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 Montrose Environmental Group, Inc. (NYSE:MEG) in the Q4 2022 investor letter. Headquartered in North Little Rock, Arkansas, Montrose Environmental Group, Inc. (NYSE:MEG) is an environmental services company. On February 24, 2023, Montrose Environmental Group, Inc. (NYSE:MEG) stock closed at $50.70 per share. One-month return of Montrose Environmental Group, Inc. (NYSE:MEG) was -3.59%, and its shares gained 14.94% of their value over the last 52 weeks. Montrose Environmental Group, Inc. (NYSE:MEG) has a market capitalization of $1.506 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Montrose Environmental Group, Inc. (NYSE:MEG) in its Q4 2022 investor letter:
“Montrose Environmental Group, Inc. (NYSE:MEG) offers various environmental services to a diverse client base, primarily in the U.S. The company has expertise in a wide variety of areas, including environmental assessment and permitting, measurement and analysis, and remediation and reuse. During the period, the company reported solid organic growth with particular strength in areas such as Per- and polyfluoroalkyl substances (PFAS), biogas and GHG measurement. Moreover, management noted that they are not seeing a change in customer behavior or buying patterns despite a challenging macroeconomic backdrop. The company also noted that momentum continues to build in their favor on the regulatory front, with recent EPA proposals and state level regulations being introduced.”
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Montrose Environmental Group, Inc. (NYSE:MEG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Montrose Environmental Group, Inc. (NYSE:MEG) at the end of the fourth quarter which was 8 in the previous quarter.
We discussed Montrose Environmental Group, Inc. (NYSE:MEG) in another article and shared the list of best recycling stocks to buy. 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.
