Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. stocks saw gains in the fourth quarter, primarily fueled by a clear result in the U.S. presidential election. Against this backdrop, Class A shares of the fund outperformed the Russell 2500 Growth Index in the quarter. The Health Care and Financials sectors contributed to the fund’s performance in the quarter, while Industrials and Energy sectors detracted. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Alger Weatherbie Specialized Growth Fund emphasized stocks such as Neogen Corporation (NASDAQ:NEOG). Neogen Corporation (NASDAQ:NEOG) engages in the development of various products and services dedicated to food and animal safety. The one-month return of Neogen Corporation (NASDAQ:NEOG) was -11.67%, and its shares lost 41.01% of their value over the last 52 weeks. On February 26, 2025, Neogen Corporation (NASDAQ:NEOG) stock closed at $10.14 per share with a market capitalization of $2.2 billion.
Alger Weatherbie Specialized Growth Fund stated the following regarding Neogen Corporation (NASDAQ:NEOG) in its Q4 2024 investor letter:
“Neogen Corporation (NASDAQ:NEOG) develops, manufactures, and markets a diverse line of products dedicated to food and animal safety. Food safety products include diagnostic test kits and complementary products sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed. Animal safety products include pharmaceuticals, rodenticides, disinfectants, vaccines, veterinary instruments, topicals, diagnostic products, and genomic testing services for the worldwide animal safety market. During the quarter, the company reported fiscal first-quarter results in line with analyst estimates. While execution has improved after initial challenges with the 3M Food Safety acquisition, overall financial progress remains constrained by external factors, including weak global food volumes, cyclical softness in the animal health business, and foreign currency headwinds. As a result, shares detracted from performance during the quarter.”
A research laboratory showing advanced diagnostic equipment used to protect public health.
Neogen Corporation (NASDAQ:NEOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Neogen Corporation (NASDAQ:NEOG) at the end of the fourth quarter compared to 17 in the third quarter. Neogen Corporation (NASDAQ:NEOG) generated $231 million in revenues in the fiscal second quarter of 2025. While we acknowledge the potential of Neogen Corporation (NASDAQ:NEOG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Neogen Corporation (NASDAQ:NEOG) and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q4 2024 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.