Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” second 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. The Healthcare and industrial sectors contributed to the relative performance of the fund in the quarter while Consumer discretionary and Information technology 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 SPS Commerce, Inc. (NASDAQ:SPSC) in the second quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, SPS Commerce, Inc. (NASDAQ:SPSC) offers cloud-based supply chain management solutions. On September 14, 2023, SPS Commerce, Inc. (NASDAQ:SPSC) stock closed at $178.67 per share. One-month return of SPS Commerce, Inc. (NASDAQ:SPSC) was 6.11%, and its shares gained 45.17% of their value over the last 52 weeks. SPS Commerce, Inc. (NASDAQ:SPSC) has a market capitalization of $6.548 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about SPS Commerce, Inc. (NASDAQ:SPSC) in its Q2 2023 investor letter:
“SPS Commerce, Inc. (NASDAQ:SPSC) is a global provider of cloud-based supply chain management solutions for fulfillment, analytics, drop shipping and other use cases. Their SPS Commerce platform improves the way retailers, suppliers, grocers, distributors, and logistics companies manage orders, monitor sell-through performance, and discover new products by leveraging cloud technology. During the period, the company reported strong fiscal first quarter results, as revenues and earnings beat analyst estimates. Better-than-expected revenues were driven by strength in both fulfillment and analytics, where management raised their fiscal full year 2023 guidance. Despite a difficult macroeconomic environment with high inflation and recession concerns, management reaffirmed their confidence in its subscription-based business model, which is largely reliant on the number of client connections with only a small portion tied to volumes. Moreover, we believe the company is a key beneficiary of supply chain digitalization over the long-term, given the growing influence of e-commerce.”
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SPS Commerce, Inc. (NASDAQ:SPSC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held SPS Commerce, Inc. (NASDAQ:SPSC) at the end of second quarter which was 23 in the previous quarter.
We discussed SPS Commerce, Inc. (NASDAQ:SPSC) in another article and shared Conestoga Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
