Alger, an investment management firm, published its “Alger Mid Cap Focus Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. During the fourth quarter, the largest portfolio sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials. The portfolio had no exposure to the Utilities or Materials sectors and negligible exposure to the Real Estate sectors. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Alger Mid Cap Focus Fund, in its Q4 2021 investor letter, mentioned Bentley Systems, Incorporated (NASDAQ: BSY) and discussed its stance on the firm. Bentley Systems, Incorporated is an Exton, Pennsylvania-based infrastructure engineering software company with a $10.7 billion market capitalization. BSY delivered a -21.08% return since the beginning of the year, while its 12-month returns are down by -9.60%. The stock closed at $38.14 per share on January 25, 2022.
Here is what Alger Mid Cap Focus Fund has to say about Bentley Systems, Incorporated in its Q4 2021 investor letter:
“Bentley Systems is a founder-led company with a 36-year track record of creating value with software and services for the design, construction and operation of infrastructure, such as transportation, energy generation, large commercial buildings and other physical assets. The company’s software solutions help bring projects to market faster and more efficiently and include a simulation offering that provides asset owners with valuable information to prolong and improve the life of assets. Penetration of digital workflow in infrastructure engineering remains low relative to project engineering and both the project and asset management markets are continuing to adopt digital solutions, driving growth at a double-digit rate for several years. The growth has the potential to accelerate further due to a U.S. infrastructure bill being signed into law in November. We believe that a selloff and multiple compression in software stocks was the main reason why Bentley shares underperformed in the fourth quarter as we have not seen any weakening in fundamentals. We also note that in December the company’s CEO and CFO bought stock, which we believe is an encouraging sign.”
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Our calculations show that Bentley Systems, Incorporated (NASDAQ: BSY) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. BSY was in 18 hedge fund portfolios at the end of the third quarter of 2021, compared to 17 funds in the previous quarter. Bentley Systems, Incorporated (NASDAQ: BSY) delivered a -35.18% return in the past 3 months.
In December 2021, we also shared another hedge fund’s views on BSY in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
