Fred Alger Management, an investment management company, released its “Alger Spectra Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Class A shares of the fund underperformed the Russell 3000 Growth Index and returned 7.98% (with sales charges) compared to the Index return of 13.85%. Consumer Discretionary and Industrials were the leading contributors to the fund’s relative performance in the quarter, while Information technology and Health care sectors 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 NVIDIA Corporation (NASDAQ:NVDA) in the first quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On May 22, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $311.76 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 18.81%, and its shares gained 92.99% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $771.023 billion.
Alger Spectra Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”
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NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 106 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the fourth quarter which was 89 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared top stocks in billionaire Ken Griffin’s 2023 portfolio. In addition, please check out our hedge fund investor letters Q1 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.
