Fred Alger Management, an investment management company, released its “Alger Small Cap Focus Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund underperformed the Russell 2000 Growth Index. The Health Care and Energy sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Industrials detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Focus Fund highlighted stocks like Guidewire Software, Inc. (NYSE:GWRE) in the first quarter 2023 investor letter. Headquartered in San Mateo, California, Guidewire Software, Inc. (NYSE:GWRE) is a software product-providing company for P&C insurers. On May 8, 2023, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $77.70 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was 0.37%, and its shares gained 6.42% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $6.338 billion.
Alger Small Cap Focus Fund made the following comment about Guidewire Software, Inc. (NYSE:GWRE) in its Q1 2023 investor letter:
“Guidewire Software, Inc. (NYSE:GWRE), offers on-premises and cloud-based solutions for property and casualty (P&C) insurance companies, automating processes such as premium billings, claims management, and policy fulfillment. Under the InsuranceSuite brand, the company provides three core systems: BillingsCenter, ClaimsCenter, and PolicyCenter. During the period, shares contributed to performance after the company reported strong fiscal second quarter results, where revenues and operating profits exceeded analyst estimates. Moreover, strong performance was attributable to ongoing cloud traction as the company continued to see large cloud momentum across tier-1 and tier-2 carriers. Management also raised gross margin guidance by another 200 basis points for the full year, approximately 500 basis points ahead of what management projected in October 2022. We believe the company appears well positioned to capitalize on cloud transitions over the long-term.”
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Guidewire Software, Inc. (NYSE:GWRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Guidewire Software, Inc. (NYSE:GWRE) at the end of the fourth quarter which was 37 in the previous quarter.
We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Baron Asset Fund’s views on the company. 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.
