Alger Small Cap Focus Fund recently released its Q3 2020 Investor Letter, a copy of which you can download here. Class A shares of the Alger Small Cap Focus Fund underperformed the Russell 2000 Growth Index during the third quarter of 2020. You should check out Alger Small Cap Focus Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.
In the Q3 2020 Investor Letter, Alger Small Cap Focus Fund highlighted a few stocks and Veeva Systems Inc (NYSE:VEEV) is one of them. Veeva Systems Inc (NYSE:VEEV) is a computer software company. Year-to-date, Veeva Systems Inc (NYSE:VEEV) stock gained 95.7% and on December 28th it had a closing price of $275.30. Here is what Alger Small Cap Focus Fund said:
“Veeva Systems is a leading provider of cloud-based solutions for the global life sciences industry. Veeva’s key solutions are Commercial Cloud products, offering multi-channel customer relationship management software, and Veeva Vault, offering regulated content management for pharmaceutical and biotechnology companies. Shares of Veeva performed strongly after the company reported better-than-expected fiscal second quarter 2021 results and raised its fiscal-year 2021 earnings and billings guidance. Veeva’s key growth driver continues to be strong adoption of Veeva Vault, with particular strength in the fiscal second quarter in its Quality Suite and Clinical Trial Management system. Veeva is making good progress on its recent acquisitions of Crossix, which provides a platform for optimizing health care marketing, and Physicians World. which provides a physicians’ speaker bureau. Since the earlier days of the pandemic in March, Veeva has offered its Veeva CRM Engage products to life sciences customers for free to enable virtual sales visits. Veeva intends to convert a large portion of these new customers into annual subscription contracts next year, as virtual selling has become more important during Covid-19. Finally, Veeva announced the formation of a board committee to explore the conversion of Veeva into a for-profit public-benefit corporation. Veeva would be the first public company to make this change. We believe this potential change would align well with Veeva’s existing culture and operations, that Veeva will still have the legal duty to maximize shareholder value and that the change could potentially create greater trust in Veeva to properly handle proprietary customer data.”
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Earlier this month, we published an article revealing that Brown Capital Management Small Company Fund is bullish on Veeva Systems Inc (NYSE:VEEV) stock. The investment firm sees a large opportunity for cross-selling, continued innovation and market expansion.
In Q3 2020, the number of bullish hedge fund positions on Veeva Systems Inc (NYSE:VEEV) stock increased by about 9% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in Veeva’s growth potential. Our calculations showed that Veeva Systems Inc (NYSE:VEEV) isn’t ranked among the 30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 216% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 121 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
Video: Top 5 Stocks Among Hedge Funds
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Disclosure: None. This article is originally published at Insider Monkey.
