Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US equities rose in Q1 in anticipation of a soft landing. Corporate earnings added another boost to the soft-landing narrative. Class A shares of the fund outperformed the Russell 2000 Growth Index during the quarter. The consumer discretionary and consumer staples 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 2024.
Alger Small Cap Growth Fund highlighted stocks like 908 Devices Inc. (NASDAQ:MASS), in the first quarter 2024 investor letter. 908 Devices Inc. (NASDAQ:MASS) is a commercial-stage technology company. One-month return of 908 Devices Inc. (NASDAQ:MASS) was 9.65%, and its shares lost 31.92% of their value over the last 52 weeks. On June 6, 2024, 908 Devices Inc. (NASDAQ:MASS) stock closed at $6.25 per share with a market capitalization of $215.532 million.
Alger Small Cap Growth Fund stated the following regarding 908 Devices Inc. (NASDAQ:MASS) in its first quarter 2024 investor letter:
“908 Devices Inc. (NASDAQ:MASS) is a life sciences tools company that provides advanced instruments used for forensics and drug development applications. The company’s forensics products are used by first responders and government agencies to detect illicit drugs and explosives. The company’s drug development instruments monitor key parameters to help increase the manufacturing yield of drugs. During the quarter, shares detracted from performance as investors rotated away from unprofitable small cap life science tools companies. While fiscal fourth quarter results and 2024 guidance were largely consistent with expectations, we believe industry growth headwinds, such as limited biotechnology funding and constrained capital expenditure budgets, may persist in the near-term.”
A research scientist in a lab wearing safety glasses, surrounded by laboratory equipment testing life science samples.
908 Devices Inc. (NASDAQ:MASS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held 908 Devices Inc. (NASDAQ:MASS) at the end of the first quarter which was 9 in the previous quarter. 908 Devices Inc. (NASDAQ:MASS) revenue for the first quarter of 2024 was $10 million, up 5% from $9.5 million during the same period the previous year, mostly due to a rise in revenue from handheld devices. While we acknowledge the potential of 908 Devices Inc. (NASDAQ:MASS) 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 908 Devices Inc. (NASDAQ:MASS) and shared worst-performing stocks insiders are buying in 2024. In addition, please check out our hedge fund investor letters Q1 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.
