed the Russell 2500 Growth Index. Healthcare and IT boosted the relative performance while financials and consumer discretionary weighed down. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund featured stocks like Flywire Corporation (NASDAQ:FLYW) in its Q4 2023 investor letter. Headquartered in Boston, Massachusetts, Flywire Corporation (NASDAQ:FLYW) is a payments enablement and software company. On February 26, 2024, Flywire Corporation (NASDAQ:FLYW) stock closed at $24.12 per share. One-month return of Flywire Corporation (NASDAQ:FLYW) was 11.15%, and its shares lost 2.47% of their value over the last 52 weeks. Flywire Corporation (NASDAQ:FLYW) has a market capitalization of $2.928 billion.
Alger Weatherbie Specialized Growth Fund stated the following regarding Flywire Corporation (NASDAQ:FLYW) in its fourth quarter 2023 investor letter:
“Flywire Corporation (NASDAQ:FLYW) is a payments enablement and software company. The firm provides vertical-specific payments technology and software primarily for colleges and universities, but also for clients in healthcare, travel and business-to-business (B2B) industries. The company’s solutions integrate with enterprise resource planning (ERP) systems, such as NetSuite, which allow organizations to optimize the payment experience of end customers. During the quarter, shares detracted from performance after the company reported fiscal third quarter revenues slightly below consensus estimates. Management attributed the revenue weakness to incremental foreign exchange pressure, a slightly lower mix of students in India choosing to convert Rupees to US dollars on the Flywire platform, and somewhat disappointing pushouts of deployments in the education and healthcare verticals, White we believe long term company fundamentals remain intact, we acknowledge that the payment mis in India may take longer than one quarter to normalize.”
A digital tablet presenting various payment options alongside an educational lecture on the benefits of diverse capabilities.
Flywire Corporation (NASDAQ:FLYW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Flywire Corporation (NASDAQ:FLYW) was held by 28 hedge fund portfolios, compared to 28 in the previous quarter, according to our database.
We discussed Flywire Corporation (NASDAQ:FLYW) in another article and shared the list of best growth stocks under $25. In addition, please check out our hedge fund investor letters Q4 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.
