Fred Alger Management, an investment management company, released its “Alger Mid Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities had a robust run in the fourth quarter, with the S&P Index finishing up 11.69%. The fund underperformed the Russell Midcap Growth Index in the quarter. The real estate and materials sector were the leading contributors while Industrials and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Mid Cap Growth Fund featured stocks like ON Semiconductor Corporation (NASDAQ:ON) in the fourth quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. On March 20, 2024, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $75.57 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was 3.56%, and its shares lost 6.67% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $32.293 billion.
Alger Mid Cap Growth Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its fourth quarter 2023 investor letter:
“ON Semiconductor Corporation (NASDAQ:ON) specializes in designing, marketing, and manufacturing a range of semiconductors, including analog, discrete, and data management types, with an emphasis on power semiconductors. The company has a global operational and sales presence, catering to key electronics sectors such as computing, wireless communications, networking, automotive. industrial, and consumer electronics. After experiencing several quarters of strong sales growth, the company reduced its fiscal 2024 revenue forecast due to a general slowdown in the Automotive and Industrial sectors. The revision is attributed to decreased electric vehicle demand, inventory overhang in Europe, and a slowdown in other markets Despite strong margins in Silicon Carbide (SIC), diminished demand led to a 20% decrease in their 2024 SiC revenue projection, negatively impacting the company’s share price. Nevertheless, we maintain a positive outlook on the company’s fundamentals, given its leadership in SiC products, which we believe are essential for the growth of the electric vehicle market.”
A technician looking at a circuit board of analog semiconductor products.
ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ON Semiconductor Corporation (NASDAQ:ON) was held by 45 hedge fund portfolios, down from 53 in the previous quarter, according to our database.
We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared Artisan Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
