| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 5.07% | 25.44% | 15.92% |
The Alger Mid Cap Focus Fund returned 25.44% in Q2 2026, outperforming the Russell Midcap Growth Index's 14.55% return. The fund is positioned to capitalize on the AI infrastructure buildout as artificial intelligence enters its agentic phase, where systems autonomously execute tasks and coordinate workflows. This shift is accelerating demand for compute capacity and driving growth across companies that build, service, and power data centers. Top contributors included Astera Labs, which provides high-speed semiconductor connectivity solutions solving bottlenecks in AI server environments; Nebius Group, a specialized AI infrastructure company with a vertically integrated cloud platform; and Western Digital, benefiting from rising hyperscaler data center investment and improved HDD industry dynamics. The fund's largest sector weightings are Information Technology and Industrials, with the largest overweight in Information Technology. Tax incentives from the One Big Beautiful Bill are propelling U.S. business investment in AI infrastructure, which the manager views as becoming a more prominent engine of economic growth.
The fund invests in a focused portfolio of approximately 50 mid cap companies demonstrating promising growth potential, with current emphasis on AI infrastructure enablers positioned to benefit from the shift to agentic AI and accelerating data center investment.
The manager expects AI infrastructure investment to continue driving growth across the ecosystem of companies building, servicing, and powering data centers. The combination of technological progress in agentic AI and tax incentives from the One Big Beautiful Bill is expected to make U.S. business investment a more prominent engine of economic growth. The manager remains focused on companies positioned at the heart of the AI infrastructure buildout with expanding relationships with hyperscale cloud providers.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | ALAB, GFL, INSM, NBIS, WDC | AI, Cloud, Data centers, growth, industrials, mid cap, semiconductors, technology |
ALAB NBIS WDC GFL INSM KMDA |
The fund returned 25.44% in Q2 2026, significantly outperforming its benchmark by capitalizing on the AI infrastructure buildout. The manager is positioned in companies enabling agentic AI through semiconductor connectivity, GPU-accelerated cloud platforms, and data center storage. Tax incentives are accelerating U.S. business investment in AI infrastructure, which the manager views as a defining growth driver for the portfolio's mid cap technology holdings. |
| 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 Q2 |
AIAI infrastructure investment accelerated with record capital spending flowing into 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 ecosystem of companies that build, service, and power data centers. |
Infrastructure Compute Agentic Data Centers Hyperscale |
Data CentersDemand for AI infrastructure combined with tax incentives from the One Big Beautiful Bill is propelling U.S. business investment in data center capacity. Companies are expanding GPU-accelerated cloud computing and building large-scale data center campuses to support AI model training and deployment. The fund holds positions in companies providing connectivity solutions, cloud platforms, and storage for hyperscale data centers. |
GPU Cloud Hyperscale Infrastructure Storage | |
SemiconductorsHigh-speed semiconductor connectivity solutions are solving bottlenecks in how AI models communicate within massive server environments. The fund is positioned in companies providing PCIe, CXL, and Ethernet technologies that enable efficient data movement between GPUs, CPUs, and memory at rack scale. Demand is being driven by hyperscale customers expanding AI computing capacity. |
Connectivity PCIe CXL Ethernet AI Infrastructure | |
CloudNext-generation cloud providers purpose-built for machine learning and high-performance computing workloads are gaining traction. The fund holds a specialized AI infrastructure company with a vertically integrated approach combining proprietary data center design with in-house software to deliver superior performance and lower operating costs compared to traditional GPU cloud providers. |
Machine Learning GPU Infrastructure Computing Platform | |
StorageHard disk drive storage is benefiting from rising hyperscaler data-center investment and continued data proliferation. The HDD industry is highly consolidated with only two scaled manufacturers, and the business has structurally shifted toward cloud customers. Industry participants are emphasizing capital discipline by prioritizing higher areal density rather than adding significant unit capacity, supporting healthier supply/demand balance and improved profitability. |
HDD Hyperscale Cloud Areal Density Data | |
| 2026 Q1 |
AIThe 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 CentersAccelerating 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 | |
EnergyThe 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 |
AIAI 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 CapsSmall 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 | |
QualityQuality 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 |
AIAI 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 CentersRising 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 | |
CloudCloud 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 |
AIAI 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 |
CloudCloud 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 CentersRising 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 |
AIAI 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 |
CloudCloud 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 | |
SemiconductorsMarvell 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 | |
AerospaceHEICO 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 | |
StreamingSpotify 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 |
AIAI 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 |
CloudCloud 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 CentersThe 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 | |
NuclearConstellation 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 |
AIAI 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 TransitionThe 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 | |
CloudCloud 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 | |
SemiconductorsMicron 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Alger Mid Cap Focus Fund | ALAB | Astera Labs, Inc. | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, connectivity solutions, CXL, data centers, Ethernet, Gpu, growth, high-speed data, hyperscale, PCIe, semiconductors | Login |
| Jul 15, 2026 | Fund Letters | Alger Mid Cap Focus Fund | NBIS | Nebius Group N.V. | Internet Content & Information | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, full-stack platform, GPU-accelerated, growth, high-performance computing, machine learning, Model Optimization, vertically integrated | Login |
| Jul 15, 2026 | Fund Letters | Alger Mid Cap Focus Fund | WDC | Western Digital Corporation | Computer Hardware | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | areal density, cloud, Consolidated Industry, data centers, data storage, enterprise, Hard Disk Drives, hyperscale, Pricing power, Value | Login |
| Jul 15, 2026 | Fund Letters | Alger Mid Cap Focus Fund | GFL | GFL Environmental Inc. | Waste Management | Environmental & Facilities Services | Neutral | New York Stock Exchange | acquisition, Canada, environmental services, Industrials, M&A, North America, Recycling, Solid Waste Collection, waste management | Login |
| Jul 15, 2026 | Fund Letters | Alger Mid Cap Focus Fund | INSM | Insmed Incorporated | Biotechnology | Biotechnology | Neutral | NASDAQ | Arikayce, biotechnology, BRINSUPRI, Commercial Stage, pipeline, product launch, Pulmonary, rare disease, Respiratory, Unmet Medical Need | Login |
| Jul 15, 2026 | Fund Letters | Alger Mid Cap Focus Fund | KMDA | Karman Holdings Inc. | Drug Manufacturers - Specialty & Generic | Aerospace & Defense | Neutral | NASDAQ | Aerospace & Defense, Commercial Space, Defense Contractors, government contracts, Hypersonics, Launch Vehicles, Missiles, Propulsion Components, Spacecraft, Unmanned Aircraft | Login |
| 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 | 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 | 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 | 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 | 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 |
| 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 | 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 |
| 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 |
| 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 |
| 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 | 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 | 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 |
| 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 |
| 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 | 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 | AXON | Axon Enterprise Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Artificial Intelligence, Body Cameras, Cloud software, government contracts, law enforcement, Public safety, TASER | 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 | HEI | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace Aftermarket, Aircraft Parts, Commercial Aviation, defense electronics, FAA Approved, Fleet Aging, Maintenance | 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 |
| 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 | 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 |
| 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. |
| NBIS | Nebius Group is a specialized AI infrastructure company that provides a full-stack platform, including GPU-accelerated cloud computing, to help enterprises build, train, and deploy large-scale artificial intelligence models. The company has positioned itself as a leading next-generation cloud provider purpose-built for machine learning and high-performance computing workloads. We believe the company's appeal is anchored by its vertically integrated approach, which combines proprietary data center design with in-house software to deliver superior performance and lower operating costs compared to traditional GPU cloud providers. Shares contributed positively to performance after the company reported better-than-expected revenues, driven by surging demand for AI computing power. Nebius also announced a 1.2 gigawatt data center campus and closed a strategic acquisition that strengthened its model optimization capabilities. |
| 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. |
| INSM | Insmed is a commercial-stage biopharmaceutical company focused on respiratory, inflammatory, pulmonary, and rare disease treatments, with an approved portfolio that includes Brinsupri and Arikayce. The company's opportunity is tied to expanding adoption of its commercial products while advancing a pipeline aimed at areas of meaningful unmet medical need. During the quarter, shares detracted from performance despite headline results that were generally better than expected, as investors focused on early launch dynamics for Brinsupri. Concerns centered on patient additions, discontinuation rates, and compliance trends, which raised questions about the quality and durability of the launch. While these issues pressured the stock, management has begun providing greater detail around launch dynamics, and we believe improved execution and additional data could help restore investor confidence over time. |
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