Alger Capital, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The fund returned 3.01% (without sales charges) compared to 4.72% for the benchmark. The Energy and Industrials sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Health Care sectors detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Core Laboratories N.V. (NYSE:CLB) in the Q4 2022 investor letter. Headquartered in Amstelveen, the Netherlands, Core Laboratories N.V. (NYSE:CLB) provides reservoir description and enhancement services and products energy industry. On February 24, 2023, Core Laboratories N.V. (NYSE:CLB) stock closed at $23.85 per share. One-month return of Core Laboratories N.V. (NYSE:CLB) was -4.14%, and its shares lost 13.46% of their value over the last 52 weeks. Core Laboratories N.V. (NYSE:CLB) has a market capitalization of $1.112 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Core Laboratories N.V. (NYSE:CLB) in its Q4 2022 investor letter:
“Core Laboratories N.V. (NYSE:CLB) is a unique oil services company that provides reservoir description and production enhancement services and products to the oil and gas industry. These services and products enable Core Laboratories’ clients to improve performance and increase resource recovery from producing fields. Shares outperformed during the quarter as international activity came in stronger than expected, and management indicated that they are seeing positive signs in multiple regions, most notably the Middle East and the South Atlantic Basin (e.g.. Brazil) Within US operations, management expects domestic onshore activity to remain steady over the next year. While shortages in certain service areas such as pressure pumping are expected to inhibit growth despite higher oil prices, we believe the capital discipline exhibited by producers should translate into less extreme boom-bust cycles than in the past.”
Core Laboratories N.V. (NYSE:CLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Core Laboratories N.V. (NYSE:CLB) at the end of the fourth quarter which was 10 in the previous quarter.
We discussed Core Laboratories N.V. (NYSE:CLB) in another article and shared the list of small cap stocks with wide moats. In addition, please check out our hedge fund investor letters Q4 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.
