Splunk (SPLK) Rose on an All-Cash Acquisition Offer

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.