Should You Invest in Ollie’s Bargain Outlet Holdings (OLLI)?
Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. Healthcare and industrials were the largest sector weightings during the quarter. The financials and consumer discretionary were the leading relative performance contributors while healthcare and energy detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in the third quarter 2023 investor letter. Headquartered in Harrisburg, Pennsylvania, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is a retailer of brand-name merchandise. On October 18, 2023, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) stock closed at $72.09 per share. One-month return of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) was -3.23%, and its shares gained 37.37% of their value over the last 52 weeks. Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) has a market capitalization of $4.448 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in its Q3 2023 investor letter:
"Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is a retailer of brand name merchandise such as food, housewares, books and stationery, bed and bath products, floor coverings, electronics and toys. Other products include hardware, personal health care, candy, clothing, sporting equipment, pet, lawn and garden items. During the period, shares contributed to performance after the company reported strong fiscal second quarter results, where revenues beat analyst estimates and management raised its 2023 full year guidance. Further, the management noted that they are executing at a high level now that supply chain disruptions have eased and believe that the strength seen during the second quarter should continue for the remainder of the year."
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Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) at the end of second quarter which was 18 in the previous quarter.
We discussed Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in another article and shared Argosy Investors' views on the company 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.
