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Fred Alger Management, an investment management company, issued its “Alger Spectra Fund” Second Quarter 2023 Investor Letter. A copy of it can be downloaded from here. In the second quarter, the fund outperformed the Russell 3000 Growth Index, which generated a return of 12.47%. Healthcare and industrials sectors contributed to the fund’s relative performance in the quarter, while consumer discretionary and utilities declined. Also, you can check top 5 holdings of the fund to know its best picks in 2023.
The Alger Spectra Fund highlighted stocks like Microsoft Corporation (NASDAQ:MSFT) in its second quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and licenses software, services, tools, and solutions. On September 1, 2023, the stock of Microsoft Corporation (NASDAQ:MSFT) closed at $328.66 per share. Microsoft Corporation (NASDAQ:MSFT) had a one-month return of -0.44%, and its shares gained 28.35% of their value over the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.442 trillion.
Alger Spectra Fund made the following comments about Microsoft Corporation (NASDAQ:MSFT) in its Q2 2023 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) is a beneficiary of the transformative digitization of corporate America. Microsoft’s CEO expects technology spending as a percentage of gross domestic product (GDP) to grow from about 5% to 10% in 10 years and that Microsoft will continue to gain market share in the technology sector. The company operates through three segments: Productivity and Business Processes (Office, LinkedIn, and Dynamics), Intelligent Cloud (Server Products and Cloud Services, Azure, and Enterprise Services), and More Personal Computing (Windows, Devices, Gaming, and Search). ). During the period, shares contributed to the performance as the company reported better-than-expected fiscal third-quarter results due to higher personal computing and better performance in the office commercial. moreover. Management provided in-line Azure guidance, allaying investor concerns about a potential slowdown in Azure growth estimates. In addition, management provided encouraging commentary about Al, noting strong long-term opportunities as they integrate various Al offerings into their products and services.”
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Microsoft Corporation (NASDAQ:MSFT) takes the first spot on our list of the 30 most popular stocks among hedge funds. According to our database, 300 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of the second quarter, up from 289 in the previous quarter.
In another article, we discussed Microsoft Corporation (NASDAQ:MSFT) and shared a list of the world’s largest generative AI companies. Also, please visit our Hedge Fund Investor Letters Q2 2023 page for more investor letters from hedge funds and other prominent investors.
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Disclosure: None. This article originally published on Insider Monkey.
Source: finance.yahoo.com
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