Fred Alger Management, an investment management company, released its “Alger Spectra Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund outperformed the Russell 3000 Growth Index which returned 12.47%. Healthcare and Industrial sectors were the contributors to the fund’s relative performance in the quarter, while consumer discretionary and utilities detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the second quarter 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an online Commerce platform that operates through Mercado Libre Marketplace and Mercado Pago FinTech platform. On September 1, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,421.64 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 4.62%, and its shares gained 66.10% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $71.377 billion.
Alger Spectra Fund made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q2 2023 investor letter:
“MercadoLibre, Inc. (NASDAQ:MELI) is the largest e-commerce company in Latin America, with its largest markets being Brazil, Argentina, and Mexico. The company offers a comprehensive suite of services, including an online marketplace for buyers and sellers, payment solutions through Mercado Pago, merchant and buyer financing through Mercado Credito, shipping services through Mercado Envios, and asset management through Mercado Fondo, among other services. We believe the e-commerce market within Latin America remains underpenetrated, creating a favorable backdrop for MercadoLibre, as they have been growing and investing heavily to expand its first mover advantage. Moreover, the company’s growing fintech payments business. Mercado Pago. is well-positioned to potentially emerge as a leader in Latin America, as well as an emerging online advertising presence which offers attractive margin expansion potential, in our view. While the company posted strong quarterly results, shares fell on fears that their exposure to Argentina, which saw its currency devalued, would impact company revenues in the near-term.”
MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of second quarter which was 85 in the previous quarter.
We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of undervalued cyclical stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 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.
