Chargepoint Holdings (CHPT) Performed Poorly, but Alger Remains Optimistic
Alger, an investment management firm, published its “Alger Mid Cap Focus Fund” first quarter 2021 investor letter – a copy of which can be downloaded here. During the quarter, the largest portfolio sector weightings for the fund were Consumer Discretionary and Information Technology. The fund’s largest sector overweight was Consumer Discretionary. Class Z shares of the Alger Mid Cap Focus Fund outperformed the Russell Midcap Growth Index during the first quarter of 2021. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Alger Mid Cap Focus Fund, in their Q1 2021 investor letter, mentioned Chargepoint Holdings Inc. (NYSE: CHPT) and shared their insights on the company. Chargepoint Holdings Inc. is a Campbell, California-based electric vehicle infrastructure company that currently has a $6.5 billion market capitalization. Since the beginning of the year, CHPT delivered a -44.44% return, while its 12-month gains are up by 127.01%. As of April 16, 2021, the stock closed at $22.27 per share.