TransUnion (TRU) Fell on a Slowdown in Customer Activity
Fred Alger Management, an investment management company, released its “Alger Mid Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities had a robust run in the fourth quarter, with the S&P Index finishing up 11.69%. The fund underperformed the Russell Midcap Growth Index in the quarter. The real estate and materials sector were the leading contributors while Industrials and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Mid Cap Growth Fund featured stocks like TransUnion (NYSE:TRU) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, TransUnion (NYSE:TRU) global consumer credit reporting agency. On March 20, 2024, TransUnion (NYSE:TRU) stock closed at $79.79 per share. One-month return of TransUnion (NYSE:TRU) was 4.93%, and its shares gained 37.78% of their value over the last 52 weeks. TransUnion (NYSE:TRU) has a market capitalization of $15.463 billion.
Alger Mid Cap Growth Fund stated the following regarding TransUnion (NYSE:TRU) in its fourth quarter 2023 investor letter:
"TransUnion (NYSE:TRU) is an American consumer credit reporting agenсу that aggregates information on over one billion individual consumers in thirty countries. During the quarter, shares detracted from performance after the company reported a slowdown in customer activity due to a decrease in new credit formation, Moreover, the company's debt structure came under investor scrutiny given the sharp rise in interest rates in late October. We believe the credit slowdown TransUnion saw during the quarter as a temporary cyclical slowdown and continue to believe the company remains well positioned as one of the top major credit rating agencies."
Andrey_Popov/Shutterstock.com
TransUnion (NYSE:TRU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, TransUnion (NYSE:TRU) was held by 32 hedge fund portfolios, compared to 33 in the previous quarter, according to our database.
We discussed TransUnion (NYSE:TRU) in another article and shared Carillon Eagle Mid Cap Growth Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
