Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter of 2024, U.S. equities performed well, with the S&P 500 rising 4.28%. Against this backdrop, Class A shares of the fund outperformed the Russell 2500 Growth Index in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Alger Weatherbie Specialized Growth Fund highlighted stocks like SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q2 2024 investor letter. SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscape supplies. The one-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was 4.70%, and its shares lost 17.84% of their value over the last 52 weeks. On August 30, 2024, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $141.86 per share with a market capitalization of $6.401 billion.

Alger Weatherbie Specialized Growth Fund stated the following regarding SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q2 2024 investor letter:

SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscaping products operating in the United States and Canada. The company offers a wide array of approximately 120,000 stock keeping units (SKUs), featuring irrigation supplies, fertilizers, control products, landscape accessories, nursery goods, and outdoor lighting. They also supply hardscape materials like pavers, natural stones, and blocks, as well as ice melt products. Despite revenues exceeding analyst estimates during the fiscal first quarter, earnings fell short of consensus, with management citing margin pressures particularly in more price-sensitive, commodity like products. Additionally, ahead of their June investor conference, management released a statement indicating that May volumes were below expectations, which put further pressure on the company’s share price."

A bustling warehouse bustling with packages and parcels moving through the supply chain.

SiteOne Landscape Supply, Inc. (NYSE:SITE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held SiteOne Landscape Supply, Inc. (NYSE:SITE) at the end of the second quarter which was 24 in the previous quarter. In the second quarter of 2024, SiteOne Landscape Supply, Inc. (NYSE:SITE) reported a net sales increase of 4% to $1.41 billion (see the details here). While we acknowledge the potential of SiteOne Landscape Supply, Inc. (NYSE:SITE) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.