Fred Alger Management, an investment management company, released its “Alger Spectra Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 3000 Growth Index. The healthcare and communication services contributed to the fund’s relative performance in the quarter, while consumer staples and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund featured stocks like Microsoft Corporation (NASDAQ:MSFT) in its Q4 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On March 1, 2024, Microsoft Corporation (NASDAQ:MSFT) stock closed at $415.50 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 2.43%, and its shares gained 61.75% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $3.087 trillion.
Alger Spectra Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its fourth quarter 2023 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) is a beneficiary of corporate America’s transformative digitization. Microsoft’s CEO expects technology spending as a percent of Gross Domestic Product (GDP) to jump from about 5% now to 10% in 10 years and that Microsoft will continue to capture market share within the technology sector. The company operates through three segments: Productivity and Business Processes (Office. LinkedIn, and Dynamics), Intelligent Cloud (Server Products and Cloud Services, Azure, and Enterprise Services), and More Personal Computing (Windows, Devices. Gaming, and Search). During the quarter, the company reported strong fiscal first quarter results, where revenues and earnings beat analyst estimates, driven in large part to growing Al demand. Regarding Intelligent Cloud segment, management noted Azure optimizations were similar to the previous quarter, but new Al and traditional workloads are helping drive greater consumption growth, which resulted in their first reacceleration since March 2022. We believe the strong Azure performance suggests diminishing cost optimization headwinds and growing strength in Al service consumption.”
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Microsoft Corporation (NASDAQ:MSFT) is in first position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Microsoft Corporation (NASDAQ:MSFT) was held by 302 hedge fund portfolios, down from 306 in the previous quarter, according to our database.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared best stocks to buy according to billionaire D.E. Shaw. 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.
