Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fourth quarter witnessed a significant easing in financial conditions, which was most notable in the final two months. Class A shares of the fund outperformed the Russell 2000 Growth Index during the quarter. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while financial and consumer staples detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Growth Fund featured stocks like Xometry, Inc. (NASDAQ:XMTR) in the fourth quarter 2023 investor letter. Headquartered in North Bethesda, Maryland, Xometry, Inc. (NASDAQ:XMTR) is an online marketplace for manufacturing solutions. On February 27, 2024, Xometry, Inc. (NASDAQ:XMTR) stock closed at $30.61 per share. One-month return of Xometry, Inc. (NASDAQ:XMTR) was -7.83%, and its shares gained 0.66% of their value over the last 52 weeks. Xometry, Inc. (NASDAQ:XMTR) has a market capitalization of $1.471 billion.
Alger Small Cap Growth Fund stated the following regarding Xometry, Inc. (NASDAQ:XMTR) in its fourth quarter 2023 investor letter:
“Xometry, Inc. (NASDAQ:XMTR) is a leading two-sided marketplace for on-demand manufacturing services. The company provides real-time access to global manufacturing demand and capacity, with sourcing and pricing available across a network of buyers and sellers. This marketplace enables buyers (e.g., engineers and product designers) to efficiently source manufacturing processes and sellers of manufacturing services to grow their businesses. Xometry’s Al-enabled technology platform is powered by proprietary machine learning algorithms, resulting in a sophisticated marketplace for manufacturing. Shares contributed to performance as the company began recovering from an execution misstep earlier in the year, where the company lowered prices to stimulate demand, which led to gross margin compression. During the quarter, the company showed strong net customer adds, stable pricing and expanded gross margins. Additionally, the fall in interest rates during the quarter resulted in strong share price appreciation for high growth names like Xometry.”
A machinist operating a CNC machine in a well-lit facility, scrutinizing the quality of a part.
Xometry, Inc. (NASDAQ:XMTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Xometry, Inc. (NASDAQ:XMTR) was held by 12 hedge fund portfolios, compared to 12 in the previous quarter, according to our database.
We discussed Xometry, Inc. (NASDAQ:XMTR) in another article and shared Madison Small 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.
