Alger Mid Cap Focus Fund

Investor Summary

Amy Zhang serves as the portfolio manager for the Alger Mid Cap Focus Fund and has been managing the strategy since 2019. The broader Alger investment team is led by Daniel C. Chung as Chief Executive Officer, Chief Investment Officer and Portfolio Manager, who joined Alger in 1994 and brings 31 years of investment experience. Patrick Kelly serves as Executive Vice President, Portfolio Manager, and Head of Cap Appreciation & Spectra Strategies with 27 years of experience and CFA designation.

Fund Strategy

The fund seeks long-term capital appreciation and invests in a focused portfolio of approximately 50 holdings of primarily mid cap companies identified through fundamental research. The investment process focuses on companies demonstrating Positive Dynamic Change, defined as companies experiencing high unit volume growth or positive lifecycle change including regulatory changes, new products, and management shifts. Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of mid-cap companies with market capitalizations between $1 billion and $30 billion. The approach is based on independent, creative, bottom-up, fundamental research utilizing proprietary tools including the Alger Rating System and Alger Psych Line. The fund maintains a minimum 25% focus on industries such as Health Care Equipment & Supplies, Health Care Technology, Biotechnology, Life Sciences Tools & Services, and Software.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
0.36%	-7.59%	-7.59%

Executive Summary

The Alger Mid Cap Focus Fund underperformed during a turbulent first quarter marked by two major disruptions. The emergence of agentic AI tools triggered a software industry recalibration as investors repriced companies exposed to AI disruption, while the U.S.-Iran conflict and Strait of Hormuz closure sent oil prices above $100 per barrel, complicating Fed policy. Despite this volatility, the manager sees opportunity in companies enabling AI adoption as systems move beyond generating answers to autonomously executing tasks. This shift accelerates demand for compute capacity, driving growth across the data center ecosystem. Top contributors included Comfort Systems USA, FTAI Aviation, and Vertiv, all benefiting from accelerating data center buildout. Detractors included Repligen, MongoDB, and Sea Limited, facing sector rotation and conservative guidance. The manager maintains conviction in high-quality compounders positioned for long-term growth, supported by U.S. business spending driven by AI infrastructure demand and favorable tax incentives from recent legislation.

Forward Outlook

The manager continues to see opportunity in companies enabling and adopting AI technology as it enters the agentic phase, particularly those building, servicing, and powering data centers. They expect the equity market's focus will likely be on which industries and companies may be disrupted by AI progress.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 15 2026	2026 Q1	FIX, FTAI, MDB, RGEN, SE, VRT	AI, Data centers, energy, growth, industrials, mid cap, technology	FIX FTAI VRT RGEN MDB SE	Mid-cap growth fund navigated AI disruption and geopolitical energy shock in Q1 2026. Manager sees opportunity in data center ecosystem benefiting from agentic AI adoption. Top performers included infrastructure plays like Comfort Systems and Vertiv. Software names faced pressure from conservative guidance. Maintains conviction in quality compounders despite near-term volatility.
Jan 15 2026	2025 Q4	APH, BIIB, CVNA, FIX, FTI, NET, NTRA, RGEN	growth, healthcare, industrials, mid cap, technology	-	Alger Mid Cap Focus Fund concentrates in 50 mid-cap growth companies undergoing Positive Dynamic Change. The fund delivered 14.98% returns in 2025, significantly outperforming benchmarks through fundamental research and high conviction positioning in technology, healthcare, and industrial sectors with 74.60% active share.
Oct 14 2025	2025 Q3	ALAB, AXON, CSU.TO, HOOD, TLN, WING	AI, Cloud, Data centers, financials, growth, mid cap, semiconductors, technology	HOOD ALAB	Alger Mid Cap Focus significantly outperformed in Q3 2025, driven by AI infrastructure and cloud computing investments. Key contributors included Robinhood's platform expansion, Talen Energy's data center power solutions, and Astera Labs' semiconductor connectivity. The manager maintains conviction in secular digitization trends and AI adoption despite consumer headwinds, focusing on companies with durable competitive advantages and clear growth catalysts.
Jul 17 2025	2025 Q2	ALAB, AXON, CSU.TO, HOOD, TLN, WING	AI, Cloud, Data centers, financials, growth, industrials, mid cap, technology	PLTR NET VRT CWAN RYAN HOOD TLN ALAB WING CSU.TO AXON	Alger Mid Cap Focus outperformed in Q3 2025 with 14.46% returns, driven by strong Technology and Financials positioning. Key contributors included Robinhood's wealth management expansion, Talen Energy's data center power demand, and Astera Labs' AI connectivity solutions. The fund capitalizes on secular themes of AI infrastructure, cloud computing, and corporate digitization while navigating consumer discretionary headwinds.
Mar 31 2025	2025 Q1	ALAB, APP, HEI, MRVL, PLTR, SPOT	aerospace, AI, growth, mid cap, semiconductors, Streaming, technology, volatility	HEI SPOT PLTR APP MRVL ALAB	Mid-cap growth fund underperformed amid market volatility from trade tensions and AI competition concerns. Despite correction territory entry, maintains conviction in secular themes of AI adoption, cloud computing, and corporate digitization. Strong performance from aerospace aftermarket leader HEICO, streaming platform Spotify, and data analytics firm Palantir offset weakness in semiconductor and ad-tech holdings.
Dec 31 2024	2024 Q4	AMZN, APP, AXON, CEG, HEI, MPWR, NVDA, PLTR, TLN	AI, Cloud, growth, industrials, mid cap, nuclear, technology	PLTR APP AXON MPWR CEG HEI	Alger Mid Cap Focus outperformed in Q4 2024 driven by AI and technology themes. Palantir, AppLovin, and Axon led performance with strong AI adoption and growth momentum. The fund maintains focus on secular trends including corporate digitization, cloud computing, and energy infrastructure modernization, positioning for continued benefits from technological transformation and electrification.
Sep 30 2024	2024 Q3	APP, CDNS, CEG, HEI, MSFT, MU, PINS	AI, energy, growth, industrials, mid cap, technology	HEI CEG APP PINS MU CDNS	Mid-cap growth fund focused on secular themes including AI productivity gains, energy transition, and cloud adoption. Top contributors HEICO, Constellation Energy, and AppLovin demonstrate strong positioning in aerospace aftermarket, clean energy electrification, and AI-powered advertising technology. Despite near-term headwinds in some technology holdings, the manager sees compelling long-term opportunities in digitization and innovation trends.
Jul 25 2024	2024 Q2	AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT	growth, healthcare, industrials, mid cap, technology	-	Alger Mid Cap Focus targets 50 mid-cap companies experiencing Positive Dynamic Change through fundamental research. The concentrated portfolio maintains high active share and focuses on growth opportunities in technology, industrials, and healthcare. Despite Q2 weakness, the strategy outperformed year-to-date and has delivered superior long-term returns since inception.
Apr 15 2024	2024 Q1	-	-	-
Dec 11 2023	2023 Q3	-	-	-
Nov 2 2023	2022 Q4	COUP, CRWD, GNRC, PODD, XPO	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 15 2026

2026 Q1

FIX, FTAI, MDB, RGEN, SE, VRT

AI, Data centers, energy, growth, industrials, mid cap, technology

FIX
FTAI
VRT
RGEN
MDB
SE

Mid-cap growth fund navigated AI disruption and geopolitical energy shock in Q1 2026. Manager sees opportunity in data center ecosystem benefiting from agentic AI adoption. Top performers included infrastructure plays like Comfort Systems and Vertiv. Software names faced pressure from conservative guidance. Maintains conviction in quality compounders despite near-term volatility.

Jan 15 2026

2025 Q4

APH, BIIB, CVNA, FIX, FTI, NET, NTRA, RGEN

growth, healthcare, industrials, mid cap, technology

Alger Mid Cap Focus Fund concentrates in 50 mid-cap growth companies undergoing Positive Dynamic Change. The fund delivered 14.98% returns in 2025, significantly outperforming benchmarks through fundamental research and high conviction positioning in technology, healthcare, and industrial sectors with 74.60% active share.

Oct 14 2025

2025 Q3

ALAB, AXON, CSU.TO, HOOD, TLN, WING

AI, Cloud, Data centers, financials, growth, mid cap, semiconductors, technology

HOOD
ALAB

Alger Mid Cap Focus significantly outperformed in Q3 2025, driven by AI infrastructure and cloud computing investments. Key contributors included Robinhood's platform expansion, Talen Energy's data center power solutions, and Astera Labs' semiconductor connectivity. The manager maintains conviction in secular digitization trends and AI adoption despite consumer headwinds, focusing on companies with durable competitive advantages and clear growth catalysts.

Jul 17 2025

2025 Q2

ALAB, AXON, CSU.TO, HOOD, TLN, WING

AI, Cloud, Data centers, financials, growth, industrials, mid cap, technology

PLTR
NET
VRT
CWAN
RYAN
HOOD
TLN
ALAB
WING
CSU.TO
AXON

Alger Mid Cap Focus outperformed in Q3 2025 with 14.46% returns, driven by strong Technology and Financials positioning. Key contributors included Robinhood's wealth management expansion, Talen Energy's data center power demand, and Astera Labs' AI connectivity solutions. The fund capitalizes on secular themes of AI infrastructure, cloud computing, and corporate digitization while navigating consumer discretionary headwinds.

Mar 31 2025

2025 Q1

ALAB, APP, HEI, MRVL, PLTR, SPOT

aerospace, AI, growth, mid cap, semiconductors, Streaming, technology, volatility

HEI
SPOT
PLTR
APP
MRVL
ALAB

Mid-cap growth fund underperformed amid market volatility from trade tensions and AI competition concerns. Despite correction territory entry, maintains conviction in secular themes of AI adoption, cloud computing, and corporate digitization. Strong performance from aerospace aftermarket leader HEICO, streaming platform Spotify, and data analytics firm Palantir offset weakness in semiconductor and ad-tech holdings.

Dec 31 2024

2024 Q4

AMZN, APP, AXON, CEG, HEI, MPWR, NVDA, PLTR, TLN

AI, Cloud, growth, industrials, mid cap, nuclear, technology

PLTR
APP
AXON
MPWR
CEG
HEI

Alger Mid Cap Focus outperformed in Q4 2024 driven by AI and technology themes. Palantir, AppLovin, and Axon led performance with strong AI adoption and growth momentum. The fund maintains focus on secular trends including corporate digitization, cloud computing, and energy infrastructure modernization, positioning for continued benefits from technological transformation and electrification.

Sep 30 2024

2024 Q3

APP, CDNS, CEG, HEI, MSFT, MU, PINS

AI, energy, growth, industrials, mid cap, technology

HEI
CEG
APP
PINS
MU
CDNS

Mid-cap growth fund focused on secular themes including AI productivity gains, energy transition, and cloud adoption. Top contributors HEICO, Constellation Energy, and AppLovin demonstrate strong positioning in aerospace aftermarket, clean energy electrification, and AI-powered advertising technology. Despite near-term headwinds in some technology holdings, the manager sees compelling long-term opportunities in digitization and innovation trends.

Jul 25 2024

2024 Q2

AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT

growth, healthcare, industrials, mid cap, technology

Alger Mid Cap Focus targets 50 mid-cap companies experiencing Positive Dynamic Change through fundamental research. The concentrated portfolio maintains high active share and focuses on growth opportunities in technology, industrials, and healthcare. Despite Q2 weakness, the strategy outperformed year-to-date and has delivered superior long-term returns since inception.

Apr 15 2024

2024 Q1

Dec 11 2023

2023 Q3

Nov 2 2023

2022 Q4

COUP, CRWD, GNRC, PODD, XPO

QUARTER	THEMES	TAGS
2026 Q1	AI The emergence of agentic AI tools is reshaping the investment landscape, raising questions about traditional software business models while creating opportunities for companies enabling and adopting the technology. This shift is accelerating demand for compute capacity and driving growth across the data center ecosystem.	Agentic AI Compute Software Disruption Infrastructure
	Data Centers Accelerating data center buildout driven by AI infrastructure demand is creating opportunities across the ecosystem of companies that build, service, and power these facilities. Companies like Comfort Systems USA, FTAI Aviation, and Vertiv are direct beneficiaries of this expansion.	Infrastructure Cooling Power Construction Hyperscalers
	Energy The U.S.-Iran conflict and closure of the Strait of Hormuz sent crude prices surging past $100 per barrel, creating supply shock and inflationary pressure. Energy was the top performing sector within the S&P 500 Index during the quarter.	Oil Geopolitical Supply Shock Inflation Strait of Hormuz
2025 Q4	AI AI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether the AI trade will persist, calling it a singular bet on CAPEX spending by five companies building data centers. In a historically concentrated market levered to this singular theme, active management becomes more valuable.	Infrastructure Data Centers CAPEX
	Small Caps Small cap performance in 2025 was dominated by AI infrastructure plays and speculative unprofitable companies. The manager notes extreme bifurcation between unprofitable stocks and quality stocks, with quality businesses trading at historically cheap multiples despite the overall market concentration.	Russell 2000 Quality Valuation
	Quality Quality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager sees this as creating opportunities, believing that if earnings drive long-term stock prices, the current market dynamics will ultimately reverse.	Valuation Multiples Earnings
2025 Q3	AI AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement.	Infrastructure Computing Productivity Accelerators Connectivity
	Data Centers Rising demand from data centers running AI workloads, particularly in northern Virginia, is supporting higher power prices and capacity. Talen Energy leverages its Cumulus digital infrastructure platform with a hyperscale data center campus adjacent to its nuclear facility.	Power Infrastructure Nuclear Hyperscale Energy
	Cloud Cloud computing is growing and supporting innovation. Robust demand for cloud products is driving Information Technology sector outperformance. Corporations are digitizing their operations with cloud as a key enabler.	Computing Innovation Digitization Growth Technology
2025 Q2	AI AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement.	Infrastructure Computing Productivity Accelerators Connectivity
	Cloud Cloud computing is growing and supporting innovation across corporations. Robust demand for cloud products continues to drive performance in the Information Technology sector. Companies are digitizing their operations with cloud as a key enabler.	Computing Innovation Digitization Infrastructure Growth
	Data Centers Rising demand from data centers running AI workloads, particularly in northern Virginia, is supporting higher power prices and capacity. Talen Energy leverages its Cumulus digital infrastructure platform with a hyperscale data center campus adjacent to its nuclear facility.	Infrastructure Power Hyperscale Energy Capacity
2025 Q1	AI AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI Platform continues to gain adoption across various industries. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine.	Artificial Intelligence Machine Learning Productivity Data Analytics Algorithms
	Cloud Cloud computing is growing and supporting innovation. The fund observes secular themes where corporations are digitizing their operations and cloud computing growth creates attractive investment opportunities.	Cloud Computing Digital Transformation Infrastructure SaaS Enterprise
	Semiconductors Marvell Technology designs advanced standard and customized chips, specializing in complex system-on-chip solutions. The company has strategically transformed into a leader in data center silicon through targeted acquisitions and divestitures. Astera Labs specializes in connectivity solutions for data-centric systems, including cloud computing and AI.	Chips Data Centers Connectivity System-on-Chip Semiconductor Equipment
	Aerospace HEICO is well-positioned to benefit from the steady aging of the global commercial aerospace fleet, resulting in increased consumption of aftermarket parts. Ongoing production issues from two major aircraft manufacturers have reduced projected new plane deliveries, supporting the view that the average age of the global fleet will remain elevated.	Commercial Aviation Aftermarket Parts Aircraft Components Defense Fleet Aging
	Streaming Spotify is a leading global streaming platform providing users access to an extensive library of music, podcasts, and other audio and video content. The company's strategic use of AI, combined with its expansion into various audio formats, positions Spotify for sustained growth in the evolving digital audio market.	Music Streaming Digital Audio Podcasts Subscription Content
2024 Q4	AI AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI platform (AIP) leverages generative AI to optimize business operations and has driven significant growth. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine.	AI Artificial Intelligence Machine Learning Automation Productivity
	Cloud Cloud computing is growing and supporting innovation as corporations are digitizing their operations. This secular theme is creating attractive investment opportunities across the technology sector.	Cloud Computing Digital Transformation SaaS Infrastructure Enterprise Software
	Data Centers The rise of data centers is driving U.S. electricity load growth for the first time in nearly two decades. Constellation Energy stands to benefit from increasing electrification, with data centers being a key driver of power demand.	Data Centers Power Demand Electricity Infrastructure Energy Consumption
	Nuclear Constellation Energy is the largest producer of clean energy in the U.S., with approximately 67% of its capacity being nuclear generated. The company provides 22% of the U.S. clean baseload power and stands to benefit from tight power markets driving higher pricing.	Nuclear Power Clean Energy Baseload Power Energy Generation Nuclear Plants
2024 Q3	AI AI is at an inflection point, potentially enabling significant increases in productivity. AppLovin's AI-powered software engine drives 60% of company revenue through recommendation and targeting. AI workloads are projected to significantly increase energy demand from data centers over the next few years.	Artificial Intelligence Machine Learning Data Centers Productivity Software
	Energy Transition The increasing electrification of the U.S. economy is driving electricity load growth for the first time in nearly two decades. Nuclear power stands out as carbon-free and dependable compared to intermittent renewables like wind and solar. Constellation Energy benefits as the largest producer of clean energy in the U.S.	Nuclear Clean Energy Electrification Renewables Grid
	Cloud Cloud computing is growing and supporting innovation as corporations digitize their operations. Energy-matching programs with cloud providers willing to pay premium prices for nuclear energy present opportunities for earnings growth.	Cloud Computing Digitization Innovation Infrastructure Enterprise
	Semiconductors Micron is well-positioned to benefit from secular trends in AI, data centers, cloud computing, and 5G markets. The company's portfolio includes high-bandwidth memory critical for efficient AI workloads, along with storage solutions like DRAM, NAND, and NOR.	Memory Storage HBM DRAM NAND

QUARTER

THEMES

AI

The emergence of agentic AI tools is reshaping the investment landscape, raising questions about traditional software business models while creating opportunities for companies enabling and adopting the technology. This shift is accelerating demand for compute capacity and driving growth across the data center ecosystem.

Agentic AI Compute Software Disruption Infrastructure

Data Centers

Accelerating data center buildout driven by AI infrastructure demand is creating opportunities across the ecosystem of companies that build, service, and power these facilities. Companies like Comfort Systems USA, FTAI Aviation, and Vertiv are direct beneficiaries of this expansion.

Infrastructure Cooling Power Construction Hyperscalers

Energy

The U.S.-Iran conflict and closure of the Strait of Hormuz sent crude prices surging past $100 per barrel, creating supply shock and inflationary pressure. Energy was the top performing sector within the S&P 500 Index during the quarter.

Oil Geopolitical Supply Shock Inflation Strait of Hormuz

2025 Q4

AI

AI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether the AI trade will persist, calling it a singular bet on CAPEX spending by five companies building data centers. In a historically concentrated market levered to this singular theme, active management becomes more valuable.

Infrastructure Data Centers CAPEX

Small Caps

Small cap performance in 2025 was dominated by AI infrastructure plays and speculative unprofitable companies. The manager notes extreme bifurcation between unprofitable stocks and quality stocks, with quality businesses trading at historically cheap multiples despite the overall market concentration.

Russell 2000 Quality Valuation

Quality

Quality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager sees this as creating opportunities, believing that if earnings drive long-term stock prices, the current market dynamics will ultimately reverse.

Valuation Multiples Earnings

2025 Q3

AI

AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement.

Infrastructure Computing Productivity Accelerators Connectivity

Data Centers

Rising demand from data centers running AI workloads, particularly in northern Virginia, is supporting higher power prices and capacity. Talen Energy leverages its Cumulus digital infrastructure platform with a hyperscale data center campus adjacent to its nuclear facility.

Power Infrastructure Nuclear Hyperscale Energy

Cloud

Cloud computing is growing and supporting innovation. Robust demand for cloud products is driving Information Technology sector outperformance. Corporations are digitizing their operations with cloud as a key enabler.

Computing Innovation Digitization Growth Technology

2025 Q2

AI

Infrastructure Computing Productivity Accelerators Connectivity

Cloud

Cloud computing is growing and supporting innovation across corporations. Robust demand for cloud products continues to drive performance in the Information Technology sector. Companies are digitizing their operations with cloud as a key enabler.

Computing Innovation Digitization Infrastructure Growth

Data Centers

Infrastructure Power Hyperscale Energy Capacity

2025 Q1

AI

AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI Platform continues to gain adoption across various industries. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine.

Artificial Intelligence Machine Learning Productivity Data Analytics Algorithms

Cloud

Cloud computing is growing and supporting innovation. The fund observes secular themes where corporations are digitizing their operations and cloud computing growth creates attractive investment opportunities.

Cloud Computing Digital Transformation Infrastructure SaaS Enterprise

Semiconductors

Marvell Technology designs advanced standard and customized chips, specializing in complex system-on-chip solutions. The company has strategically transformed into a leader in data center silicon through targeted acquisitions and divestitures. Astera Labs specializes in connectivity solutions for data-centric systems, including cloud computing and AI.

Chips Data Centers Connectivity System-on-Chip Semiconductor Equipment

Aerospace

HEICO is well-positioned to benefit from the steady aging of the global commercial aerospace fleet, resulting in increased consumption of aftermarket parts. Ongoing production issues from two major aircraft manufacturers have reduced projected new plane deliveries, supporting the view that the average age of the global fleet will remain elevated.

Commercial Aviation Aftermarket Parts Aircraft Components Defense Fleet Aging

Streaming

Spotify is a leading global streaming platform providing users access to an extensive library of music, podcasts, and other audio and video content. The company's strategic use of AI, combined with its expansion into various audio formats, positions Spotify for sustained growth in the evolving digital audio market.

Music Streaming Digital Audio Podcasts Subscription Content

2024 Q4

AI

AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI platform (AIP) leverages generative AI to optimize business operations and has driven significant growth. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine.

AI Artificial Intelligence Machine Learning Automation Productivity

Cloud

Cloud computing is growing and supporting innovation as corporations are digitizing their operations. This secular theme is creating attractive investment opportunities across the technology sector.

Cloud Computing Digital Transformation SaaS Infrastructure Enterprise Software

Data Centers

The rise of data centers is driving U.S. electricity load growth for the first time in nearly two decades. Constellation Energy stands to benefit from increasing electrification, with data centers being a key driver of power demand.

Data Centers Power Demand Electricity Infrastructure Energy Consumption

Nuclear

Constellation Energy is the largest producer of clean energy in the U.S., with approximately 67% of its capacity being nuclear generated. The company provides 22% of the U.S. clean baseload power and stands to benefit from tight power markets driving higher pricing.

Nuclear Power Clean Energy Baseload Power Energy Generation Nuclear Plants

2024 Q3

AI

AI is at an inflection point, potentially enabling significant increases in productivity. AppLovin's AI-powered software engine drives 60% of company revenue through recommendation and targeting. AI workloads are projected to significantly increase energy demand from data centers over the next few years.

Artificial Intelligence Machine Learning Data Centers Productivity Software

Energy Transition

The increasing electrification of the U.S. economy is driving electricity load growth for the first time in nearly two decades. Nuclear power stands out as carbon-free and dependable compared to intermittent renewables like wind and solar. Constellation Energy benefits as the largest producer of clean energy in the U.S.

Nuclear Clean Energy Electrification Renewables Grid

Cloud

Cloud computing is growing and supporting innovation as corporations digitize their operations. Energy-matching programs with cloud providers willing to pay premium prices for nuclear energy present opportunities for earnings growth.

Cloud Computing Digitization Innovation Infrastructure Enterprise

Semiconductors

Micron is well-positioned to benefit from secular trends in AI, data centers, cloud computing, and 5G markets. The company's portfolio includes high-bandwidth memory critical for efficient AI workloads, along with storage solutions like DRAM, NAND, and NOR.

Memory Storage HBM DRAM NAND

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Alger Mid Cap Focus Fund	FIX	Comfort Systems USA, Inc.	Engineering & Construction	Construction & Engineering	Bull	New York Stock Exchange	AI infrastructure, backlog growth, construction, data centers, Electrical Systems, HVAC, hyperscalers, infrastructure, Mechanical Contractor	Login
Apr 15, 2026	Fund Letters	Alger Mid Cap Focus Fund	FTAI	FTAI Aviation Ltd.	Rental & Leasing Services	Aerospace & Defense	Bull	NASDAQ	Aeroderivative, Aerospace Aftermarket, AI data centers, Aircraft engines, Aircraft Leasing, Aviation, CFM56 engines, Engine Conversion, Gas turbines	Login
Apr 15, 2026	Fund Letters	Alger Mid Cap Focus Fund	VRT	Vertiv Holdings Co.	Electrical Equipment & Parts	Technology Hardware, Storage & Peripherals	Bull	New York Stock Exchange	AI infrastructure, backlog growth, Cooling Systems, data centers, infrastructure, manufacturing, Power management, supply chain	Login
Apr 15, 2026	Fund Letters	Alger Mid Cap Focus Fund	RGEN	Repligen Corporation	Medical Instruments & Supplies	Life Sciences Tools & Services	Bull	NASDAQ	Biologics Manufacturing, Bioprocessing, cell therapy, Chromatography, filtration, gene therapy, Life Sciences Tools, Monoclonal Antibodies, Purification	Login
Apr 15, 2026	Fund Letters	Alger Mid Cap Focus Fund	MDB	MongoDB, Inc.	Software - Infrastructure	Software	Bull	NASDAQ	AI applications, Atlas, Cloud Database, Database Software, Developer Platform, Document-Oriented, NoSQL, Usage-Based Revenue	Login
Apr 15, 2026	Fund Letters	Alger Mid Cap Focus Fund	SE	Sea Limited	Internet Retail	Interactive Media & Services	Bull	New York Stock Exchange	Brazil, Digital Financial Services, e-commerce, Gaming, market share, platform company, Shopee, Southeast Asia, user acquisition	Login
Oct 14, 2025	Fund Letters	Amy Zhang	HOOD	Robinhood Markets Inc.	Financials	Capital Markets	Bull	NASDAQ	AI, banking, Brokerage, Crypto, Fintech, growth, Margins, platform, Trading	Login
Oct 14, 2025	Fund Letters	Amy Zhang	ALAB	Astera Labs Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI, cloud, Connectivity, data center, growth, Hardware, Interconnect, semiconductors	Login
Sep 30, 2025	Fund Letters	Alger Mid Cap Focus Fund	AXON	Axon Enterprise Inc	Industrials	Aerospace & Defense	Bull	NASDAQ	AI-enabled Features, Body Cameras, Cloud software, Digital Evidence, law enforcement, Public Safety Technology, recurring revenue, TASER	Login
Sep 30, 2025	Fund Letters	Alger Mid Cap Focus Fund	TLN	Talen Energy Corp	Utilities	Independent Power and Renewable Electricity Producers	Bull	NASDAQ	AI infrastructure, Carbon-free Energy, data centers, digital infrastructure, Independent Power Producer, nuclear energy, PJM Market, Power generation	Login
Sep 30, 2025	Fund Letters	Alger Mid Cap Focus Fund	CSU.TO	Constellation Software Inc.	Information Technology	Software	Neutral	TSX	AI impact, capital allocation, decentralized model, leadership transition, Mission-Critical Software, Niche Software, Software Acquisitions, vertical market software	Login
Sep 30, 2025	Fund Letters	Alger Mid Cap Focus Fund	ALAB	Astera Labs, Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, Cloud computing, data center, Data Connectivity, GPU Connectivity, high-speed data, Networking, semiconductors	Login
Sep 30, 2025	Fund Letters	Alger Mid Cap Focus Fund	HOOD	Robinhood Markets, Inc.	Financials	Investment Banking & Brokerage	Bull	NASDAQ	AI-Driven Tools, Banking Services, Brokerage, commission-free trading, Financial Platform, Fintech, Retail Investing, wealth management	Login
Sep 30, 2025	Fund Letters	Alger Mid Cap Focus Fund	WING	Wingstop, Inc.	Consumer Discretionary	Restaurants	Bull	NASDAQ	brand awareness, Chicken Wings, Digital Ordering, franchise model, loyalty program, Quick Service Restaurant, Restaurant Chain, Smart Kitchen	Login
Jul 17, 2025	Fund Letters	Amy Zhang	CWAN	Clearwater Analytics Holdings, Inc.	Information Technology	Application Software	Bull	NYSE	analytics, Assetmanagement, cloud, Fintech, leverage, M&A, SaaS	Login
Jul 17, 2025	Fund Letters	Amy Zhang	RYAN	Ryan Specialty Holdings, Inc.	Financials	Insurance Brokers	Bull	NYSE	Brokerage, Distribution, Earningsgrowth, Insurance, M&A, Pricing, specialty	Login
Jul 17, 2025	Fund Letters	Amy Zhang	PLTR	Palantir Technologies Inc.	Information Technology	Application Software	Bull	NYSE	AI, analytics, Dataplatforms, Defense, Government, SaaS, Software	Login
Jul 17, 2025	Fund Letters	Amy Zhang	NET	Cloudflare, Inc.	Information Technology	Systems Software	Bull	NYSE	cloud, Edgecomputing, Networking, SaaS, Sase, Security, Zerotrust	Login
Jul 17, 2025	Fund Letters	Amy Zhang	VRT	Vertiv Holdings Co.	Industrials	Electrical Components & Equipment	Bull	NYSE	AI, backlog, CapEx, Cooling, datacenters, infrastructure, Power	Login
Mar 31, 2025	Fund Letters	Alger Mid Cap Focus Fund	SPOT	Spotify Technology SA	Communication Services	Interactive Media & Services	Bull	NYSE	advertising, AI integration, Audio Platform, digital media, Music, Podcasts, Streaming, Subscription	Login
Mar 31, 2025	Fund Letters	Alger Mid Cap Focus Fund	PLTR	Palantir Technologies Inc.	Information Technology	Software	Bull	NYSE	AI platform, Commercial Software, Data Analytics, Data-integration, Enterprise software, government contracts, Intelligence, Security	Login
Mar 31, 2025	Fund Letters	Alger Mid Cap Focus Fund	ALAB	Astera Labs, Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, Cloud computing, connectivity solutions, data center, GPU Connectivity, high-performance computing, machine learning, semiconductors	Login
Mar 31, 2025	Fund Letters	Alger Mid Cap Focus Fund	HEI	HEICO Corporation	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, Aftermarket Parts, Commercial Aviation, Defense, electronics, FAA Approved, Flight Support, manufacturing	Login
Mar 31, 2025	Fund Letters	Alger Mid Cap Focus Fund	APP	AppLovin Corp.	Information Technology	Software	Bull	NASDAQ	adtech, AI Advertising, DSP, Mobile Apps, Mobile Gaming, network effects, programmatic advertising, user acquisition	Login
Mar 31, 2025	Fund Letters	Alger Mid Cap Focus Fund	MRVL	Marvell Technology, Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	5G infrastructure, AI infrastructure, automotive, Cloud computing, data center, Networking, semiconductors, System-on-Chip	Login
Dec 31, 2024	Fund Letters	Alger Mid Cap Focus Fund	PLTR	Palantir Technologies Inc.	Information Technology	Application Software	Bull	NYSE	Artificial Intelligence, business intelligence, Data Analytics, defense technology, generative AI, government contracts, SaaS	Login
Dec 31, 2024	Fund Letters	Alger Mid Cap Focus Fund	HEI	HEICO Corporation	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace Aftermarket, Aircraft Parts, Commercial Aviation, defense electronics, FAA Approved, Fleet Aging, Maintenance	Login
Dec 31, 2024	Fund Letters	Alger Mid Cap Focus Fund	APP	AppLovin Corp.	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, Artificial Intelligence, Data Analytics, digital advertising, Mobile Gaming, network effects, Platform business	Login
Dec 31, 2024	Fund Letters	Alger Mid Cap Focus Fund	MPWR	Monolithic Power Systems, Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI chips, Analog Design, Enterprise Data, fabless, Nvidia Supplier, Power management, semiconductors	Login
Dec 31, 2024	Fund Letters	Alger Mid Cap Focus Fund	CEG	Constellation Energy Corporation	Utilities	Independent Power and Renewable Electricity Producers	Bull	NASDAQ	Baseload Power, clean energy, data centers, electricity generation, Electrification, Nuclear Power, utilities	Login
Dec 31, 2024	Fund Letters	Alger Mid Cap Focus Fund	AXON	Axon Enterprise Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Artificial Intelligence, Body Cameras, Cloud software, government contracts, law enforcement, Public safety, TASER	Login
Sep 30, 2024	Fund Letters	Alger Mid Cap Focus Fund	CDNS	Cadence Design Systems, Inc.	Information Technology	Software	Bull	NASDAQ	AI-driven systems, chip design, electronic design automation, R&D spending, semiconductor IP, Software Tools, Systems-on-Chip, wallet share	Login
Sep 30, 2024	Fund Letters	Alger Mid Cap Focus Fund	APP	AppLovin Corporation	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, AI-powered, Data Analytics, Demand Side Platform, Mobile Gaming, network effects, Software Revenue, user acquisition	Login
Sep 30, 2024	Fund Letters	Alger Mid Cap Focus Fund	PINS	Pinterest, Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	Ad Stack, AI-Driven Tools, Content Visibility, e-commerce, Platform Optimization, SMB Advertising, social media, Visual Discovery	Login
Sep 30, 2024	Fund Letters	Alger Mid Cap Focus Fund	MU	Micron Technology, Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI workloads, Cloud computing, data centers, DRAM, High-Bandwidth Memory, Memory Solutions, Nand, semiconductors	Login
Sep 30, 2024	Fund Letters	Alger Mid Cap Focus Fund	HEI	HEICO Corporation	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, Aftermarket Parts, Commercial Aviation, Defense, FAA Approved, Fleet Aging, manufacturing, Oem	Login
Sep 30, 2024	Fund Letters	Alger Mid Cap Focus Fund	CEG	Constellation Energy Corporation	Utilities	Independent Power and Renewable Electricity Producers	Bull	NASDAQ	AI workloads, Baseload Power, clean energy, data centers, Electrification, Independent Power Producer, Microsoft Agreement, Nuclear Power	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 15, 2026

Fund Letters

Alger Mid Cap Focus Fund

FIX

Comfort Systems USA, Inc.

Engineering & Construction

Construction & Engineering

Bull

New York Stock Exchange

AI infrastructure, backlog growth, construction, data centers, Electrical Systems, HVAC, hyperscalers, infrastructure, Mechanical Contractor

Apr 15, 2026

Fund Letters

Alger Mid Cap Focus Fund

FTAI

FTAI Aviation Ltd.

Rental & Leasing Services

Aerospace & Defense

Bull

NASDAQ

Aeroderivative, Aerospace Aftermarket, AI data centers, Aircraft engines, Aircraft Leasing, Aviation, CFM56 engines, Engine Conversion, Gas turbines

Apr 15, 2026

Fund Letters

Alger Mid Cap Focus Fund

VRT

Vertiv Holdings Co.

Electrical Equipment & Parts

Technology Hardware, Storage & Peripherals

Bull

New York Stock Exchange

AI infrastructure, backlog growth, Cooling Systems, data centers, infrastructure, manufacturing, Power management, supply chain

Apr 15, 2026

Fund Letters

Alger Mid Cap Focus Fund

RGEN

Repligen Corporation

Medical Instruments & Supplies

Life Sciences Tools & Services

Bull

NASDAQ

Biologics Manufacturing, Bioprocessing, cell therapy, Chromatography, filtration, gene therapy, Life Sciences Tools, Monoclonal Antibodies, Purification

Apr 15, 2026

Fund Letters

Alger Mid Cap Focus Fund

MDB

MongoDB, Inc.

Software - Infrastructure

Software

Bull

NASDAQ

AI applications, Atlas, Cloud Database, Database Software, Developer Platform, Document-Oriented, NoSQL, Usage-Based Revenue

Apr 15, 2026

Fund Letters

Alger Mid Cap Focus Fund

Sea Limited

Internet Retail

Interactive Media & Services

Bull

New York Stock Exchange

Brazil, Digital Financial Services, e-commerce, Gaming, market share, platform company, Shopee, Southeast Asia, user acquisition

Oct 14, 2025

Fund Letters

Amy Zhang

HOOD

Robinhood Markets Inc.

Financials

Capital Markets

Bull

NASDAQ

AI, banking, Brokerage, Crypto, Fintech, growth, Margins, platform, Trading

Oct 14, 2025

Fund Letters

Amy Zhang

ALAB

Astera Labs Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, cloud, Connectivity, data center, growth, Hardware, Interconnect, semiconductors

Sep 30, 2025

Fund Letters

Alger Mid Cap Focus Fund

AXON

Axon Enterprise Inc

Industrials

Aerospace & Defense

Bull

NASDAQ

AI-enabled Features, Body Cameras, Cloud software, Digital Evidence, law enforcement, Public Safety Technology, recurring revenue, TASER

Sep 30, 2025

Fund Letters

Alger Mid Cap Focus Fund

TLN

Talen Energy Corp

Utilities

Independent Power and Renewable Electricity Producers

Bull

NASDAQ

AI infrastructure, Carbon-free Energy, data centers, digital infrastructure, Independent Power Producer, nuclear energy, PJM Market, Power generation

Sep 30, 2025

Fund Letters

Alger Mid Cap Focus Fund

CSU.TO

Constellation Software Inc.

Information Technology

Software

Neutral

TSX

AI impact, capital allocation, decentralized model, leadership transition, Mission-Critical Software, Niche Software, Software Acquisitions, vertical market software

Sep 30, 2025

Fund Letters

Alger Mid Cap Focus Fund

ALAB

Astera Labs, Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, Cloud computing, data center, Data Connectivity, GPU Connectivity, high-speed data, Networking, semiconductors

Sep 30, 2025

Fund Letters

Alger Mid Cap Focus Fund

HOOD

Robinhood Markets, Inc.

Financials

Investment Banking & Brokerage

Bull

NASDAQ

AI-Driven Tools, Banking Services, Brokerage, commission-free trading, Financial Platform, Fintech, Retail Investing, wealth management

Sep 30, 2025

Fund Letters

Alger Mid Cap Focus Fund

WING

Wingstop, Inc.

Consumer Discretionary

Restaurants

Bull

NASDAQ

brand awareness, Chicken Wings, Digital Ordering, franchise model, loyalty program, Quick Service Restaurant, Restaurant Chain, Smart Kitchen

Jul 17, 2025

Fund Letters

Amy Zhang

CWAN

Clearwater Analytics Holdings, Inc.

Information Technology

Application Software

Bull

NYSE

analytics, Assetmanagement, cloud, Fintech, leverage, M&A, SaaS

Jul 17, 2025

Fund Letters

Amy Zhang

RYAN

Ryan Specialty Holdings, Inc.

Financials

Insurance Brokers

Bull

NYSE

Brokerage, Distribution, Earningsgrowth, Insurance, M&A, Pricing, specialty

Jul 17, 2025

Fund Letters

Amy Zhang

PLTR

Palantir Technologies Inc.

Information Technology

Application Software

Bull

NYSE

AI, analytics, Dataplatforms, Defense, Government, SaaS, Software

Jul 17, 2025

Fund Letters

Amy Zhang

NET

Cloudflare, Inc.

Information Technology

Systems Software

Bull

NYSE

cloud, Edgecomputing, Networking, SaaS, Sase, Security, Zerotrust

Jul 17, 2025

Fund Letters

Amy Zhang

VRT

Vertiv Holdings Co.

Industrials

Electrical Components & Equipment

Bull

NYSE

AI, backlog, CapEx, Cooling, datacenters, infrastructure, Power

Mar 31, 2025

Fund Letters

Alger Mid Cap Focus Fund

SPOT

Spotify Technology SA

Communication Services

Interactive Media & Services

Bull

NYSE

advertising, AI integration, Audio Platform, digital media, Music, Podcasts, Streaming, Subscription

Mar 31, 2025

Fund Letters

Alger Mid Cap Focus Fund

PLTR

Palantir Technologies Inc.

Information Technology

Software

Bull

NYSE

AI platform, Commercial Software, Data Analytics, Data-integration, Enterprise software, government contracts, Intelligence, Security

Mar 31, 2025

Fund Letters

Alger Mid Cap Focus Fund

ALAB

Astera Labs, Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, Cloud computing, connectivity solutions, data center, GPU Connectivity, high-performance computing, machine learning, semiconductors

Mar 31, 2025

Fund Letters

Alger Mid Cap Focus Fund

HEI

HEICO Corporation

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace, Aftermarket Parts, Commercial Aviation, Defense, electronics, FAA Approved, Flight Support, manufacturing

Mar 31, 2025

Fund Letters

Alger Mid Cap Focus Fund

APP

AppLovin Corp.

Information Technology

Software

Bull

NASDAQ

adtech, AI Advertising, DSP, Mobile Apps, Mobile Gaming, network effects, programmatic advertising, user acquisition

Mar 31, 2025

Fund Letters

Alger Mid Cap Focus Fund

MRVL

Marvell Technology, Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

5G infrastructure, AI infrastructure, automotive, Cloud computing, data center, Networking, semiconductors, System-on-Chip

Dec 31, 2024

Fund Letters

Alger Mid Cap Focus Fund

PLTR

Palantir Technologies Inc.

Information Technology

Application Software

Bull

NYSE

Artificial Intelligence, business intelligence, Data Analytics, defense technology, generative AI, government contracts, SaaS

Dec 31, 2024

Fund Letters

Alger Mid Cap Focus Fund

HEI

HEICO Corporation

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace Aftermarket, Aircraft Parts, Commercial Aviation, defense electronics, FAA Approved, Fleet Aging, Maintenance

Dec 31, 2024

Fund Letters

Alger Mid Cap Focus Fund

APP

AppLovin Corp.

Communication Services

Interactive Media & Services

Bull

NASDAQ

adtech, Artificial Intelligence, Data Analytics, digital advertising, Mobile Gaming, network effects, Platform business

Dec 31, 2024

Fund Letters

Alger Mid Cap Focus Fund

MPWR

Monolithic Power Systems, Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI chips, Analog Design, Enterprise Data, fabless, Nvidia Supplier, Power management, semiconductors

Dec 31, 2024

Fund Letters

Alger Mid Cap Focus Fund

CEG

Constellation Energy Corporation

Utilities

Independent Power and Renewable Electricity Producers

Bull

NASDAQ

Baseload Power, clean energy, data centers, electricity generation, Electrification, Nuclear Power, utilities

Dec 31, 2024

Fund Letters

Alger Mid Cap Focus Fund

AXON

Axon Enterprise Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

Artificial Intelligence, Body Cameras, Cloud software, government contracts, law enforcement, Public safety, TASER

Sep 30, 2024

Fund Letters

Alger Mid Cap Focus Fund

CDNS

Cadence Design Systems, Inc.

Information Technology

Software

Bull

NASDAQ

AI-driven systems, chip design, electronic design automation, R&D spending, semiconductor IP, Software Tools, Systems-on-Chip, wallet share

Sep 30, 2024

Fund Letters

Alger Mid Cap Focus Fund

APP

AppLovin Corporation

Communication Services

Interactive Media & Services

Bull

NASDAQ

adtech, AI-powered, Data Analytics, Demand Side Platform, Mobile Gaming, network effects, Software Revenue, user acquisition

Sep 30, 2024

Fund Letters

Alger Mid Cap Focus Fund

PINS

Pinterest, Inc.

Communication Services

Interactive Media & Services

Bull

NYSE

Ad Stack, AI-Driven Tools, Content Visibility, e-commerce, Platform Optimization, SMB Advertising, social media, Visual Discovery

Sep 30, 2024

Fund Letters

Alger Mid Cap Focus Fund

Micron Technology, Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI workloads, Cloud computing, data centers, DRAM, High-Bandwidth Memory, Memory Solutions, Nand, semiconductors

Sep 30, 2024

Fund Letters

Alger Mid Cap Focus Fund

HEI

HEICO Corporation

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace, Aftermarket Parts, Commercial Aviation, Defense, FAA Approved, Fleet Aging, manufacturing, Oem

Sep 30, 2024

Fund Letters

Alger Mid Cap Focus Fund

CEG

Constellation Energy Corporation

Utilities

Independent Power and Renewable Electricity Producers

Bull

NASDAQ

AI workloads, Baseload Power, clean energy, data centers, Electrification, Independent Power Producer, Microsoft Agreement, Nuclear Power

TICKER	COMMENTARY
FIX	Comfort Systems USA is a leading national mechanical and electrical contractor that installs, maintains, and services HVAC, plumbing, piping, and electrical systems for commercial, industrial, and institutional buildings. The company has emerged as a critical infrastructure partner in the data center buildout, where its specialized mechanical and electrical capabilities are in high demand as hyperscalers expand capacity at an accelerating pace. During the quarter, shares contributed positively to performance after the company delivered better-than-expected fiscal fourth-quarter results, highlighted by strong revenue growth, record margins, and a backlog that nearly doubled year over year. Additionally, technology-related projects, primarily data center construction, now represent a substantially larger share of the revenue mix.
FTAI	FTAI Aviation is a global aviation company specializing in the acquisition, leasing, and sales of aircraft and aircraft engines, particularly focusing on CFM56 and V2500 engines. The company operates through two main segments: Aviation Leasing, which manages and leases aviation assets generating rental income, and Aerospace Products, which develops, manufactures, repairs, and sells aircraft engines and aftermarket components. FTAI primarily earns revenue from leasing fees, equipment sales, and maintenance services. We believe FTAI has established a differentiated business model that maximizes profits from a highly attractive niche within the aerospace aftermarket—used CFM56 jet engines, which dominate short- to medium-haul flights globally. During the quarter, shares contributed positively to performance fueled by several reinforcing catalysts. Most notably, the company's late-December launch of FTAI Power (a platform to convert retired CFM56 engines into aeroderivative gas turbines capable of supplying electricity to AI-driven data centers) captured significant investor enthusiasm and opened an entirely new addressable market. The company also delivered better-than-expected fiscal fourth-quarter results, leading management to raise its full-year earnings outlook. Management further signaled confidence in the growth trajectory by nearing the completion of its first structured aircraft acquisition program and announcing the launch of a second.
VRT	Vertiv specializes in critical cooling and power management infrastructure technologies, catering primarily to data center clients. We believe Vertiv is well positioned as a direct beneficiary of the accelerating data center buildout, where its broad portfolio of power and cooling solutions addresses essential requirements for both new construction and existing facility upgrades. During the quarter, shares contributed positively to performance after the company delivered strong fiscal fourth-quarter results and issued full-year revenue guidance well ahead of consensus expectations. Order growth and backlog expansion were particularly notable, reflecting the depth and durability of demand for data center infrastructure. We believe Vertiv's scaled manufacturing capabilities, expanding backlog, and critical role within the data center supply chain position the company for sustained long-term growth.
RGEN	Repligen is a life sciences company that develops and provides advanced bioprocessing technologies and systems used in the manufacture of biologic drugs, including monoclonal antibodies and cell and gene therapies. The company's products, including filtration, chromatography, process analytics, and proteins, play a critical role in the purification stage of biologics manufacturing, helping ensure that drug products meet rigorous safety and efficacy standards. We believe Repligen is a high-quality compounder operating in a structurally attractive market, as the growing complexity and volume of biologic drug development drive sustained demand for increasingly sophisticated manufacturing tools. During the quarter, shares detracted from performance driven by a broader rotation away from the life sciences tools industry, while full-year revenue guidance that investors viewed as conservative at the low end further weighed on sentiment. Despite the near-term pressure, we continue to believe Repligen's market-leading portfolio and deep integration into customers' manufacturing workflows position the company well for durable long-term growth.
MDB	MongoDB is a modern database software company whose platform enables developers to store, manage, and access data using a flexible, document-oriented approach rather than the rigid table-based structure of traditional relational databases. This flexibility makes MongoDB particularly well suited for web and mobile applications, where the ability to handle diverse data types with speed and simplicity is essential. The company's cloud-hosted database offering, Atlas, represents the majority of total revenue and continues to grow at an attractive pace, reflecting strong adoption among developers and enterprises alike. We believe MongoDB is well positioned to benefit from the proliferation of AI-driven applications. While the company delivered a solid fiscal fourth-quarter report, shares detracted from performance as management's initial full-year revenue guidance came in below consensus expectations, weighing on sentiment in an already challenging environment for software stocks. However, the company generates revenue primarily on a usage basis, which historically has led management to issue conservative initial guidance that was raised as the year progressed. We believe the market's reaction overstates the significance of the guidance shortfall relative to the company's long-term growth trajectory.
SE	Sea Limited is a leading internet platform company in Southeast Asia with dominant positions in e-commerce through Shopee, digital financial services, and gaming. Shopee has emerged as the region's largest e-commerce platform, with market share approaching half of the Southeast Asian market, while also establishing itself as a credible competitor in Brazil with meaningful room to improve unit economics as the business scales. We believe Sea represents a compelling long-duration growth compounder given its substantial market opportunity and expanding competitive advantages. During the quarter, shares detracted from performance despite the company delivering strong fiscal fourth-quarter e-commerce results that exceeded expectations and guiding to continued robust sales growth in the year ahead. The headwind was a larger-than-expected reinvestment cycle, as management committed to deploying incremental cash flow into user acquisition, engagement, and structural cost initiatives rather than allowing profitability to expand. While we acknowledge the near-term earnings overhang, we believe these investments are being made from a position of strength, with management explicitly framing its guidance as a floor.

TICKER

COMMENTARY

FIX

Comfort Systems USA is a leading national mechanical and electrical contractor that installs, maintains, and services HVAC, plumbing, piping, and electrical systems for commercial, industrial, and institutional buildings. The company has emerged as a critical infrastructure partner in the data center buildout, where its specialized mechanical and electrical capabilities are in high demand as hyperscalers expand capacity at an accelerating pace. During the quarter, shares contributed positively to performance after the company delivered better-than-expected fiscal fourth-quarter results, highlighted by strong revenue growth, record margins, and a backlog that nearly doubled year over year. Additionally, technology-related projects, primarily data center construction, now represent a substantially larger share of the revenue mix.

FTAI

FTAI Aviation is a global aviation company specializing in the acquisition, leasing, and sales of aircraft and aircraft engines, particularly focusing on CFM56 and V2500 engines. The company operates through two main segments: Aviation Leasing, which manages and leases aviation assets generating rental income, and Aerospace Products, which develops, manufactures, repairs, and sells aircraft engines and aftermarket components. FTAI primarily earns revenue from leasing fees, equipment sales, and maintenance services. We believe FTAI has established a differentiated business model that maximizes profits from a highly attractive niche within the aerospace aftermarket—used CFM56 jet engines, which dominate short- to medium-haul flights globally. During the quarter, shares contributed positively to performance fueled by several reinforcing catalysts. Most notably, the company's late-December launch of FTAI Power (a platform to convert retired CFM56 engines into aeroderivative gas turbines capable of supplying electricity to AI-driven data centers) captured significant investor enthusiasm and opened an entirely new addressable market. The company also delivered better-than-expected fiscal fourth-quarter results, leading management to raise its full-year earnings outlook. Management further signaled confidence in the growth trajectory by nearing the completion of its first structured aircraft acquisition program and announcing the launch of a second.

VRT

Vertiv specializes in critical cooling and power management infrastructure technologies, catering primarily to data center clients. We believe Vertiv is well positioned as a direct beneficiary of the accelerating data center buildout, where its broad portfolio of power and cooling solutions addresses essential requirements for both new construction and existing facility upgrades. During the quarter, shares contributed positively to performance after the company delivered strong fiscal fourth-quarter results and issued full-year revenue guidance well ahead of consensus expectations. Order growth and backlog expansion were particularly notable, reflecting the depth and durability of demand for data center infrastructure. We believe Vertiv's scaled manufacturing capabilities, expanding backlog, and critical role within the data center supply chain position the company for sustained long-term growth.

RGEN

Repligen is a life sciences company that develops and provides advanced bioprocessing technologies and systems used in the manufacture of biologic drugs, including monoclonal antibodies and cell and gene therapies. The company's products, including filtration, chromatography, process analytics, and proteins, play a critical role in the purification stage of biologics manufacturing, helping ensure that drug products meet rigorous safety and efficacy standards. We believe Repligen is a high-quality compounder operating in a structurally attractive market, as the growing complexity and volume of biologic drug development drive sustained demand for increasingly sophisticated manufacturing tools. During the quarter, shares detracted from performance driven by a broader rotation away from the life sciences tools industry, while full-year revenue guidance that investors viewed as conservative at the low end further weighed on sentiment. Despite the near-term pressure, we continue to believe Repligen's market-leading portfolio and deep integration into customers' manufacturing workflows position the company well for durable long-term growth.

MDB

MongoDB is a modern database software company whose platform enables developers to store, manage, and access data using a flexible, document-oriented approach rather than the rigid table-based structure of traditional relational databases. This flexibility makes MongoDB particularly well suited for web and mobile applications, where the ability to handle diverse data types with speed and simplicity is essential. The company's cloud-hosted database offering, Atlas, represents the majority of total revenue and continues to grow at an attractive pace, reflecting strong adoption among developers and enterprises alike. We believe MongoDB is well positioned to benefit from the proliferation of AI-driven applications. While the company delivered a solid fiscal fourth-quarter report, shares detracted from performance as management's initial full-year revenue guidance came in below consensus expectations, weighing on sentiment in an already challenging environment for software stocks. However, the company generates revenue primarily on a usage basis, which historically has led management to issue conservative initial guidance that was raised as the year progressed. We believe the market's reaction overstates the significance of the guidance shortfall relative to the company's long-term growth trajectory.

Sea Limited is a leading internet platform company in Southeast Asia with dominant positions in e-commerce through Shopee, digital financial services, and gaming. Shopee has emerged as the region's largest e-commerce platform, with market share approaching half of the Southeast Asian market, while also establishing itself as a credible competitor in Brazil with meaningful room to improve unit economics as the business scales. We believe Sea represents a compelling long-duration growth compounder given its substantial market opportunity and expanding competitive advantages. During the quarter, shares detracted from performance despite the company delivering strong fiscal fourth-quarter e-commerce results that exceeded expectations and guiding to continued robust sales growth in the year ahead. The headwind was a larger-than-expected reinvestment cycle, as management committed to deploying incremental cash flow into user acquisition, engagement, and structural cost initiatives rather than allowing profitability to expand. While we acknowledge the near-term earnings overhang, we believe these investments are being made from a position of strength, with management explicitly framing its guidance as a floor.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Data Centers

Energy

AI

Small Caps

Quality

AI

Data Centers

Cloud

AI

Cloud

Data Centers

AI

Cloud

Semiconductors

Aerospace

Streaming

AI

Cloud

Data Centers

Nuclear

AI

Energy Transition

Cloud

Semiconductors

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Amy Zhang Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

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Latest 13D & 13G Filings

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Alger Mid Cap Focus Fund