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Alger Capital, an investment management company, released its “Alger Mid Cap Focus Fund” fourth quarter investor letter. A copy of the same can be downloaded here. Class Z of the Mid-cap growth fund returned 0.77% in the fourth quarter compared to the 6.90% gain for the Russell Midcap Growth Index. The Utilities and Communication sectors contributed to the fund’s relative performance while Information Technology and Consumer Discretionary detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Alger Mid Cap Focus Fund highlighted stocks like XPO, Inc. (NYSE:XPO) in the Q4 2022 investor letter. Headquartered in Greenwich, Connecticut, XPO, Inc. (NYSE:XPO) is a freight transportation services provider. On March 13, 2023, XPO, Inc. (NYSE:XPO) stock closed at $32.59 per share. One-month return of XPO, Inc. (NYSE:XPO) was -13.83%, and its shares lost 22.71% of their value over the last 52 weeks. XPO, Inc. (NYSE:XPO) has a market capitalization of $3.764 billion.

Alger Mid Cap Focus Fund made the following comment about XPO, Inc. (NYSE:XPO) in its Q4 2022 investor letter:

XPO, Inc. (NYSE:XPO) is the fourth largest less-than-truckload (LTL) service provider in North America. Following its late October spin-off of RXO, Inc., which provides freight brokerage services and last mile logistics, XPO has become a solid pureplay LTL company. During the period, shares of XPO outperformed after the RXO spin-off transaction was consummated in late October and helped unlock the sum of parts value as the market was undervaluing both assets. Moreover, shares of most LTL companies rallied from October to mid-November as part of a broader rally in cyclical stocks.”

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XPO, Inc. (NYSE:XPO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held XPO, Inc. (NYSE:XPO) at the end of the fourth quarter which was 37 in the previous quarter.

We discussed XPO, Inc. (NYSE:XPO) in another article and shared the list of stocks recently downgraded by analysts. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

This article is originally published at Insider Monkey.