Alger Mid Cap Focus Fund recently released its Q3 2020 Investor Letter, a copy of which you can download here. Class Z shares of the Alger Mid Cap Focus Fund outperformed the Russell Midcap Growth Index during the third quarter of 2020. You should check out Alger Mid Cap Focus Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.
In the Q3 2020 Investor Letter, Alger Mid Cap Focus Fund highlighted a few stocks and Zoom Video Communications Inc. (NASDAQ:ZM) is one of them. Zoom Video Communications Inc. (NASDAQ:ZM) is a communications technology company. Year-to-date, Zoom Video Communications Inc. (NASDAQ:ZM) stock gained 451.4% and on December 24th it had a closing price of $375.17. Here is what Alger Mid Cap Focus Fund said:
“Zoom Video Communications provides a cloud-native, video-first communications platform that transforms how people communicate, interact and work together. It offers a better experience with easy onboarding and use, and it addresses enterprise needs around scalability, cost and minimal IT involvement. The company is a leader and household name in video communication and is benefiting from the explosive growth of remote working and learning from home resulting from Covid¬19 social distancing. Shares of Zoom outperformed after the company said its fiscal second quarter exceeded consensus expectations and raised its fiscal-year 2021 guidance for revenues and profitability. We believe Zoom is currently well positioned to benefit from the ongoing high levels of remote working and learning at home. Additionally. it is continuing to capture market share and its launch of Zoom Phone and Zoom Rooms has expanded its market. The company is also increasing its penetration within enterprises and is expanding internationally.”
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Earlier this month, we published an article revealing that Zoom Video Communications Inc. (NASDAQ:ZM) is one of the 10 best education stocks to buy now.
In Q3 2020, the number of bullish hedge fund positions on Zoom Video Communications Inc. (NASDAQ:ZM) stock increased by about 17% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in Zoom’s growth potential. Our calculations showed that Zoom Video Communications Inc. (NASDAQ:ZM) isn’t ranked among the 30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 216% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 121 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
Video: Top 5 Stocks Among Hedge Funds
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Disclosure: None. This article is originally published at Insider Monkey.
