| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.59% | 31.4% | 21.42% |
The Alger Small Cap Focus Fund returned 31.4% in Q2 2026, outperforming the Russell 2000 Growth Index's 25.7% return. The fund's performance was driven by strong contributions from AI infrastructure holdings as artificial intelligence investment accelerated during the quarter, with record capital spending flowing into processors, memory, cooling systems, and power generation. The manager views AI as entering its agentic phase where systems autonomously execute tasks and make decisions, accelerating demand for compute capacity across the data center ecosystem. Top contributors included Nebius Group, which announced a 1.2 gigawatt data center campus, and Credo Technology Group, which benefits from growing connectivity challenges in AI data centers. Guardant Health also contributed positively after raising full-year guidance and gaining regulatory approvals. Detractors included GeneDx, which missed revenue expectations on softer reimbursement rates, and Karman Holdings, which faced near-term concerns including an earnings shortfall and auditor change. The fund maintains concentrated exposure to AI infrastructure, precision oncology diagnostics, and defense technology, with the largest sector weightings in Health Care and Industrials.
The Alger Small Cap Focus Fund seeks long-term capital appreciation by investing in a concentrated portfolio of approximately 50 small cap companies demonstrating promising growth potential, with current emphasis on AI infrastructure enablers, precision healthcare diagnostics, and defense technology.
The fund expects AI infrastructure investment to continue accelerating as systems enter the agentic phase, driving demand for compute capacity and benefiting companies that build, service, and power data centers. The manager views the combination of technological progress in AI and tax incentives from the One Big Beautiful Bill as propelling U.S. business investment to become a more prominent engine of economic growth. The tone is constructive on AI-related opportunities and selective growth opportunities in healthcare and defense, while acknowledging near-term volatility in specific holdings.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | FBRX, GH, WGS | AI, Biotechnology, Data centers, defense, Genomics, growth, semiconductors, small caps |
NBIS CRDO GH FBRX |
The Alger Small Cap Focus Fund delivered 31.4% in Q2 2026, outperforming its benchmark by 570 basis points. AI infrastructure drove performance as the fund capitalized on accelerating investment in data center compute capacity, with Nebius Group and Credo Technology as top contributors. The manager maintains concentrated exposure to AI enablers, precision diagnostics, and defense technology, viewing AI's shift to agentic systems as a multi-year growth driver. |
| Apr 29 2026 | 2026 Q1 | AGYS, CGNX, NBIS, RBC, RGEN, WGS | AI, Automation, Data centers, defense, energy, healthcare, small cap, technology |
RBC NBIS CGNX RGEN GDYN AGYS |
Small cap fund declined 7.60% in turbulent Q1 as agentic AI emergence disrupted software models and geopolitical conflict spiked oil prices. Manager sees opportunity in AI enablers and automation beneficiaries like RBC Bearings, Nebius Group, and Cognex, which drove outperformance. Portfolio positioned for infrastructure buildout while navigating traditional software disruption risks. |
| Jan 15 2026 | 2025 Q4 | ABT, EXAS, GH, NBIS, NTRA, QURE, STVN | AI, Biotechnology, Diagnostics, growth, healthcare, small cap, technology |
EXAS GH NTRA NBIS QURE STVN |
Small cap fund outperformed in Q4 2025 with concentrated bets on AI infrastructure and healthcare diagnostics paying off. Molecular diagnostics companies drove performance while AI infrastructure faced volatility over financing concerns. Manager remains positioned for secular digitization trends and AI-driven business spending acceleration despite macro headwinds from labor softening and consumer caution. |
| Oct 14 2025 | 2025 Q3 | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, consumer, Data centers, energy, infrastructure, small caps, technology | TPC | Small-cap fund underperformed in Q3 despite strong AI infrastructure holdings like Nebius and Talen Energy. Consumer-facing names like Wingstop and Portillo's detracted amid trade-down pressures. Manager remains bullish on secular themes including AI adoption, corporate digitization, and infrastructure spending acceleration driven by supportive policy and growing demand for specialized computing capabilities. |
| Jul 17 2025 | 2025 Q2 | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, Construction, energy, healthcare, infrastructure, small cap, technology |
TPC RBC FSS NEOG TECH NBIS TLN TPC WING PTLO QTWO |
Small-cap fund underperformed in Q3 despite strong AI infrastructure and construction holdings. Portfolio positioned around AI adoption, cloud computing, and infrastructure spending themes. Restaurant holdings faced consumer pressure headwinds. Manager maintains conviction in secular digitization trends and AI infrastructure demand while acknowledging consumer strain in discretionary sectors. |
| Mar 31 2025 | 2025 Q1 | AGYS, FTAI, GWRE, NARI, SYK, WGS, XMTR | AI, Cloud, Genomics, healthcare, Medical Devices, small caps, technology, volatility |
NARI GDXH GWRE AGYS XMTR FTAI |
Small cap fund underperformed in volatile Q1 2025 as trade tensions and AI competition concerns pressured markets. Portfolio benefited from Inari Medical's $4.7B Stryker acquisition and strong results from GeneDx and Guidewire, while Agilysys, Xometry, and FTAI detracted. Manager remains focused on secular growth themes including digitization, cloud migration, AI productivity gains, and healthcare innovation opportunities. |
| Dec 31 2024 | 2024 Q4 | ALAB, CDNA, MOD, NTRA, WING, XMTR | AI, Genomics, growth, healthcare, semiconductors, small caps, technology |
XMTR ALAB NTRA WING CDNA |
Alger Small Cap Focus outperformed significantly in Q4 2024 with a 7.41% return versus 1.70% for Russell 2000 Growth. The focused 50-stock portfolio emphasizes secular growth themes including AI, cloud computing, and genomics. Top contributors Xometry, Astera Labs, and Natera demonstrated strong execution in AI-enabled manufacturing, semiconductor connectivity, and genetic testing respectively. |
| Sep 30 2024 | 2024 Q3 | ATEC, CDNA, MOD, PRO, QTWO, WFRD | AI, Biotechnology, Cloud, growth, healthcare, small cap, technology |
CDNA QTWO MOD PRO ATEC WFRD |
Small cap focused fund underperformed in Q3 despite positive contributors from healthcare diagnostics and financial technology holdings. Manager maintains conviction in secular themes of AI, cloud computing, and healthcare innovation. Portfolio positioned for growth in corporate digitization and medical technology advances, though faces headwinds from AI spending scrutiny and energy sector weakness. |
| Aug 2 2024 | 2024 Q2 | AGYS, CABA, KRUS, MAR, NTRA, RGEN, WING | AI, Cloud, Genomics, growth, healthcare, small caps, technology |
WING NTRA AGYS CABA KRUS RGEN |
Small cap growth fund underperformed in Q2 as large caps outpaced smaller companies. Portfolio benefited from strong results at restaurant chain Wingstop and genetic testing leader Natera, while biotech holdings faced headwinds from rate environment. Manager maintains focus on AI, cloud computing, and genomics themes despite challenging quarter for small cap stocks. |
| Apr 15 2024 | 2024 Q1 | - | - | - | |
| Dec 31 2023 | 2023 Q4 | - | - | - | |
| Nov 10 2023 | 2023 Q3 | - | - | - | |
| Dec 31 2022 | 2022 Q4 | CHX, CYRX, INSP, MEDD, RXDX, XMTR | - | - | |
| Sep 30 2022 | 2022 Q3 | HSKA, MRCY, NTRA, QDEL, RBC, SWAV | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIInvestment in artificial intelligence accelerated during the quarter, with record capital spending flowing into AI-related infrastructure including processors, memory, cooling systems, and power generation. The fund views AI as entering its agentic phase where systems autonomously execute tasks, make decisions, and coordinate workflows, accelerating demand for compute capacity and driving growth across the data center ecosystem. Tax incentives from the One Big Beautiful Bill allow companies to deduct the full cost of eligible equipment and qualifying manufacturing facilities in the year they are placed in service, propelling U.S. business investment. |
Data Centers Infrastructure Compute Agentic |
Data CentersThe fund is finding opportunity among companies enabling and adopting AI technology as it enters its agentic phase, which is accelerating demand for compute capacity and driving growth across the ecosystem of companies that build, service, and power data centers. Nebius Group provides GPU-accelerated cloud computing with a vertically integrated approach combining proprietary data center design with in-house software, and announced a 1.2 gigawatt data center campus during the quarter. |
Cloud Infrastructure GPU Compute | |
SemiconductorsCredo Technology provides high-speed connectivity solutions used to move data across AI data centers and hyperscale networks, including active electrical cables, optical digital signal processors, and PCIe retimers. As AI systems become larger and more complex, the need to move data quickly and efficiently between servers, GPUs, and networking equipment has become increasingly important. The company benefits from this growing connectivity challenge with an expanding product portfolio and recent silicon photonics capabilities. |
Connectivity Optical Networking Data Centers | |
BiotechnologyGuardant Health is a precision oncology company developing blood-based liquid biopsy tests spanning therapy selection, recurrence monitoring, and early cancer detection. The fund views the company as one of the more strategically positioned names in molecular diagnostics with leadership in liquid biopsy supported by a deep clinical evidence base and an expanding set of companion diagnostic labels. Forte Biosciences is developing FB102, an anti-CD122 monoclonal antibody with potential application across autoimmune conditions including celiac disease, vitiligo, and alopecia areata. |
Oncology Diagnostics Liquid Biopsy Autoimmune | |
GenomicsGeneDx is a specialty genomics laboratory focused on delivering complex genetic tests, including whole exome and genome sequencing, to diagnose pediatric rare diseases. The company possesses a comprehensive and proprietary database of genetic data that enables it to deliver superior diagnostic yields relative to competitors and alternative testing modalities, creating a meaningful competitive advantage in a highly specialized market. |
Sequencing Rare Diseases Diagnostics | |
DefenseKarman Holdings designs and manufactures specialized structural and propulsion components used in launch vehicles, missiles, spacecraft, hypersonic systems, and unmanned aircraft. The company serves defense primes, government agencies, and commercial space customers, giving it exposure to growing demand across space, missile defense, hypersonics, and other advanced aerospace programs. The fund believes Karman's differentiated engineering capabilities, long-term defense contract visibility, and exposure to expanding government and commercial space budgets support its longer-term opportunity. |
Space Aerospace Hypersonics Missiles | |
| 2026 Q1 |
AIThe emergence of agentic AI tools raised questions about traditional software business models, triggering a broad sell-off. However, the manager sees opportunity in companies enabling and adopting AI technology as it enters the agentic phase, where systems move beyond generating answers to autonomously executing tasks and coordinating workflows. |
Agentic AI Software Disruption AI Infrastructure Machine Learning |
Data CentersThe shift to agentic AI is accelerating demand for compute capacity and driving growth across the ecosystem of companies that build, service, and power data centers. This is supported by U.S. business spending emerging as a more prominent driver of economic growth. |
Compute Capacity AI Infrastructure Cloud Computing GPU | |
Defense SpendingRBC Bearings benefited from increased global defense spending as one of multiple converging tailwinds during the quarter, contributing positively to performance alongside aerospace and industrial recovery themes. |
Defense Aerospace Military Global | |
AutomationCognex's machine vision technology enables manufacturers and logistics operators to automate inspection, guidance, and identification tasks. The company benefits from expanding addressable markets driven by automation and AI-enabled inspection with a growing recurring revenue base. |
Machine Vision Manufacturing Logistics AI-enabled | |
OilThe U.S.-Iran conflict and closure of the Strait of Hormuz created a supply shock that sent crude prices surging past $100 per barrel for the first time in four years, making Energy the top performing sector in the S&P 500 Index during the quarter. |
Crude Oil Supply Shock Geopolitical Energy Sector | |
| 2025 Q4 |
AIAI has been the defining theme of market leadership in 2025, driving data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. The theme experienced volatility in Q4 with concerns over durability, but re-asserted dominance after NVIDIA's strong earnings. AI data centers require enormous power, creating opportunities for companies like Bloom Energy. |
Data Centers Semiconductors Power Infrastructure |
ElectrificationThe portfolio maintains its largest absolute and relative exposure to the Industrials sector, representative of conviction in the Electrification theme. However, exposure to some larger holdings in the Electrification theme was modestly reduced during the quarter. |
Industrials Power Infrastructure | |
BiotechBiotech was a standout performer during the quarter, delivering its best quarter in five years. Performance was driven by an improving rate environment, easing regulation with more M&A activity, and excitement around AI's promise in driving efficiencies in the drug discovery process. |
Pharmaceuticals M&A Drug Discovery | |
SolarFirst Solar benefited from Trump Administration's 'One Big Beautiful Bill' which drove US demand for non-China solar products. The company differentiates itself with thin-film CdTe technology offering better performance in hot/humid/low light conditions and is more efficient for large scale deployment. |
Renewable Energy Manufacturing Policy | |
SpaceRocket Lab operates as an end-to-end space company in Launch Services and Space Systems segments. The stock was up nearly 50% in the quarter on strong earnings results and growing backlog, though the portfolio's late initiation of position meant it was a detractor to relative performance. |
Aerospace Launch Services Defense | |
| 2025 Q3 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. |
Infrastructure Computing Productivity GPU Workloads |
Data CentersRising demand from data centers running AI workloads is supporting higher power prices and capacity, particularly in northern Virginia. The fund is positioned in companies like Talen Energy that operate hyperscale data center campuses and provide carbon-free, low-cost energy directly from nuclear facilities. |
Power Infrastructure Nuclear Energy Capacity | |
CloudCloud computing is growing and supporting innovation, with robust demand for cloud and semiconductor products driving market performance. The fund invests in companies providing cloud-based solutions and digital banking software delivered as subscriptions. |
Computing Innovation Subscriptions Digital Software | |
Trade DownConsumer behavior shows increased trade-down shopping patterns as lower-income households face significant strain and even higher-income families feel pressure. This trend is affecting restaurant chains and retail companies in the portfolio. |
Consumer Pressure Shopping Households Strain | |
| 2025 Q2 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. |
Infrastructure Computing Productivity GPU Workloads |
CloudCloud computing is growing and supporting innovation across the portfolio. The fund observes corporations digitizing their operations, with cloud-based solutions becoming increasingly important. This trend is creating opportunities in companies providing cloud infrastructure and digital banking software. |
Computing Infrastructure Digitization Innovation Software | |
Data CentersRising demand from data centers running AI workloads is supporting higher power prices and capacity, particularly in northern Virginia. The fund sees data center demand as a key driver for power producers like Talen Energy, which operates a hyperscale data center campus adjacent to its nuclear facility. |
Power Infrastructure AI Energy Capacity | |
Infrastructure SpendingThe fund sees a supportive infrastructure spending backdrop driving meaningful earnings improvements. Tax incentives from the One Big Beautiful Bill allow companies to deduct 100% of eligible equipment and manufacturing facility costs, boosting near-term cash flow and after-tax returns for construction companies. |
Construction Equipment Tax Earnings Investment | |
| 2025 Q1 |
AIThe emergence of advanced AI models from China demonstrated capabilities comparable to leading U.S. models but at significantly lower development costs. This prompted investors to reassess the substantial capital expenditures of U.S. large-cap technology companies, resulting in a sell-off in AI-related stocks and concerns over the potential returns on domestic AI initiatives. AI is at an inflection point, potentially enabling significant increases in productivity. |
Artificial Intelligence Technology Productivity China Competition |
CloudCloud computing is growing and supporting innovation as corporations are digitizing their operations. Guidewire is recognized as the most advanced cloud technology provider among its competitors, with new customer adoption of cloud solutions and ongoing migration of existing clients to the cloud representing a key long-term growth driver. The company secured several new cloud contracts during the quarter, including five with major insurers. |
Cloud Computing SaaS Digital Transformation Enterprise Software Migration | |
Medical DevicesAdvances in surgical technologies and innovations within genomic sequencing offer compelling opportunities ahead in the Health Care sector. Inari Medical develops innovative solutions for venous diseases through minimally invasive clot-removal devices. The company was successfully acquired by Stryker Corporation for $4.7 billion, demonstrating strong value creation in the medical device space. |
Medical Technology Surgical Innovation Minimally Invasive M&A Healthcare | |
GenomicsGeneDx is a specialty laboratory focused on genetic testing for the diagnosis of rare diseases, primarily targeting pediatric patients. The company offers whole exome/genome sequencing, hereditary cancer screening, and individual gene tests. Strong fiscal fourth-quarter results were driven by robust customer demand, with management raising their fiscal 2025 revenue guidance above analyst estimates. |
Genetic Testing Rare Diseases Sequencing Diagnostics Pediatric | |
| 2024 Q4 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Astera Labs specializes in connectivity solutions for AI and machine learning systems, with products that optimize data flow in AI accelerators and high-performance computing environments. |
Artificial Intelligence Machine Learning Productivity Computing Accelerators |
CloudCloud computing is growing and supporting innovation across the portfolio. Astera Labs has strong relationships with leading cloud providers and is well positioned in rapidly growing cloud markets. |
Cloud Computing Infrastructure Innovation Data Centers Providers | |
GenomicsAdvances in genomic sequencing offer compelling opportunities ahead. Natera provides genetic testing services across reproductive health, oncology and transplant markets using proprietary liquid biopsy platform to detect cell-free DNA. |
Genetic Testing Sequencing Liquid Biopsy DNA Diagnostics | |
BiotechnologyCareDx focuses on developing high-value diagnostic solutions for transplant patients, offering testing services for post-transplant surveillance to detect signs of acute organ rejection. Natera's oncology franchise includes Signatera for detecting minimal residual disease. |
Diagnostics Transplant Oncology Testing Healthcare | |
| 2024 Q3 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. The fund observes heightened scrutiny around AI spend, with market participants questioning whether significant AI-related capital expenditures would yield sufficient returns. Utilities sector stocks are being viewed as a play on AI given the high electricity consumption needed to power data centers running AI programs. |
Artificial Intelligence Data Centers Productivity Capital Expenditures Utilities |
CloudCloud computing is growing and supporting innovation as one of the secular themes creating attractive investment opportunities. The fund sees this as part of the broader digitization trend where corporations are digitizing their operations. |
Cloud Computing Innovation Digitization Technology | |
BiotechnologyAdvances in surgical technologies and innovations within genomic sequencing offer compelling opportunities ahead in the Health Care sector. The fund holds positions in companies focused on transplant diagnostics and spine technology solutions. |
Surgical Technologies Genomic Sequencing Medical Devices Diagnostics | |
| 2024 Q2 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Growing confidence in AI capabilities boosted large cap technology stocks during the quarter. The fund sees AI as creating attractive investment opportunities. |
Artificial Intelligence Productivity Technology Innovation Automation |
CloudCloud computing is growing and supporting innovation across corporations. Companies are digitizing their operations and the shift to cloud technology is gaining market share. The fund views cloud adoption as a secular theme creating investment opportunities. |
Cloud Computing Digital Transformation SaaS Technology Infrastructure Innovation | |
GenomicsAdvances in genomic sequencing offer compelling opportunities in the Health Care sector. Natera's genetic testing services in reproductive health, oncology and transplant markets demonstrate the investment potential in genomics applications. |
Genetic Testing Sequencing Precision Medicine Biotechnology Healthcare Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Alger Small Cap Focus Fund | NBIS | Nebius Group N.V. | Internet Content & Information | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPU-accelerated, growth, high-performance computing, machine learning, vertically integrated | Login |
| Jul 15, 2026 | Fund Letters | Alger Small Cap Focus Fund | CRDO | Credo Technology Group Holding Ltd. | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI data centers, growth, High-speed Connectivity, hyperscale, Optical DSP, PCIe Retimers, semiconductors, Silicon Photonics | Login |
| Jul 15, 2026 | Fund Letters | Alger Small Cap Focus Fund | GH | Guardant Health, Inc. | Diagnostics & Research | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Cancer Screening, Companion Diagnostics, growth, liquid biopsy, Molecular Diagnostics, Precision Oncology | Login |
| Jul 15, 2026 | Fund Letters | Alger Small Cap Focus Fund | - | GeneDx Holdings Corp. | Other | Life Sciences Tools & Services | Neutral | NASDAQ | Biotech, diagnostics, Genetic Testing, Genomics, Pediatric, proprietary database, rare diseases | Login |
| Jul 15, 2026 | Fund Letters | Alger Small Cap Focus Fund | FBRX | Forte Biosciences Inc. | Biotechnology | Biotechnology | Bull | NASDAQ | Autoimmune, biotechnology, Celiac Disease, clinical stage, Monoclonal Antibody, Multi-indication, vitiligo | Login |
| Jul 15, 2026 | Fund Letters | Alger Small Cap Focus Fund | - | Karman Holdings Inc. | Drug Manufacturers - Specialty & Generic | Aerospace & Defense | Bull | NASDAQ | Aerospace & Defense, Commercial Space, Defense Contractor, Hypersonics, manufacturing, Missiles, Space | Login |
| Apr 29, 2026 | Fund Letters | Alger Small Cap Focus Fund | RBC | RBC Bearings Incorporated | Tools & Accessories | Industrial Machinery | Bull | NASDAQ | Aerospace, Bearings, competitive moat, Cyclical Recovery, Defense, Free Cash Flow, industrial machinery, manufacturing | Login |
| Apr 29, 2026 | Fund Letters | Alger Small Cap Focus Fund | NBIS | Nebius Group | Internet Content & Information | IT Services | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data centers, Gpu, high-performance computing, infrastructure, machine learning, vertical integration | Login |
| Apr 29, 2026 | Fund Letters | Alger Small Cap Focus Fund | CGNX | Cognex Corporation | Scientific & Technical Instruments | Electronic Equipment, Instruments & Components | Bull | NASDAQ | Artificial Intelligence, Automation, Logistics, Machine vision, manufacturing, recurring revenue, semiconductors, turnaround | Login |
| Apr 29, 2026 | Fund Letters | Alger Small 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 | Login |
| Apr 29, 2026 | Fund Letters | Alger Small Cap Focus Fund | GDYN | GeneDx Holdings Corp. | Information Technology Services | Health Care Technology | Bull | NASDAQ | diagnostics, Genetic Testing, Genome Sequencing, Genomics, Pediatric, proprietary database, rare diseases, Whole Exome Sequencing | Login |
| Apr 29, 2026 | Fund Letters | Alger Small Cap Focus Fund | AGYS | Agilysys, Inc. | Software - Application | Software | Bull | NASDAQ | cloud-native, Hospitality Software, Hotels, Point of Sale, property management, recurring revenue, SaaS, subscription revenue | Login |
| Jan 15, 2026 | Fund Letters | Amy Zhang | EXAS | Exact Sciences Corporation | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, M&A, Oncology, Screening, Takeout | Login |
| Jan 15, 2026 | Fund Letters | Amy Zhang | GH | Guardant Health, Inc. | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, growth, Liquidbiopsy, Oncology, Reimbursement | Login |
| Jan 15, 2026 | Fund Letters | Amy Zhang | NTRA | Natera, Inc. | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, Genomics, growth, Oncology, Reimbursement | Login |
| Jan 15, 2026 | Fund Letters | Amy Zhang | NBIS | Nebius Group N.V. | Information Technology | IT Services & Cloud Infrastructure | Bull | NASDAQ | AI, cloud, datacenters, GPUs, infrastructure | Login |
| Jan 15, 2026 | Fund Letters | Amy Zhang | QURE | uniQure N.V. | Health Care | Biotechnology | Bear | NASDAQ | FDA, Genetherapy, Neurology, Regulatory, Volatility | Login |
| Jan 15, 2026 | Fund Letters | Amy Zhang | STVN | Stevanato Group SpA | Health Care | Health Care Supplies | Bear | New York Stock Exchange | Cyclicality, Glp1, Injectables, Packaging, pharma | Login |
| Oct 14, 2025 | Fund Letters | Amy Zhang | TPC | Tutor Perini Corporation | Industrials | Construction & Engineering | Bull | NYSE | backlog, construction, engineering, growth, infrastructure, Margins, Public-spending, turnaround | Login |
| Sep 30, 2025 | Fund Letters | Alger Small Cap Focus Fund | NBIS | Nebius Group N.V. | Information Technology | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPU computing, growth, Microsoft partnership, Technology Services | Login |
| Sep 30, 2025 | Fund Letters | Alger Small Cap Focus Fund | TLN | Talen Energy Corp | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI infrastructure, Carbon-free Energy, data centers, Independent Power Producer, nuclear energy, PJM Market, utilities | Login |
| Sep 30, 2025 | Fund Letters | Alger Small Cap Focus Fund | TPC | Tutor Perini Corporation | Industrials | Construction & Engineering | Bull | NYSE | construction, Design-Build, General Contracting, Industrials, infrastructure, Project Management, turnaround | Login |
| Sep 30, 2025 | Fund Letters | Alger Small Cap Focus Fund | WING | Wingstop, Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand awareness, Chicken Wings, Consumer Discretionary, Digital Ordering, fast-casual restaurant, growth, loyalty program | Login |
| Sep 30, 2025 | Fund Letters | Alger Small Cap Focus Fund | PTLO | Portillo's, Inc. | Consumer Discretionary | Restaurants | Bear | NASDAQ | Chicago-Style Food, Consumer Discretionary, fast-casual restaurant, restaurant expansion, same-store sales, traffic decline | Login |
| Sep 30, 2025 | Fund Letters | Alger Small Cap Focus Fund | QTWO | Q2 Holdings, Inc. | Information Technology | Application Software | Bull | NYSE | Banking Digitization, Cloud software, digital banking, financial technology, regional banks, SaaS, subscription model | Login |
| Jul 17, 2025 | Fund Letters | Amy Zhang | TPC | Tutor Perini Corporation | Industrials | Construction & Engineering | Bull | NYSE | backlog, construction, Earningsgrowth, Execution, infrastructure, Margins, Projects | Login |
| Jul 17, 2025 | Fund Letters | Amy Zhang | RBC | RBC Bearings Incorporated | Consumer Discretionary | Industrial Machinery | Bull | NYSE | Aerospace, aftermarket, Bearings, Defense, engineering, Industrial, Oem | Login |
| Jul 17, 2025 | Fund Letters | Amy Zhang | FSS | Federal Signal Corporation | Industrials | Industrial Machinery | Bull | NYSE | aftermarket, backlog, Equipment, Industrial, infrastructure, Municipal, Safety | Login |
| Jul 17, 2025 | Fund Letters | Amy Zhang | NEOG | Neogen Corporation | Health Care | Diagnostics & Research | Bull | NASDAQ | agriculture, Animalsafety, diagnostics, Foodsafety, Genomics, Regulation, turnaround | Login |
| Jul 17, 2025 | Fund Letters | Amy Zhang | TECH | Bio-Techne Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biopharma, diagnostics, innovation, Lifescience, Reagents, research, Tools | Login |
| Mar 31, 2025 | Fund Letters | Alger Small Cap Focus Fund | NARI | Inari Medical, Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | acquisition target, Clot Removal, Healthcare Technology, M&A, Medical devices, Minimally Invasive, Venous Disease Treatment | Login |
| Mar 31, 2025 | Fund Letters | Alger Small Cap Focus Fund | GDXH | GeneDx Holdings Corp. | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | NASDAQ | Genetic Testing, genomic sequencing, NICU, Pediatric Healthcare, Precision-medicine, rare diseases, Specialty Laboratory | Login |
| Mar 31, 2025 | Fund Letters | Alger Small Cap Focus Fund | GWRE | Guidewire Software, Inc. | Information Technology | Application Software | Bull | NYSE | Annual Recurring Revenue, cloud migration, Digital transformation, Enterprise software, Insurance-software, Property & Casualty, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Alger Small Cap Focus Fund | AGYS | Agilysys, Inc. | Information Technology | Application Software | Bear | NASDAQ | Guidance cut, Hospitality Software, International Sales, Managed Food Service, Point of Sale, Product Transition, Revenue Shortfall | Login |
| Mar 31, 2025 | Fund Letters | Alger Small Cap Focus Fund | XMTR | Xometry, Inc. | Information Technology | IT Services | Bear | NASDAQ | AI-Enabled Platform, EBITDA Loss, High-Growth Unprofitable, machine learning, Manufacturing Services, On-Demand Manufacturing, Two-Sided Marketplace | Login |
| Mar 31, 2025 | Fund Letters | Alger Small Cap Focus Fund | FTAI | FTAI Aviation Ltd. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Aerospace Aftermarket, Aviation Leasing, CFM56 engines, Commercial Aerospace Cycle, Independent Audit, MRO services, Short-Seller Attack | Login |
| Dec 31, 2024 | Fund Letters | Alger Small Cap Focus Fund | XMTR | Xometry, Inc. | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | AI-enabled, EBITDA Break-even, machine learning, manufacturing, marketplace, network effects, on-demand services, Two-sided Platform | Login |
| Dec 31, 2024 | Fund Letters | Alger Small Cap Focus Fund | ALAB | Astera Labs, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, Cloud computing, connectivity solutions, custom silicon, data centers, Gpu, high-performance computing, semiconductors | Login |
| Dec 31, 2024 | Fund Letters | Alger Small Cap Focus Fund | NTRA | Natera, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cell-free DNA, Genetic Testing, liquid biopsy, Minimal residual disease, NIPT, Oncology, Reproductive Health, Transplant Monitoring | Login |
| Dec 31, 2024 | Fund Letters | Alger Small Cap Focus Fund | WING | Wingstop, Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Chicken Wings, Consumer Discretionary, Franchised Model, Restaurant franchise, same-store sales, Unit economics, Unit growth | Login |
| Dec 31, 2024 | Fund Letters | Alger Small Cap Focus Fund | CDNA | CareDx, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Go-to-market, High-value Diagnostics, Organ Rejection, Post-transplant Surveillance, Revenue Cycle Management, Specialty Laboratory, Transplant Diagnostics | Login |
| Sep 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | CDNA | CareDx, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | CMS Coverage, diagnostics, Healthcare Technology, laboratory services, Precision-medicine, Reimbursement, Transplant | Login |
| Sep 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | QTWO | Q2 Holdings, Inc. | Information Technology | Application Software | Bull | NYSE | Cloud software, digital banking, financial technology, Fintech, regional banks, SaaS, subscription revenue | Login |
| Sep 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | MOD | Modine Manufacturing Company | Industrials | Industrial Machinery | Bull | NYSE | data centers, Electrification, Emissions Regulations, high-performance computing, HVAC, Industrial technology, thermal management | Login |
| Sep 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | PRO | PROS Holdings, Inc. | Information Technology | Application Software | Neutral | NYSE | AI-enabled, B2B Commerce, CPQ Software, Price Optimization, Revenue Management, Travel Technology, Vertical SaaS | Login |
| Sep 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | ATEC | Alphatec Holdings, Inc. | Health Care | Health Care Equipment | Bear | NASDAQ | capital-intensive, cash burn, Healthcare Equipment, market share gains, Medical devices, Spine Technology, Surgical Technology | Login |
| Sep 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | WFRD | Weatherford International plc | Energy | Oil & Gas Equipment & Services | Bull | NASDAQ | cash flow generation, Drilling Technology, energy technology, International Energy, Offshore, oilfield services, shareholder returns | Login |
| Jun 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | WING | Wingstop Inc | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand awareness, Chicken Wings, Delivery Services, digital advertising, Franchisor, menu innovation, Quick Service Restaurant, Revenue Growth | Login |
| Jun 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | NTRA | Natera Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cell-free DNA, Genetic Testing, liquid biopsy, Minimal residual disease, NIPT, Oncology, Reimbursement, Reproductive Health, Transplant Monitoring | Login |
| Jun 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | AGYS | Agilysys Inc | Information Technology | Application Software | Bull | NASDAQ | Cloud Technology, Hospitality Software, Marriott Partnership, Omnichannel, Point of Sale, post-COVID recovery, Property Management Systems, subscription revenue | Login |
| Jun 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | CABA | Cabaletta Bio Inc | Health Care | Biotechnology | Bull | NASDAQ | autoimmune diseases, CAR-T Therapy, CD19, cell therapy, clinical trial data, Clinical-stage Biotech, FDA approval, first-mover advantage | Login |
| Jun 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | KRUS | Kura Sushi USA Inc | Consumer Discretionary | Restaurants | Bull | NASDAQ | Authentic Cuisine, California Market, consumer spending, Expansion Opportunities, Japanese Restaurant, Revolving Sushi, same-store sales, Technology-enabled Dining | Login |
| Jun 30, 2024 | Fund Letters | Alger Small Cap Focus Fund | RGEN | Repligen Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biologics Manufacturing, Bioprocessing Technologies, Cell and Gene Therapies, CEO transition, Chromatography, filtration, Monoclonal Antibodies, Process Analytics | Login |
| TICKER | COMMENTARY |
|---|---|
| GH | Guardant Health is a precision oncology company that develops blood-based liquid biopsy tests spanning therapy selection, recurrence monitoring, and early cancer detection, anchored by its Guardant360, Reveal, and Shield platforms. We continue to view the company as one of the more strategically positioned names in molecular diagnostics, with leadership in liquid biopsy supported by a deep clinical evidence base, an expanding set of companion diagnostic labels, and a credible runway toward free cash flow breakeven. Shares contributed positively to performance during the quarter, advancing on first-quarter results that prompted management to raise full-year 2026 revenue guidance, the inclusion of the Shield blood test in updated colorectal cancer screening guidelines, and regulatory approval of Guardant360 CDx as a companion diagnostic for Boehringer Ingelheim's Hernexeos. |
| WGS | GeneDx is a specialty genomics laboratory focused on delivering complex genetic tests, including whole exome and genome sequencing, to diagnose pediatric rare diseases. The company possesses a comprehensive and proprietary database of genetic data that enables it to deliver superior diagnostic yields relative to competitors and alternative testing modalities, creating a meaningful competitive advantage in a highly specialized market. Shares detracted from performance after first-quarter results missed revenue expectations on softer average reimbursement rates and weakness in non-core segments. While underlying exome and genome test volumes grew 33% year over year, management lowered full-year guidance, weighing on investor sentiment. |
| FBRX | Forte Biosciences is a clinical-stage biopharmaceutical company developing FB102, an anti-CD122 monoclonal antibody with potential application across a range of autoimmune conditions, including celiac disease, vitiligo, and alopecia areata. We view Forte favorably given the differentiated mechanism underlying FB102 and its potential applicability across multiple sizeable indications, supported by encouraging early celiac data and a series of meaningful clinical readouts anticipated through the balance of the year. Shares detracted from performance during the quarter, pressured by an equity raise whose limited initial disclosure was poorly received, as well as by growing investor impatience as anticipated vitiligo data extended beyond the previously communicated timeline. Despite a challenging quarter, we remain constructive ahead of the celiac readout expected later this year and cautiously optimistic on the forthcoming vitiligo results. We believe FB102 retains meaningful strategic value as its clinical profile comes into clearer focus. |
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