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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Oct 20, 2026
Alger Spectra Fund Class A shares advanced 0.29% net of fees in the third quarter of 2026, underperforming the Russell 3000 Growth Index return of 0.45%. Year-to-date, the fund has generated a net return of 11.72% compared to 6.37% for the benchmark. Portfolio performance was propelled by relative strength in Consumer Discretionary and Information Technology holdings, whereas Communication Services and Utilities positions detracted. The fund maintained its highest sector exposures in Information Technology and Communication Services, running its largest sector overweight in Information Technology and its largest underweight in Financials. The macroeconomic environment was shaped by rising long-term yields, persistent above-target inflation, and escalating Middle East geopolitical conflict that pushed oil prices past $100 per barrel. In response to persistent inflation risks, the Federal Reserve delivered a 25 basis point rate hike in September, sending the 10-year Treasury yield up 83 basis points over the quarter. While broader equity breadth narrowed sharply, the team reaffirmed its constructive view on enterprise artificial intelligence adoption, differentiating between foundational infrastructure providers, productivity beneficiaries, and legacy business models facing terminal disruption. Key performance contributors included mega-cap technology leaders Microsoft, NVIDIA, and Meta Platforms, alongside a profitable short position in an ad-tech vendor. Performance was dampened by pullbacks in Western Digital, Nebius Group, and SpaceX, alongside an IT consulting short position. Management maintained disciplined long exposure across key AI enablers while actively managing downside via single-stock short positions.
Alger Spectra Fund seeks long-term capital appreciation by investing primarily in growth equity securities of U.S. companies demonstrating promising growth potential identified through fundamental research, complemented by selective short selling.
Management expects compelling opportunities across the emerging AI economy to expand beyond infrastructure suppliers to companies using AI to enhance productivity, while warning that disciplined fundamental research is essential to avoid legacy businesses whose economics are eroded by technological disruption.
Moderate Conviction Bullish
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