Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while Consumer Discretionary and Communications services 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 highlighted stocks like Kura Sushi USA, Inc. (NASDAQ:KRUS) in the third quarter 2023 investor letter. Headquartered in Irvine, California, Kura Sushi USA, Inc. (NASDAQ:KRUS) manages technology-enabled Japanese restaurants. On November 30, 2023, Kura Sushi USA, Inc. (NASDAQ:KRUS) stock closed at $62.48 per share. One-month return of Kura Sushi USA, Inc. (NASDAQ:KRUS) was 4.66%, and its shares lost 9.78% of their value over the last 52 weeks. Kura Sushi USA, Inc. (NASDAQ:KRUS) has a market capitalization of $696.565 million.
Alger Small Cap Growth Fund made the following comment about Kura Sushi USA, Inc. (NASDAQ:KRUS) in its Q3 2023 investor letter:
“Kura Sushi USA, Inc. (NASDAQ:KRUS) engages in the operation of technology-enabled Japanese restaurants. The company offers a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model. Similar to Shake Shack, market sentiment towards full-service restaurants turned decidedly negative during the quarter, as the combination of persistent inflation, rising gas prices, and the resumption of student loan payments weighted on consumer sentiment. While shares detracted from performance during the quarter, fundamentals remain strong per our analysis, as we continue to believe the company is well positioned for potential market expansion in the US over the long-term.”
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Kura Sushi USA, Inc. (NASDAQ:KRUS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Kura Sushi USA, Inc. (NASDAQ:KRUS) at the end of third quarter which was 13 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
