Alger Capital, an investment management company, released its “Alger Mid Cap Focus Fund” third quarter investor letter. A copy of the same can be downloaded here. Mid-cap growth stocks declined 0.65% for the quarter, as measured by the Russel Midcap Growth Index. Class Z shares of the fund underperformed the Russel Midcap Growth Index in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like Avantor, Inc. (NYSE:AVTR) in the Q3 2022 investor letter. Headquartered in Radnor, Pennsylvania, Avantor, Inc. (NYSE:AVTR) provides products and services to biopharma, healthcare, education and government, advanced technologies, and applied materials industries. On December 13, 2022, Avantor, Inc. (NYSE:AVTR) stock closed at $22.00 per share. One-month return of Avantor, Inc. (NYSE:AVTR) was 3.87%, and its shares lost 42.60% of their value over the last 52 weeks. Avantor, Inc. (NYSE:AVTR) has a market capitalization of $14.832 billion.
Alger Capital made the following comment about Avantor, Inc. (NYSE:AVTR) in its Q3 2022 investor letter:
“Avantor, Inc. (NYSE:AVTR) is a diversified life science tools company that offers a broad range of proprietary and distributed laboratory products for the biopharma, healthcare, education and government, and advanced technologies and applied materials industries. Avantor’s products are used across these markets to conduct scientific research and manufacture advanced technologies (e.g., semiconductor chips and next-generation therapeutic drugs).
We believe Avantor’s third quarter underperformance is primarily attributable to mixed second quarter financial results that were reported in late July. Revenue and earnings for the quarter missed expectations, and management lowered full-year financial guidance. However, the quarterly miss and guidance cut were almost entirely attributable to transitory factors that were largely out of the company’s control, such as lower covid-19- related revenue. China lockdowns due to covid-19, supply chain disruptions and unfavorable foreign exchange movements. While Avantor’s core business performed well during their fiscal second quarter, shares struggled as investors remained fixated by the headwinds mentioned above.”
Photo by National Cancer Institute on Unsplash
Avantor, Inc. (NYSE:AVTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Avantor, Inc. (NYSE:AVTR) at the end of the third quarter, which was 51 in the previous quarter.
We discussed Avantor, Inc. (NYSE:AVTR) in another article and shared ClearBridge Investments’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
