| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 16.09% | 25.05% | 11.39% |
The Alger Spectra Fund returned 25.05% in Q2 2026, outperforming the Russell 3000 Growth Index's 17.05% return. U.S. equities staged a powerful recovery as an April ceasefire between the U.S. and Iran eased energy prices and AI investment accelerated with record capital spending flowing into infrastructure. The fund's performance was driven by positions in AI infrastructure companies including Nebius Group, Astera Labs, and Western Digital, which benefited from surging demand for AI computing power and data center expansion by hyperscale cloud providers. The managers believe AI is entering its agentic phase where systems autonomously execute tasks, accelerating demand for compute capacity and driving growth across the data center ecosystem. Tax incentives from the One Big Beautiful Bill are propelling U.S. business investment in AI-related infrastructure. The fund maintains concentrated exposure to companies building, servicing, and powering data centers while holding short positions in companies facing potential AI disruption. The portfolio's largest sector weightings are Information Technology and Consumer Discretionary.
The Alger Spectra Fund seeks long-term capital appreciation by investing in U.S. growth companies demonstrating promising growth potential, with a focus on companies enabling and adopting artificial intelligence technology as it enters its agentic phase where systems autonomously execute tasks and coordinate workflows.
The managers continue to focus on companies enabling and adopting AI technology as it enters its agentic phase, where systems autonomously execute tasks and make decisions. They believe the demand for AI infrastructure, combined with tax incentives allowing full deductions for equipment and facilities, is propelling U.S. business investment to become a more prominent engine of economic growth. The fund remains positioned in the ecosystem of companies that build, service, and power data centers to capture this growth.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | ALAB, GFL, IREN, QXO, WDC | AI, Cloud, Data centers, growth, infrastructure, semiconductors, technology |
NBIS ALAB WDC GFL QXO IREN |
Alger Spectra returned 25.05% in Q2 2026, outperforming its benchmark by 800 basis points. The fund is positioned in AI infrastructure companies benefiting from record capital spending as the technology enters its agentic phase. Top contributors included Nebius Group, Astera Labs, and Western Digital, all capitalizing on surging demand for AI computing power and data center expansion by hyperscale cloud providers. |
| Apr 29 2026 | 2026 Q1 | APP, GEV, MSFT, NVDA, WDC | AI, Cloud, Data centers, energy, growth, software, technology |
GEV WDC NBIS MSFT APP NVDA |
Alger Spectra declined 10.92% in Q1 2026 amid AI disruption concerns and geopolitical oil shocks. The fund maintains conviction in companies enabling agentic AI and data center infrastructure. GE Vernova, Western Digital, and Nebius contributed positively, while Microsoft, AppLovin, and NVIDIA detracted despite strong results due to broader AI spending sustainability concerns. |
| Jan 15 2026 | 2025 Q4 | CDTX, GOOGL, META, MRK, MSFT, NBIS, NTRA | AI, Biotechnology, Cloud, Communication, growth, healthcare, technology |
GOOGL NTRA CIDM NBIS MSFT META |
Alger Spectra underperformed in Q4 2025 despite strong secular themes. AI infrastructure faced scrutiny over financing and returns, pressuring holdings like Nebius and Meta. Winners included Alphabet's improving AI execution and Natera's diagnostic strength. Managers remain constructive on digitization, cloud growth, and AI inflection despite near-term volatility and capacity constraints. |
| Oct 14 2025 | 2025 Q3 | APP, ISRG, JHX, MSFT, NFLX, NVDA | AI, Cloud, Communication Services, Data centers, growth, semiconductors, technology |
APP NVDA |
Alger Spectra delivered 15.97% in Q3 2025, driven by AI and cloud computing themes. Top contributors AppLovin and Nvidia benefited from AI adoption acceleration and data center demand. The fund sees AI at an inflection point enabling productivity gains, with U.S. business spending accelerating from infrastructure demand and tax incentives. Portfolio positioned for secular technology transformation. |
| Jul 22 2025 | 2025 Q2 | APP, ISRG, JHX, MSFT, NBIS, NFLX, NVDA | AI, Cloud, digital transformation, Fed policy, growth, Rate Cuts, semiconductors, technology |
NVDA MSFT META AAPL UNH GLOB APP NVDA NBIS |
Alger Spectra Fund returned 15.97% in Q3 2025, outperforming benchmarks through concentrated exposure to AI and cloud infrastructure leaders. Key winners included AppLovin, NVIDIA, and Nebius, all benefiting from accelerating AI adoption. The fund capitalizes on secular technology trends, supportive Fed policy, and business investment incentives while maintaining focus on growth companies with competitive advantages in digital transformation. |
| Mar 31 2025 | 2025 Q1 | AMZN, GFL, HEI, MSFT, NVDA, SPOT | AI, Cloud, growth, semiconductors, Streaming, technology, Trade Policy |
HEI SPOT GFL NVDA MSFT AMZN |
Alger Spectra Fund faced headwinds in Q1 2025 from trade policy uncertainty and AI competitive concerns, underperforming despite strong secular themes. While major tech holdings like NVIDIA and Microsoft detracted, aerospace parts supplier HEICO, streaming leader Spotify, and waste management company GFL contributed positively. The fund maintains conviction in AI, cloud computing, and corporate digitization trends. |
| Dec 31 2024 | 2024 Q4 | AMZN, APP, LLY, MELI, MSFT, NVDA | AI, Cloud, E-Commerce, growth, healthcare, semiconductors, technology |
APP NVDA AMZN MSFT LLY MELI |
Alger Spectra delivered 11.46% in Q4, outperforming on concentrated bets in AI and cloud leaders. AppLovin, NVIDIA, and Amazon drove performance through AI-powered growth and infrastructure demand. The fund capitalizes on secular digitization themes while managing risks from rising yields and Fed policy shifts. Strong positioning in transformative technology trends continues. |
| Sep 30 2024 | 2024 Q3 | APP, GOOGL, MELI, META, MSFT, PINS | Advertising, AI, Cloud, E-Commerce, growth, Social Media, technology |
APP META MELI MSFT GOOGL PINS |
Alger Spectra slightly underperformed in Q3 2024 despite Fed rate cuts supporting growth stocks. AI-powered companies like Meta and AppLovin drove outperformance through enhanced monetization and network effects. However, concerns about AI capital expenditure returns weighed on Microsoft and Alphabet. The fund maintains focus on secular digitization themes while navigating market skepticism around AI investment payoffs. |
| Aug 2 2024 | 2024 Q2 | AMD, AMZN, DKNG, MLM, MSFT, NVDA | AI, Cloud, growth, large cap, semiconductors, technology |
NVDA AMZN MSFT AMD DKNG MLM |
Alger Spectra Fund outperformed in Q2 2024, led by AI and cloud leaders NVIDIA, Microsoft, and Amazon. The fund targets U.S. growth companies benefiting from corporate digitization and AI adoption. Strong data center demand and accelerating cloud growth drove performance, while the managers see continued opportunities in technological transformation and productivity enhancement. |
| Apr 15 2024 | 2024 Q1 | - | - | - | |
| Dec 31 2023 | 2023 Q4 | - | - | - | |
| Nov 10 2023 | 2023 Q3 | - | - | - | |
| May 24 2023 | 2023 Q1 | - | - | - | |
| Mar 2 2023 | 2022 Q4 | ABBV, AMZN, DDOG, NFLX, TDG, TSLA | - | - | |
| Dec 31 2022 | 2022 Q3 | AMZN, GOOG, MSFT, NTRA, TSLA | - | - | |
| Jul 11 2022 | 2022 Q1 | AMZN, GOOG, MSFT, NTRA, TSLA | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI investment accelerated with record capital spending flowing into AI-related infrastructure including processors, memory, cooling systems, and power generation. The technology is entering its agentic phase where systems autonomously execute tasks, make decisions, and coordinate workflows. This shift is accelerating demand for compute capacity and driving growth across the data center ecosystem. |
Data Centers Cloud Semiconductors Infrastructure |
Data CentersSurging demand for AI computing power is driving robust growth in data center infrastructure. Companies providing GPU-accelerated cloud computing, connectivity solutions, and storage are experiencing strong revenue growth. The fund holds positions in specialized AI infrastructure providers, semiconductor connectivity companies, and storage companies benefiting from hyperscaler investment. |
Cloud AI Storage Semiconductors | |
Semiconductor CycleThe semiconductor industry is experiencing strong demand driven by AI infrastructure buildout. Companies providing high-speed connectivity solutions for AI data centers and storage solutions are reporting better-than-expected revenues. The hard disk drive industry has structurally shifted toward cloud customers with improved supply/demand balance supporting healthier profitability. |
AI Data Centers Storage Cloud | |
CloudHyperscale cloud providers are expanding AI computing capacity, fueling strong demand for connectivity products and storage solutions. Cloud represents the majority of revenue for storage companies in the portfolio. The fund is positioned in companies providing full-stack AI infrastructure platforms and connectivity solutions for cloud data centers. |
AI Data Centers Semiconductors Storage | |
Infrastructure SpendingTax incentives from the One Big Beautiful Bill allow companies to deduct the full cost of eligible equipment and qualifying manufacturing facilities in the year they are placed in service. This is propelling U.S. business investment to become a more prominent engine of economic growth, particularly in AI-related infrastructure. |
AI Data Centers Industrial Policy | |
Waste ManagementGFL Environmental, one of the largest diversified environmental services companies in North America providing solid waste collection and recycling, reported better-than-expected first-quarter results and raised full-year guidance. However, shares were pressured by a sizeable acquisition announcement that expands its Western Canada presence, as investors weighed the equity component and integration involved. |
Environmental Services Recycling | |
| 2026 Q1 |
AIThe fund sees opportunity in companies enabling and adopting AI as it enters the agentic phase, where systems move beyond generating answers to autonomously executing tasks. This shift is accelerating demand for compute capacity and driving growth across the data center ecosystem. However, the emergence of agentic AI tools has raised questions about the durability of traditional software business models. |
Agentic Compute Software Disruption Infrastructure |
Data CentersRising power demand driven by AI data centers is creating opportunities for companies that build, service, and power data centers. The fund believes this is driving growth across the ecosystem of companies supporting data center infrastructure. U.S. business spending is emerging as a more prominent driver of economic growth, supported by burgeoning demand for AI infrastructure. |
Infrastructure Power Compute Capacity Growth | |
Energy TransitionThe fund believes GE Vernova is uniquely positioned to benefit from the global energy transition and rising power demand driven by AI data centers. The company supports approximately a quarter of the world's electricity generation through gas and wind turbines, with record backlog providing visibility into long-term free cash flow potential. |
Power Wind Electricity Transition Infrastructure | |
CloudThe fund sees opportunities in specialized AI infrastructure companies providing GPU-accelerated cloud computing platforms. Western Digital benefits from rising hyperscaler data-center investment, with cloud representing the majority of its revenue. Microsoft's Azure cloud business faced some supply constraints but showed strong contract growth. |
Infrastructure GPU Hyperscaler Computing Platform | |
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. Manager believes dominant vertical software platforms can successfully reinvent themselves for an agentic world and fend off AI-native startups through domain expertise and mission-critical systems integration. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, but manager sees meaningful differentiation. Incumbents with engineering talent and proprietary data have structural advantages in deploying AI tools. Early adopters historically capture more economic benefits than infrastructure providers. |
Enterprise Software SaaS Technology Digital Transformation | |
HotelsChoice Hotels represents asset-light, high-margin opportunity trading at distressed multiples due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments like Extended Stay and international markets while potentially unlocking $700M in balance sheet capital for share buybacks. |
Hospitality Franchising Real Estate Travel | |
ValueManager emphasizes focus on value-oriented special situations within principled investing framework. Notes irony that software holdings are cheaper than traditional value industrial exposure despite market perception. Advocates for drawing distinctions between situations despite surface similarities. |
Value Investing Special Situations Contrarian | |
| 2025 Q3 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products. |
Artificial Intelligence Machine Learning Data Centers Productivity Infrastructure |
CloudCloud computing is growing and supporting innovation, with corporations digitizing their operations. The fund observes robust demand for cloud and semiconductor products, with widespread adoption of advanced processors by cloud providers building AI infrastructure. |
Cloud Computing Digital Transformation Infrastructure Enterprise Innovation | |
SemiconductorsThe semiconductor sector is benefiting from AI adoption and data center demand. Nvidia delivered record revenue driven by surging demand for AI-focused chips, with the strongest growth from its data center segment and the ramp-up of next-generation Blackwell chips designed for complex AI workloads. |
Chips Data Centers AI Hardware GPUs Processing | |
| 2025 Q2 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products. |
Artificial Intelligence Machine Learning Data Centers Productivity Infrastructure |
CloudCloud computing is growing and supporting innovation, with corporations digitizing their operations. The fund observes widespread adoption of advanced processors by cloud providers building AI infrastructure. Microsoft's partnership with Nebius for dedicated GPU infrastructure to power AI services validates the growing cloud infrastructure ecosystem. |
Cloud Computing Digital Transformation Infrastructure Enterprise Innovation | |
SemiconductorsThe semiconductor sector showed strong performance driven by continued enthusiasm for AI and robust demand for semiconductor products. Nvidia delivered record revenue and earnings driven by surging demand for AI-focused chips, with strongest growth from its data center segment benefiting from widespread adoption of advanced processors. |
Chips Data Centers AI Hardware GPUs Processing | |
| 2025 Q1 |
AIAI is at an inflection point with potential for significant productivity increases. However, concerns emerged about advanced AI models from China developed at lower costs, raising doubts about U.S. technology dominance. Future AI models will require substantially more computational resources, driving continued demand for high-performance infrastructure. |
Artificial Intelligence Computing Productivity Infrastructure Models |
CloudCloud computing continues growing and supporting innovation as corporations digitize their operations. Microsoft's Azure revenue growth missed estimates for the third consecutive quarter, though AI-related sales growth exceeded expectations and accounted for 13% of Azure's quarterly growth. |
Cloud Computing Azure Digitization Innovation Infrastructure | |
Trade PolicyThe Trump administration announced significant tariff increases creating substantial investor uncertainty. Anticipated retaliatory measures from trading partners complicated business spending plans, and expected pass-through of tariff-related costs raised inflationary concerns, contributing to market volatility. |
Tariffs Trade Tensions Inflation Policy Uncertainty | |
StreamingSpotify demonstrated strong performance with better-than-expected results driven by user growth and margin improvement. The company's strategic use of AI through personalized features like AI Playlist and AI DJ, combined with expansion into various audio formats, positions it for sustained growth in the evolving digital audio market. |
Digital Audio Subscriptions User Growth Personalization Content | |
| 2024 Q4 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. AI is central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is a critical enabler of AI and therefore essential to AI adoption, with leadership in scaling AI infrastructure driving enterprise adoption. |
Machine Learning Algorithms Data Analytics Productivity Enterprise |
CloudCloud computing is growing and supporting innovation. AWS revenue growth accelerated during the quarter with its highest-ever operating margin of 38.1%, driven by easing cloud cost optimizations, renewed workload migrations, and increasing contribution from AI workloads. Microsoft's Azure revenue grew 34% year-over-year with AI Services contributing 12% to Azure's growth. |
Infrastructure Migration Optimization Workloads Services | |
E-commerceMercadoLibre is Latin America's leading e-commerce and fintech platform, holding dominant positions across multiple countries. The company has successfully maintained and expanded its market share despite competition from global e-commerce players, leveraging strengths in customer data and distribution to drive growth in advertising and fintech segments. |
Marketplace Fintech Network Effects Distribution Advertising | |
| 2024 Q3 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. AppLovin leverages AI-powered software engine driving 60% of revenue through recommendation and targeting. Meta uses AI to enhance targeting, measurement, ranking, and ad delivery. |
Machine Learning Algorithms Productivity Targeting Automation |
CloudCloud computing is growing and supporting innovation. Microsoft's Azure cloud segment reported weaker-than-expected revenue growth but AI contributed 7% to cloud growth, up from 6% last quarter. |
Azure Infrastructure Computing Growth Innovation | |
E-commerceMercadoLibre is Latin America's leading e-commerce platform with dominant positions across multiple countries. The company leverages network effects in e-commerce and logistics, with strong data and distribution advantages. |
Marketplace Network Effects Digital Platform Latin America Logistics | |
Social MediaMeta operates the world's largest social network with over 3 billion monthly active users, generating 95% of revenue from advertising. Pinterest enables users to search and shop products with over 510 million global monthly active users. |
Advertising User Engagement Monetization Platform Content | |
AdvertisingAppLovin offers digital advertising platform for mobile app developers. Meta generates advertising revenue through improved targeting and ad delivery. Pinterest focuses on AI-driven product tools to improve campaign efficacy. |
Ad Tech Monetization Digital Marketing Campaign Management Targeting | |
| 2024 Q2 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. NVIDIA's computational power is a critical enabler of AI and therefore essential to AI adoption. Microsoft's Azure cloud business grew 31% with 7% AI-related growth, and most AI revenue stems from inference rather than training, indicating high quality AI applications. |
Artificial Intelligence Machine Learning Data Centers GPUs Inference |
CloudCloud computing is growing and supporting innovation with corporations digitizing their operations. Amazon's AWS revenue growth accelerated driven by easing cloud cost optimizations, renewed workload migrations, and increasing contribution from AI workloads. Microsoft's Azure business demonstrates leadership in cloud services. |
Cloud Computing AWS Azure Digital Transformation Infrastructure | |
Data CentersStrong demand from data centers is driving NVIDIA's performance, with large cloud service providers contributing approximately 45% of data center sales. These providers recognize the high return on investment offered by NVIDIA's computing solutions, which are driving AI spending. |
Data Centers Computing Infrastructure Cloud Providers GPU Demand AI Infrastructure | |
SemiconductorsNVIDIA introduced its next-generation H200 chip, which nearly doubles the inference performance compared to the H100 chip. AMD operates in a large addressable market covering PCs, servers, high-end gaming, and deep learning, with competitive AI technologies including powerful accelerators. |
Semiconductors GPU AI Chips Computing Processing |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Alger Spectra Fund | NBIS | Nebius Group N.V. | Internet Content & Information | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPU-accelerated, growth, high-performance computing, machine learning, vertically integrated | Login |
| Jul 15, 2026 | Fund Letters | Alger Spectra Fund | ALAB | Astera Labs, Inc. | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, connectivity solutions, CXL, data centers, Ethernet, growth, hyperscale, PCIe, semiconductors | Login |
| Jul 15, 2026 | Fund Letters | Alger Spectra Fund | WDC | Western Digital Corporation | Computer Hardware | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | cloud, Consolidated Industry, data centers, Hard Disk Drives, hyperscale, Pricing power, Storage, Value | Login |
| Jul 15, 2026 | Fund Letters | Alger Spectra Fund | GFL | GFL Environmental Inc | Waste Management | Environmental & Facilities Services | Bull | New York Stock Exchange | consolidation, environmental services, Industrials, M&A, North America, Recycling, waste management | Login |
| Jul 15, 2026 | Fund Letters | Alger Spectra Fund | QXO | QXO, Inc. | Industrial Distribution | Trading Companies & Distributors | Bull | New York Stock Exchange | Building Products, consolidation, construction materials, Distribution, Industrials, M&A, Roofing, Value | Login |
| Jul 15, 2026 | Fund Letters | Alger Spectra Fund | IREN | IREN Limited | Capital Markets | IT Services | Bull | NASDAQ | AI infrastructure, Bitcoin mining, business transformation, cloud services, data centers, high-performance computing, turnaround | Login |
| Apr 29, 2026 | Fund Letters | Alger Spectra Fund | GEV | GE Vernova Inc. | Specialty Industrial Machinery | Electrical Equipment | Bull | New York Stock Exchange | AI data centers, Electrification, energy infrastructure, energy transition, Gas turbines, Power generation, Services Business, Wind Energy | Login |
| Apr 29, 2026 | Fund Letters | Alger Spectra Fund | WDC | Western Digital Corporation | Computer Hardware | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI infrastructure, areal density, Cloud computing, data storage, Hard Disk Drives, hyperscalers, industry consolidation, long-term contracts | Login |
| Apr 29, 2026 | Fund Letters | Alger Spectra Fund | NBIS | Nebius Group | Internet Content & Information | IT Services | Bull | NASDAQ | AI infrastructure, data centers, GPU Cloud Computing, high-performance computing, Hyperscaler Agreements, machine learning, operating leverage, vertical integration | Login |
| Apr 29, 2026 | Fund Letters | Alger Spectra Fund | MSFT | Microsoft Corporation | Software - Infrastructure | Software | Bull | NASDAQ | Azure, Cloud computing, contract backlog, Digital transformation, Enterprise software, generative AI, GPU capacity, operating leverage | Login |
| Apr 29, 2026 | Fund Letters | Alger Spectra Fund | APP | AppLovin Corp. | Advertising Agencies | Interactive Media & Services | Bull | NASDAQ | AI-Powered Platform, Data Analytics, Demand Side Platform, e-commerce expansion, Mobile Advertising, Mobile Gaming, network effects, user acquisition | Login |
| Apr 29, 2026 | Fund Letters | Alger Spectra Fund | NVDA | NVIDIA Corporation | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, AI training, cloud infrastructure, data centers, Graphics Processing Units, market leadership, semiconductors | Login |
| Jan 15, 2026 | Fund Letters | Ankur Crawford | GOOGL | Alphabet Inc. Class A | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, infrastructure, scale | Login |
| Jan 15, 2026 | Fund Letters | Ankur Crawford | NTRA | Natera, Inc. | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, Genomics, growth, Oncology, Reimbursement | Login |
| Jan 15, 2026 | Fund Letters | Ankur Crawford | CIDM | Cidara Therapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Antivirals, Biotech, FDA, Influenza, M&A | Login |
| Jan 15, 2026 | Fund Letters | Ankur Crawford | NBIS | Nebius Group N.V. | Information Technology | IT Services & Cloud Infrastructure | Bull | NASDAQ | AI, cloud, datacenters, GPUs, infrastructure | Login |
| Jan 15, 2026 | Fund Letters | Ankur Crawford | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, CapEx, cloud, enterprise, Software | Login |
| Jan 15, 2026 | Fund Letters | Ankur Crawford | META | Meta Platforms Inc. Class A | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Platforms, Socialmedia | Login |
| Oct 14, 2025 | Fund Letters | Ankur Crawford | APP | AppLovin Corp. | Communication Services | Advertising Technology | Bull | NASDAQ | advertising, AI, Data, growth, Mobile, monetization, network, platform, Software | Login |
| Oct 14, 2025 | Fund Letters | Ankur Crawford | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Chips, cloud, Compute, datacenter, GPUs, growth, Hardware, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | Alger Spectra Fund | APP | AppLovin Corp. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising technology, AI-Powered Platform, Data Analytics, growth, Mobile Gaming, network effects, S&P 500 Addition, SaaS | Login |
| Sep 30, 2025 | Fund Letters | Alger Spectra Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPUs, growth, high-performance computing, semiconductors, technology leadership | Login |
| Sep 30, 2025 | Fund Letters | Alger Spectra Fund | NBIS | Nebius Group N.V. | Information Technology | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, Enterprise Services, Europe, GPU computing, growth, Microsoft partnership | Login |
| Jul 22, 2025 | Fund Letters | Ankur Crawford | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Computing, datacenters, growth, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Ankur Crawford | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, productivity, Software, Subscriptions | Login |
| Jul 22, 2025 | Fund Letters | Ankur Crawford | META | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, monetization, Social | Login |
| Jul 22, 2025 | Fund Letters | Ankur Crawford | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Ecosystem, Hardware, innovation, Margins, services | Login |
| Jul 22, 2025 | Fund Letters | Ankur Crawford | UNH | UnitedHealth Group Incorporated | Health Care | Managed Health Care | Bear | NASDAQ | Costs, guidance, Insurance, Reimbursement, Utilization | Login |
| Jul 22, 2025 | Fund Letters | Ankur Crawford | GLOB | Globant SA | Information Technology | IT Consulting & Other Services | Bear | NYSE | cloud, Consulting, Demand, margin, transformation | Login |
| Mar 31, 2025 | Fund Letters | Alger Spectra Fund | HEI | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aftermarket Parts, Commercial Aviation, Defense, electronics, FAA Approved, Flight Support, Replacement Parts | Login |
| Mar 31, 2025 | Fund Letters | Alger Spectra Fund | SPOT | Spotify Technology | Communication Services | Interactive Media & Services | Bull | NYSE | Ad-supported, AI integration, Audio Platform, Audiobooks, digital media, Podcasts, Premium Subscription, Streaming | Login |
| Mar 31, 2025 | Fund Letters | Alger Spectra Fund | GFL | GFL Environmental Inc | Industrials | Environmental & Facilities Services | Bull | NYSE | Balance Sheet Transformation, deleveraging, divestiture, environmental services, Free Cash Flow, Solid Waste, value creation, waste management | Login |
| Mar 31, 2025 | Fund Letters | Alger Spectra Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Enterprise AI, GPUs, high-performance computing, Parallel Processing, semiconductors | Login |
| Mar 31, 2025 | Fund Letters | Alger Spectra Fund | MSFT | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Digital transformation, Enterprise software, Office365, productivity software, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Alger Spectra Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | AI infrastructure, AWS, Cloud computing, digital advertising, e-commerce, Platform business, Prime Subscription, retail technology | Login |
| Dec 31, 2024 | Fund Letters | Alger Spectra Fund | APP | AppLovin Corp. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising technology, AI-powered, Data Analytics, Mobile Gaming, network effects, Revenue Growth, share repurchases | Login |
| Dec 31, 2024 | Fund Letters | Alger Spectra Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, GPUs, high-performance computing, Hopper H200, semiconductors | Login |
| Dec 31, 2024 | Fund Letters | Alger Spectra Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI workloads, AWS, capital expenditures, Cloud computing, Digital transformation, e-commerce, operating leverage | Login |
| Dec 31, 2024 | Fund Letters | Alger Spectra Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI services, Azure, capital expenditures, Cloud computing, Corporate Digitization, OpenAI, Software | Login |
| Dec 31, 2024 | Fund Letters | Alger Spectra Fund | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | NYSE | Diabetes, drug pipeline, Inventory Dynamics, Mounjaro, Obesity drugs, pharmaceuticals, Zepbound | Login |
| Dec 31, 2024 | Fund Letters | Alger Spectra Fund | MELI | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, credit cards, e-commerce, Fintech, Latin America, market share, network effects | Login |
| Sep 30, 2024 | Fund Letters | Alger Spectra Fund | APP | AppLovin Corp | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising technology, Artificial Intelligence, Data Analytics, digital platform, growth, Mobile Gaming, network effects, SaaS | Login |
| Sep 30, 2024 | Fund Letters | Alger Spectra Fund | META | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, digital advertising, Global Platform, social media, technology, user engagement, Video Content | Login |
| Sep 30, 2024 | Fund Letters | Alger Spectra Fund | MELI | MercadoLibre Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Emerging markets, Fintech, growth, Latin America, marketplace, network effects | Login |
| Sep 30, 2024 | Fund Letters | Alger Spectra Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Digital transformation, Enterprise software, productivity software, technology | Login |
| Sep 30, 2024 | Fund Letters | Alger Spectra Fund | GOOGL | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, autonomous driving, Cloud computing, digital advertising, search engine, technology, YouTube | Login |
| Sep 30, 2024 | Fund Letters | Alger Spectra Fund | PINS | Pinterest Inc | Communication Services | Interactive Media & Services | Bull | NYSE | Artificial Intelligence, digital advertising, e-commerce, platform, SMB, social media, Visual Discovery | Login |
| Jun 30, 2024 | Fund Letters | Alger Spectra Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data centers, Equity, GPUs, growth, semiconductors | Login |
| Jun 30, 2024 | Fund Letters | Alger Spectra Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, Digital transformation, e-commerce, Equity, growth | Login |
| Jun 30, 2024 | Fund Letters | Alger Spectra Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, enterprise, Equity, growth, productivity software, Software | Login |
| Jun 30, 2024 | Fund Letters | Alger Spectra Fund | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data centers, Equity, Gaming, growth, semiconductors, Server CPUs | Login |
| Jun 30, 2024 | Fund Letters | Alger Spectra Fund | DKNG | DraftKings Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Customer Acquisition, Digital Entertainment, Equity, Gaming, growth, Regulatory risk, Sports betting | Login |
| Jun 30, 2024 | Fund Letters | Alger Spectra Fund | MLM | Martin Marietta Materials, Inc. | Materials | Construction Materials | Neutral | NYSE | aggregates, construction materials, Cyclical, Equity, infrastructure, Pricing power, Weather Impact | Login |
| TICKER | COMMENTARY |
|---|---|
| ALAB | Astera Labs designs high-speed semiconductor connectivity solutions for AI and cloud data centers. Its products, spanning PCIe, CXL, and Ethernet technologies, enable efficient data movement and signal integrity between GPUs, CPUs, and memory — effectively solving the bottleneck of how AI models communicate and operate within massive server environments at rack scale. We believe the company is positioned at the heart of the AI infrastructure buildout, given its expanding relationships with major hyperscale cloud providers and a rapidly growing product portfolio that addresses a large and growing market. Shares contributed positively to performance, supported by first-quarter results in which better-than-expected revenues were driven by hyperscale customers expanding their AI computing capacity, fueling strong demand for the company's latest generation of connectivity products. |
| WDC | Western Digital is a hard disk drive (HDD) storage company benefiting from rising hyperscaler data-center investment and the continued proliferation of data. The HDD industry is highly consolidated, with only two scaled manufacturers, and Western Digital holds a leading market position. The business has structurally shifted toward cloud customers as consumer exposure has declined, with cloud representing the majority of Western Digital's revenue. Importantly, industry participants have emphasized capital discipline—prioritizing higher areal density (i.e., more terabytes per drive) rather than adding significant unit capacity—which supports a healthier supply/demand balance and improved profitability. Shares contributed positively to performance after the company delivered strong fiscal third-quarter results. Revenue and earnings exceeded analyst expectations, driven by robust storage demand across cloud and enterprise markets and an improved pricing environment that lifted margins above the company's prior guidance. |
| GFL | GFL Environmental is one of the largest diversified environmental services companies in North America, providing solid waste collection, recycling, and related services across Canada and a broad footprint of U.S. states. During the quarter, shares detracted from performance even as the company reported better-than-expected first-quarter results and raised its full-year guidance. The weakness instead centered on GFL's announcement of a sizeable acquisition that expands its presence in Western Canada, which pressured the stock as investors weighed the equity component used to fund the deal and the integration involved in absorbing a large new platform. |
| QXO | QXO is a building products distribution company led by Brad Jacobs, an entrepreneur with a long track record of building large, successful companies through disciplined acquisitions and operational improvement. The company is pursuing a strategy of acquiring and integrating distributors of roofing, waterproofing, and related construction materials to build a national-scale platform. We view QXO as an attractive way to participate in the consolidation of a large and fragmented distribution industry. Shares detracted from performance during the quarter as softer conditions in the building products market weighed on near-term results. Sentiment was also pressured by the financing and regulatory considerations tied to a large pending acquisition announced during the period. |
| IREN | IREN Limited develops and operates data center infrastructure originally built for bitcoin mining and increasingly focused on AI cloud services. The company is using its access to large-scale power and data center capacity to support high-performance computing workloads for artificial intelligence customers. Shares detracted from performance during the quarter as investors weighed the company's rapid transition toward AI infrastructure against declining Bitcoin mining revenue, elevated capital needs, and execution risk tied to large data center and GPU deployments. While recent AI cloud announcements and strategic partnerships supported the long-term narrative, concerns around financing, and the pace of the business model transition pressured sentiment during the period. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
