Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities performed well in the third quarter of 2024, with the S&P 500 rising 5.89%. Utilities and Real Estate sectors outperformed relative to the index while the Energy and Information Technology sectors detracted. Against this backdrop, Class A shares of the fund underperformed the Russell 2500 Growth Index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Hamilton Lane Incorporated (NASDAQ:HLNE), in the third quarter 2024 investor letter. Hamilton Lane Incorporated (NASDAQ:HLNE) is a private equity and venture capital firm, with a market capitalization of $10.505 billion. The one-month return of Hamilton Lane Incorporated (NASDAQ:HLNE) was 6.29%, and its shares gained 90.30% of their value over the last 52 weeks. On November 29, 2024, Hamilton Lane Incorporated (NASDAQ:HLNE) stock closed at $192.40 per share.
Alger Weatherbie Specialized Growth Fund stated the following regarding Hamilton Lane Incorporated (NASDAQ:HLNE) in its Q3 2024 investor letter:
“Hamilton Lane Incorporated (NASDAQ:HLNE) is a holding company that provides private markets investment solutions. The firm works with clients to design, structure, build, manage, and monitor portfolios of private market funds and direct investments. The company offers services such as customized separate accounts, specialized funds, advisory services, distribution management, and data analytics, including reporting and monitoring. During the quarter, shares contributed to performance after the company reported better-than-expected fiscal first quarter revenues. Strong revenues were driven by strong incentive fees, although core management and advisory fees also came in above analyst estimates.”
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Hamilton Lane Incorporated (NASDAQ:HLNE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Hamilton Lane Incorporated (NASDAQ:HLNE) at the end of the third quarter which was 18 in the previous quarter. While we acknowledge the potential of Hamilton Lane Incorporated (NASDAQ:HLNE) 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 Hamilton Lane Incorporated (NASDAQ:HLNE) and shared Polen U.S. Small Company Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 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.