The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 9, 2026
Class A shares of the Alger Mid Cap Focus Fund returned -3.19% net of fees in the third quarter of 2026, outperforming the Russell Midcap Growth Index benchmark return of -10.39% and trailing the S&P 500 Index gain of 2%. Year-to-date, the strategy returned 17.54% net of fees. Portfolio sector positioning was heavily tilted toward Information Technology and Health Care, which served as the largest absolute and relative overweight, while Consumer Discretionary represented the largest sector underweight. Market performance was characterized by narrow breadth, with roughly 60% of S&P 500 equities declining as energy rallied above $100 a barrel amid Middle East conflicts and utilities lagged under surging interest rates. The Federal Reserve raised the policy rate by 25 basis points in September in response to persistent inflation, driving the 10-year Treasury yield up 83 basis points. Despite rising financing costs and investor scrutiny over capital expenditure returns, the manager sees secular momentum in the emerging artificial intelligence economy across infrastructure, enterprise productivity, and life sciences. Relative outperformance was led by top contributors Twist Bioscience, Cloudflare, and Repligen, which benefited from expanding AI drug discovery partnerships, robust cloud enterprise demand, and bioprocessing market recovery. Conversely, performance was detracted by Astera Labs, FTAI Aviation, and Modine Manufacturing due to near-term multiple compression, temporary supply bottlenecks, and execution delays, though fundamental growth theses remain firmly supported.
Invest in a focused portfolio of approximately 50 mid-cap growth companies identified through fundamental research that demonstrate promising long-term capital appreciation potential.
Compelling growth opportunities remain across the emerging AI economy, requiring disciplined stock selection and rigorous fundamental research to identify businesses achieving sustainable productivity gains.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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