Alger Capital, an investment management company, released its “Alger Mid Cap Focus Fund” fourth quarter investor letter. A copy of the same can be downloaded here. Class Z of the Mid-cap growth fund returned 0.77% in the fourth quarter compared to the 6.90% gain for the Russell Midcap Growth Index. The Utilities and Communication sectors contributed to the fund’s relative performance while Information Technology and Consumer Discretionary detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Mid Cap Focus Fund highlighted stocks like Generac Holdings Inc. (NYSE:GNRC) in the Q4 2022 investor letter. Headquartered in Waukesha, Wisconsin, Generac Holdings Inc. (NYSE:GNRC) is a power generation equipment, energy storage systems, and other power product manufacturer and supplier. On March 13, 2023, Generac Holdings Inc. (NYSE:GNRC) stock closed at $113.64 per share. One-month return of Generac Holdings Inc. (NYSE:GNRC) was -9.24%, and its shares lost 60.40% of their value over the last 52 weeks. Generac Holdings Inc. (NYSE:GNRC) has a market capitalization of $7.033 billion.
Alger Mid Cap Focus Fund made the following comment about Generac Holdings Inc. (NYSE:GNRC) in its Q4 2022 investor letter:
“Generac Holdings Inc. (NYSE:GNRC) is a leading global designer of energy technology solutions, which provides power generation equipment, energy storage systems and other power products serving the residential, light commercial and industrial markets. Notably, the company created the home standby (HSB) generator market and remains the market leader. They also introduced a clean energy storage system solution to the domestic market that was launched in December of 2019. Shares underperformed during the quarter as the company negatively preannounced fiscal third quarter results. citing residential underperformance due to installation capacity constraints for HSB generators, which caused a lag in production. In addition to the HSB weakness, the clean energy business took a hit as their largest storage customer declared bankruptcy. Consequently. these results were well below expectations and caused management to reduce their fiscal 2023 outlook.”
Suwin/Shutterstock.com
Generac Holdings Inc. (NYSE:GNRC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Generac Holdings Inc. (NYSE:GNRC) at the end of the fourth quarter which was 36 in the previous quarter.
We discussed Generac Holdings Inc. (NYSE:GNRC) in another article and shared Ariel Focus Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Largest Economies in Europe
- Hedge Funds Are Fleeing These 10 Growth Stocks
- 10 Best Psychedelic Stocks to Buy
Disclosure: None. This article is originally published at Insider Monkey.
