Fred Alger Management’s Alger Mid Cap Focus Fund underperformed the Russell Midcap Growth Index in Q3 2023 as U.S. equities dipped after three strong quarters. Industrials and Consumer Staples were high contributors to overall performance. The fund has highlighted technology firm Splunk Inc., which recently received an acquisition offer from Cisco, among its top stocks. Meanwhile, the number of hedge fund portfolios holding Splunk shares increased from 49 to 50 at the end of the second quarter.
Software firm Blue Yonder providing services to US and UK stores, including Starbucks, hit by ransomware attack
Blue Yonder, a supply chain software provider, experienced a ransomware attack which disrupted its services, affecting clients such as Starbucks and UK grocery chain Sainsbury.
