Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. Healthcare and industrials were the largest sector weightings during the quarter. The financials and consumer discretionary were the leading relative performance contributors while healthcare and energy detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Vertex, Inc. (NASDAQ:VERX) in the third quarter 2023 investor letter. Headquartered in King of Prussia, Pennsylvania, Vertex, Inc. (NASDAQ:VERX) is a tax technology solutions provider. On October 18, 2023, Vertex, Inc. (NASDAQ:VERX) stock closed at $24.22 per share. One-month return of Vertex, Inc. (NASDAQ:VERX) was 12.49%, and its shares gained 51.94% of their value over the last 52 weeks. Vertex, Inc. (NASDAQ:VERX) has a market capitalization of $3.683 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Vertex, Inc. (NASDAQ:VERX) in its Q3 2023 investor letter:
“Vertex, Inc. (NASDAQ:VERX) is an on-premises and cloud provider of tax compliance software to large enterprises (e.g., companies with over 250 employees). The firm offers comprehensive solutions that automate end-to-end indirect tax processes for enterprises and mid-market companies with complex tax transactions. Its software enables tax determination, data management, compliance and reporting, and document management. During the period, shares contributed to performance after the company reported strong fiscal second quarter results and raised their full- year guidance. Further, management noted that the company is executing across well across several of its strategic initiatives including strong customer retention, scaled customer expansion. and increasing partner-led customer growth. In our view. Vertex could potentially see a favorable demand set up against industry peers given it’s diversity of business drivers. Notably, with complexity as a primary business driver, we believe the company remains well positioned as customers look to manage costs. embrace digital transformation (e.g., cloud migration, omni- channel commerce), and navigate evolving regulations across the intricate tax landscape.”
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Vertex, Inc. (NASDAQ:VERX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Vertex, Inc. (NASDAQ:VERX) at the end of second quarter which was 15 in the previous quarter.
We discussed Vertex, Inc. (NASDAQ:VERX) in another article and shared Alger Weatherbie Specialized Growth Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
