| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.02% | 29.56% | 14.78% |
The Alger Weatherbie Specialized Growth Fund returned 29.56% in Q2 2026, outperforming the Russell 2500 Growth Index's 24.02% return. The fund's core thesis centers on identifying small and mid cap companies benefiting from AI infrastructure buildout as the technology enters its agentic phase, where systems move beyond generating answers to autonomously executing tasks. Record capital spending is flowing into AI-related infrastructure including processors, memory, cooling systems, and power generation, accelerating demand for compute capacity. Tax incentives from the One Big Beautiful Bill, allowing full-year deductions for eligible equipment, are propelling U.S. business investment. Top contributors included Cardinal Infrastructure Group, which benefits from essential infrastructure demand; Silicon Motion Technology, gaining share in data center storage tied to AI workloads; and DigitalOcean, positioning itself for inference and agentic AI workloads. Key risks include the Federal Reserve's hawkish stance with markets pricing in rate hikes, concerns around private credit exposure in alternative asset management, and pressure on discretionary consumer spending. The fund maintains a concentrated portfolio of approximately 50 holdings focused on companies enabling the AI infrastructure buildout.
The fund invests in a focused portfolio of approximately 50 small and mid cap companies demonstrating promising growth potential, with current emphasis on companies enabling and benefiting from AI infrastructure buildout as the technology enters its agentic phase, where systems autonomously execute tasks and coordinate workflows, driving accelerating demand for compute capacity across the data center ecosystem.
The managers expect continued momentum in AI-related infrastructure investment as the technology enters its agentic phase, driving demand for compute capacity and benefiting companies across the data center ecosystem. Tax incentives from recent legislation are expected to propel U.S. business investment to become a more prominent engine of economic growth. The managers continue to focus on companies enabling and adopting AI technology while maintaining selectivity in their portfolio construction.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 17 2026 | 2026 Q2 | AORT, DOCN, HLNE, PLNT, SIMO | AI, Cloud, Data centers, growth, industrials, infrastructure, semiconductors, small caps |
SIMO DOCN HLNE PLNT AORT |
The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. |
| Apr 15 2026 | 2026 Q1 | AIR, CWST, DOCN, PLNT, STEP | AI, Aviation, Data centers, energy, growth, infrastructure, small cap, Waste management |
AIR DOCN LGCE CWST STEP PLNT |
Small-cap growth fund underperformed amid AI software disruption and geopolitical oil shock. Managers remain bullish on agentic AI infrastructure beneficiaries and data center ecosystem growth. Strong performance from aerospace services and cloud infrastructure holdings offset by waste management and private markets headwinds. Positioned for U.S. business spending acceleration driven by AI infrastructure demand. |
| Jan 15 2026 | 2025 Q4 | ACAD, AIR, FSV, GKOS, KTOS, NTRA | AI, Biotechnology, defense, growth, healthcare, industrials, small cap, technology |
NTRA ACAD GKOS FSV AIR KTOS |
Small-cap growth fund capitalizing on secular digitization themes including AI infrastructure and cloud computing. Strong Q4 performance driven by biotech holdings despite macro headwinds from labor market softening and consumer caution. Portfolio overweight industrials and healthcare while underweight technology. Manager sees accelerating business spending from tax incentives creating attractive opportunities in specialized growth companies. |
| Oct 21 2025 | 2025 Q3 | AORT, PI, PLMR, SMTC, SPSC, VERX | AI, growth, healthcare, industrials, semiconductors, small cap, technology |
PI AORT SPSC PLMR VERX PI AORT SPSC PLMR VERX |
Small-mid cap growth fund underperformed in Q3 2025 despite strong semiconductor and medical device contributors. Manager maintains focus on AI, cloud computing, and digitization themes as secular growth drivers. Portfolio positioned for technology transformation while navigating customer spending caution and delayed software implementations amid macroeconomic uncertainty. |
| Jul 22 2025 | 2025 Q2 | AORT, PI, PLMR, SMTC, SPSC, VERX | AI, growth, healthcare, industrials, semiconductors, small cap, technology |
STRL UPST ACAD NEOG RXO NEO SMTC PI AORT SPSC PLMR VERX |
Small-cap growth fund underperformed in Q3 2025 despite strong semiconductor and medical device holdings. Manager remains optimistic on AI infrastructure, cloud computing, and digitization themes while acknowledging consumer spending pressures. Fed easing and tax incentives expected to drive business investment acceleration, though software implementation delays present near-term headwinds. |
| Mar 31 2025 | 2025 Q1 | AGYS, PGNY, PLMR, SMTC, UPST, VSEC | AI, financials, growth, healthcare, industrials, small cap, technology |
VSE PLMR PGNY SMTC UPST AGYS |
The fund declined 15.07% in Q1 2025 amid market volatility from trade tensions and AI disruption concerns. Top contributors VSE, Palomar, and Progyny benefited from strong fundamentals and strategic actions, while detractors Semtech, Upstart, and Agilysys faced sector-specific headwinds. Management maintains focus on secular growth themes including digitization, cloud computing, and AI productivity gains. |
| Dec 31 2024 | 2024 Q4 | MEG, NEOG, NTRA, SMTC, TNDM, UPST | AI, Genomics, growth, healthcare, semiconductors, small caps, technology |
UPST NTRA SMTC NEOG MEG TNDM |
Small-cap growth fund outperformed in Q4 2024 with 3.90% return, driven by AI-powered lending platform Upstart, genetic testing leader Natera, and semiconductor company Semtech. Portfolio focused on secular themes including AI, cloud computing, and genomic innovations. Despite some detractors from regulatory concerns, managers remain positioned for long-term growth in digitization and healthcare technology advances. |
| Sep 30 2024 | 2024 Q3 | HLNE, MEG, NTRA, PGNY, PRO, STEP | AI, Cloud, Genomics, growth, healthcare, private markets, small cap, technology |
HLNE NTRA STEP MEG PGNY PRO |
Small-cap growth fund underperformed in Q3 despite Fed rate cuts supporting markets. Strong performance from private markets holdings Hamilton Lane and StepStone, plus genetic testing leader Natera achieving positive cash flow. Portfolio focused on secular themes including AI, cloud computing, genomics, and private markets. Managers see compelling opportunities in corporate digitization and healthcare innovation. |
| Jul 31 2024 | 2024 Q2 | GKOS, NTRA, PGNY, SITE, SPT, STEP | AI, Genomics, growth, healthcare, innovation, Medical Devices, small cap, technology |
STEP NTRA GKOS PGNY SITE SPT |
Small-cap growth fund focusing on secular themes including AI, cloud computing, and healthcare innovation. Outperformed benchmark in Q2 despite negative returns, driven by strong performance from genetic testing company Natera and glaucoma device maker Glaukos. Portfolio positioned around corporate digitization trends and medical technology advances, with approximately 50 concentrated holdings targeting long-term capital appreciation. |
| Apr 15 2024 | 2024 Q1 | - | - | - | |
| Dec 31 2023 | 2023 Q4 | - | - | - | |
| Sep 30 2023 | 2023 Q3 | - | - | - | |
| Dec 31 2022 | 2022 Q4 | CLB, GDYN, GKOS, MEG, PI, XMTR | - | - | |
| Sep 30 2022 | 2022 Q3 | AMRC, CLB, DH, DRQ, PI, SPSC | - | - |
| 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 is finding opportunity among companies enabling and adopting AI as it enters its agentic phase, where systems move beyond generating answers to autonomously executing tasks, making decisions, and coordinating 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 Data Centers Compute Agentic |
Data CentersThe shift to agentic AI is accelerating demand for compute capacity, which in turn is driving growth across the ecosystem of companies that build, service, and power data centers. The demand for AI infrastructure, combined with tax incentives from the One Big Beautiful Bill allowing companies to deduct the full cost of eligible equipment and qualifying manufacturing facilities in the year they are placed in service, is propelling U.S. business investment. DigitalOcean is positioning itself as a cloud provider purpose-built for inference and agentic AI workloads and is benefiting from the early stages of this demand cycle. |
Infrastructure Cloud Compute AI | |
Infrastructure SpendingCardinal Infrastructure Group provides infrastructure services across residential, commercial, industrial, municipal, and state markets, including water, sewer, and stormwater installations, as well as grading, site clearing, erosion control, paving, and other related site services. The company benefits from demand for essential infrastructure work and has continued to expand its capabilities through organic growth and recent acquisitions. The company reported strong first-quarter results with robust organic growth and continued momentum in its mature Raleigh market. |
Construction Water Municipal | |
Semiconductor CycleSilicon Motion Technology develops and supplies semiconductor products used across the electronics market, including flash controllers and storage solutions for solid-state drives, smartphones, data center applications, and other connected devices. The company's share gains across end markets, including data center applications tied to AI-related workloads, reflect continued demand for its storage solutions and a strengthening competitive position. The company delivered strong operating results that exceeded expectations, supported by accelerating revenue growth, solid profitability, and disciplined expense management. |
Storage NAND Data Centers AI | |
CloudDigitalOcean is a cloud infrastructure provider that offers computing, storage, networking, and related services to developers, startups, and businesses across multiple geographies. The company has differentiated itself through a simplified, developer-friendly platform and is increasingly positioning itself as a cloud provider purpose-built for inference and agentic AI workloads. The company delivered strong operating results and raised its revenue outlook for both 2026 and 2027, with accelerating momentum in AI-related customer demand. |
Infrastructure AI Developers | |
Private CreditHamilton Lane is a private markets investment firm that provides customized investment solutions, advisory services, and data-driven tools to institutional and private wealth clients. During the quarter, shares detracted from performance as broader concerns around private credit and software exposure within private equity portfolios continued to weigh on sentiment across the alternative asset management industry. While these concerns pressured the stock, the fund believes Hamilton Lane's diversified portfolio exposure helps make the risks manageable. |
Alternative Assets Private Equity | |
| 2026 Q1 |
AIThe emergence of agentic AI tools raised questions about traditional software business models, triggering a broad sell-off. However, the managers see 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 Software Disruption Infrastructure Automation |
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. Data center-related projects were the primary driver of upside for portfolio holding Legence Corp. |
Compute Infrastructure Cloud Capacity Growth | |
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. Energy was the top performing sector within the S&P 500 Index during the quarter. |
Geopolitical Supply Prices Hormuz Conflict | |
Infrastructure SpendingU.S. business spending is emerging as a more prominent driver of economic growth, supported by burgeoning demand for AI infrastructure and tax incentives from the One Big Beautiful Bill, which allow companies to deduct 100% of eligible equipment and qualifying manufacturing-facility costs. |
Business Tax Equipment Manufacturing Incentives | |
Aviation ServicesAAR Corp operates at the juncture of two durable demand drivers: a robust commercial aerospace aftermarket supported by strong global air travel demand, and a growing government and defense business that benefits from increasing military operational readiness needs. |
Aerospace Aftermarket Defense Travel Maintenance | |
Waste ManagementCasella Waste Systems has a commanding position as a regional consolidator in an industry characterized by high barriers to entry, recurring revenue, and favorable pricing dynamics, with a long runway to acquire smaller operators and expand its geographic footprint. |
Consolidation Recurring Barriers Pricing Regional | |
| 2025 Q4 |
AfricaFund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes this represents genuine value creation rather than multiple expansion. |
Frontier Markets Emerging Markets Value Growth |
LiquidityManager addresses liquidity concerns in African frontier markets, explaining structural factors affecting trading volumes. Notes that foreign investor participation, local retail involvement, and institutional demand all impact liquidity. Expects liquidity to improve in current bull market environment as more capital flows into African equities. |
Market Structure Trading Capital Flows | |
ValuePortfolio trades at attractive valuations with forward PE of 6.1x and price-to-book of 1.5x, despite strong performance. Manager emphasizes no valuation multiple expansion has occurred - share prices have risen in line with earnings growth. Portfolio companies display high-quality metrics including 25.1% ROE. |
Valuation Earnings Quality | |
| 2025 Q3 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Continued enthusiasm for artificial intelligence drove Information Technology sector outperformance. Burgeoning demand for AI infrastructure is accelerating U.S. business spending. |
Artificial Intelligence Productivity Infrastructure Technology |
CloudCloud computing is growing and supporting innovation. Robust demand for cloud products contributed to Information Technology sector strength during the quarter. |
Cloud Computing Innovation Technology Growth | |
Data CentersStrong traction for newest data-center connectivity products highlighted by Semtech management. Data center infrastructure demand is supporting semiconductor and connectivity solutions companies. |
Data Center Connectivity Infrastructure Semiconductors | |
SemiconductorsRobust demand for semiconductor products supported Information Technology sector performance. Companies like Semtech are benefiting from high-speed data transfer solutions and connectivity products for data centers and industrial markets. |
Semiconductors Data Transfer Connectivity Technology | |
| 2025 Q2 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Continued enthusiasm for artificial intelligence drove Information Technology sector outperformance. Burgeoning demand for AI infrastructure is driving U.S. business spending acceleration. |
Artificial Intelligence Productivity Infrastructure Technology |
CloudCloud computing is growing and supporting innovation. Robust demand for cloud products contributed to Information Technology sector strength during the quarter. |
Cloud Computing Innovation Technology Growth | |
Data CentersStrong traction for newest data-center connectivity products highlighted by Semtech management. Data center connectivity solutions enabling high-speed data transfer are seeing increased demand. |
Connectivity Infrastructure High-Speed Data Transfer | |
SemiconductorsRobust demand for semiconductor products contributed to Information Technology sector outperformance. Semtech designs semiconductors and connectivity solutions that enable high-speed data transfer in data centers. |
Semiconductor Connectivity Data Centers Technology | |
| 2025 Q1 |
AIThe emergence of advanced AI models from China demonstrated capabilities comparable to leading U.S. models but at significantly lower development costs, prompting investors to reassess substantial capital expenditures of U.S. large-cap technology companies and resulting in a sell-off in AI-related stocks. The fund continues to observe AI as being at an inflection point, potentially enabling significant increases in productivity. |
Artificial Intelligence Technology Productivity China |
CloudCloud computing is growing and supporting innovation as corporations continue digitizing their operations. This secular theme is creating attractive investment opportunities according to the fund managers. |
Cloud Computing Digital Transformation Innovation Technology | |
GenomicsIn the Health Care sector, advances in surgical technologies and innovations within genomic sequencing offer compelling opportunities ahead according to the fund's outlook. |
Genomic Sequencing Healthcare Biotechnology Innovation | |
| 2024 Q4 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Upstart leverages AI-powered lending platform with machine learning algorithms to evaluate non-traditional risk factors for more accurate credit assessments. Corporate AI spending faced increased scrutiny in October but remains a secular theme creating attractive investment opportunities. |
Machine Learning Lending Productivity Algorithms Credit |
CloudCloud computing is growing and supporting innovation as corporations continue digitizing their operations. This secular theme is creating attractive investment opportunities across the portfolio's technology holdings. |
Computing Innovation Digitization Technology Growth | |
GenomicsAdvances in genomic sequencing offer compelling opportunities ahead in the Health Care sector. Natera's genetic testing services span reproductive health, oncology and transplant markets, with tests based on proprietary liquid biopsy platform to detect cell-free DNA. |
Sequencing Testing DNA Diagnostics Biotech | |
Medical DevicesAdvances in surgical technologies and innovations within medical devices offer compelling opportunities. Tandem Diabetes Care designs innovative insulin delivery systems with advanced technology for precise insulin management, including continuous glucose monitoring compatibility. |
Surgical Insulin Diabetes Monitoring Innovation | |
| 2024 Q3 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Utilities sector stocks are being viewed as a play on artificial intelligence given the high electricity consumption needed to power data centers running AI programs. However, Information Technology sector underperformed due to heightened scrutiny around AI spend, with market participants questioning whether the significant rise in AI-related capital expenditures would yield sufficient returns. |
Data Centers Productivity Capital Expenditures Utilities Technology |
CloudCloud computing is growing and supporting innovation as corporations continue to digitize their operations. This represents one of the secular themes creating attractive investment opportunities in the current environment. |
Digitization Innovation Enterprise Software SaaS | |
GenomicsAdvances in surgical technologies and innovations within genomic sequencing offer compelling opportunities ahead in the Health Care sector. Natera provides genetic testing services in reproductive health, oncology and transplant markets using proprietary liquid biopsy platform to detect cell-free DNA. |
Genetic Testing Liquid Biopsy Surgical Technologies Reproductive Health | |
Private CreditHamilton Lane and StepStone Group both provide private markets investment solutions and advisory services. Both companies reported strong performance driven by higher realized carried interest, core management fees, and strong fundraising activity during the quarter. |
Alternative Asset Managers Carried Interest Fundraising Advisory Services | |
| 2024 Q2 |
AIAI is at an inflection point, potentially enabling significant increases in productivity. Sustained enthusiasm for artificial intelligence boosted large cap technology stocks during the quarter. The fund continues to observe this secular theme as creating attractive investment opportunities. |
Artificial Intelligence Productivity Technology Innovation Secular |
CloudCloud computing is growing and supporting innovation as corporations digitize their operations. This represents one of the secular themes the fund believes is creating attractive investment opportunities in the current environment. |
Cloud Computing Digitization Innovation Growth Technology | |
GenomicsInnovations within genomic sequencing offer compelling opportunities ahead in the Health Care sector. Natera's genetic testing services in reproductive health, oncology and transplant markets exemplify this theme through their proprietary liquid biopsy platform to detect cell-free DNA. |
Genetic Testing Sequencing Liquid Biopsy Healthcare Innovation | |
Medical DevicesAdvances in surgical technologies offer compelling opportunities in the Health Care sector. Glaukos represents this theme with its minimally invasive glaucoma surgery devices and innovative iDose technology that delivers medication directly to the eye over extended periods. |
Surgical Technology Medical Innovation Ophthalmology Healthcare Devices |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 17, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SIMO | Silicon Motion Technology Corporation | Semiconductors | Semiconductors | Bull | NASDAQ | AI infrastructure, data center, growth, market share gains, NAND Flash Controllers, semiconductors, Ssd, Storage Solutions | Login |
| Jul 17, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | DOCN | DigitalOcean Holdings, Inc. | Software - Infrastructure | IT Consulting & Other Services | Bull | New York Stock Exchange | Agentic AI, AI workloads, cloud infrastructure, Developer Platform, growth, inference, SaaS, SMB | Login |
| Jul 17, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | HLNE | Hamilton Lane Incorporated | Asset Management | Asset Management & Custody Banks | Neutral | NASDAQ | asset management, Diversified Platform, Evergreen Funds, Institutional, Private Credit, private equity, Private markets | Login |
| Jul 17, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PLNT | Planet Fitness, Inc. | Leisure | Specialized Consumer Services | Bear | New York Stock Exchange | Brand Repositioning, Budget Model, Consumer Discretionary, Fitness Centers, franchise, Management Transition, Membership | Login |
| Jul 17, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | AORT | Artivion, Inc. | Medical Devices | Health Care Equipment | Neutral | New York Stock Exchange | Aortic Disease, cardiovascular, Health Care Equipment, Medical devices, New Product Cycle, Surgical Implants | Login |
| Apr 15, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | AIR | AAR Corp | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket services, Aviation, Commercial Airlines, Defense, government contracts, Industrials, Maintenance, Parts Supply | Login |
| Apr 15, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | DOCN | DigitalOcean Holdings, Inc. | Software - Infrastructure | Internet Services & Infrastructure | Bull | New York Stock Exchange | ARR, cloud infrastructure, Computing, Developers, Networking, SaaS, SMB, Storage, technology | Login |
| Apr 15, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | LGCE | Legence Corp | Other | Commercial Services & Supplies | Bull | NASDAQ | Building Systems, Consulting, data centers, Engineering services, Government Facilities, Industrials, infrastructure, life sciences, Maintenance | Login |
| Apr 15, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | CWST | Casella Waste Systems, Inc. | Waste Management | Commercial Services & Supplies | Bull | NASDAQ | Acquisitions, environmental services, Industrials, Northeastern US, recurring revenue, Recycling, Regional Consolidator, waste management | Login |
| Apr 15, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | STEP | StepStone Group, Inc. | Asset Management | Capital Markets | Bull | NASDAQ | alternative investments, asset management, financials, infrastructure, Institutional Investors, Private Debt, private equity, Private markets, Real Estate | Login |
| Apr 15, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PLNT | Planet Fitness, Inc. | Leisure | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | Brand, Consumer Discretionary, Fitness, franchise, Leisure, Low cost, Membership, recurring revenue, Unit growth | Login |
| Jan 15, 2026 | Fund Letters | H. George Dai | NTRA | Natera, Inc. | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, Genomics, growth, Oncology, Reimbursement | Login |
| Jan 15, 2026 | Fund Letters | H. George Dai | ACAD | ACADIA Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, CNS, FDA, growth, Orphan_Drugs | Login |
| Jan 15, 2026 | Fund Letters | H. George Dai | GKOS | Glaukos Corporation | Health Care | Medical Devices | Bull | New York Stock Exchange | FDA, growth, innovation, Medical_Devices, Ophthalmology | Login |
| Jan 15, 2026 | Fund Letters | H. George Dai | FSV | FirstService Corporation | Real Estate | Real Estate Services | Bear | NASDAQ | Cyclicality, Macro, Property_Management, services, Weather | Login |
| Jan 15, 2026 | Fund Letters | H. George Dai | AIR | AAR Corp. | Industrials | Aerospace & Defense | Bear | New York Stock Exchange | Aerospace, aftermarket, Cyclicality, Defense, Governance | Login |
| Jan 15, 2026 | Fund Letters | H. George Dai | KTOS | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bear | NASDAQ | cashflow, Defense, Drones, Government, Hypersonics | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | PI | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Adoption, Endpoints, Item-level tracking, operating leverage, Readers, RFID, supply chain | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | AORT | Artivion Inc. | Health Care | Medical Devices | Bull | NYSE | Aortic, cardiovascular, Devices, guidance, operating leverage, pipeline, Stent graft | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | SPSC | SPS Commerce | Information Technology | Application Software | Bear | NASDAQ | Deceleration, Edi, guidance, Outlook, SaaS, Sales cycles, supply chain | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | PLMR | Palomar Holdings | Financials | Property & Casualty Insurance | Bear | NASDAQ | Catastrophe, combined ratio, guidance, Margins, premiums, specialty insurance, underwriting | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | VERX | Vertex Inc. | Information Technology | Application Software | Bear | NASDAQ | Bookings, Compliance, Demand, ERP, Guidance cut, Sales cycles, Tax software | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | PI | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Adoption, Endpoints, Item-level tracking, operating leverage, Readers, RFID, supply chain | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | AORT | Artivion Inc. | Health Care | Medical Devices | Bull | NYSE | Aortic, cardiovascular, Devices, guidance, operating leverage, pipeline, Stent graft | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | SPSC | SPS Commerce | Information Technology | Application Software | Bear | NASDAQ | Deceleration, Edi, guidance, Outlook, SaaS, Sales cycles, supply chain | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | PLMR | Palomar Holdings | Financials | Property & Casualty Insurance | Bear | NASDAQ | Catastrophe, combined ratio, guidance, Margins, premiums, specialty insurance, underwriting | Login |
| Oct 21, 2025 | Fund Letters | H. George Dai | VERX | Vertex Inc. | Information Technology | Application Software | Bear | NASDAQ | Bookings, Compliance, Demand, ERP, Guidance cut, Sales cycles, Tax software | Login |
| Sep 30, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SMTC | Semtech Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | connectivity solutions, consumer electronics, data centers, Industrial, semiconductors, Signal integrity, Wireless sensing | Login |
| Sep 30, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PI | Impinj Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Enterprise software, Food & Grocery, inventory management, retail technology, RFID Technology, supply chain, Wireless Tracking | Login |
| Sep 30, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | AORT | Artivion Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Aortic Disease, Cardiac Surgery, Clinical trials, Mechanical Valves, Medical devices, Stent Grafts, Tissue Preservation | Login |
| Sep 30, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SPSC | SPS Commerce Inc. | Information Technology | Software | Neutral | NASDAQ | Cloud software, e-commerce, inventory management, Logistics, retail technology, SaaS, supply chain management | Login |
| Sep 30, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PLMR | Palomar Holdings Inc. | Financials | Insurance | Bear | NASDAQ | Catastrophic Risk, Earthquake Insurance, Flood Insurance, Hurricane Coverage, Property & Casualty, specialty insurance, underwriting | Login |
| Sep 30, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | VERX | Vertex Inc. | Information Technology | Software | Bear | NASDAQ | Cloud software, Enterprise software, ERP Integration, Large Enterprise, SaaS, Tax Compliance, Tax software | Login |
| Jul 22, 2025 | Fund Letters | H. George Dai | STRL | Sterling Infrastructure, Inc. | Industrials | Construction & Engineering | Bull | NASDAQ | backlog, construction, Cyclical, datacenters, infrastructure | Login |
| Jul 22, 2025 | Fund Letters | H. George Dai | UPST | Upstart Holdings, Inc. | Financials | Consumer Finance | Bull | NASDAQ | AI, Credit, Fintech, growth, Lending | Login |
| Jul 22, 2025 | Fund Letters | H. George Dai | ACAD | Acadia Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | biopharma, growth, Neurology, Prescriptions, Raredisease | Login |
| Jul 22, 2025 | Fund Letters | H. George Dai | NEOG | Neogen Corporation | Health Care | Health Care Supplies | Bear | NASDAQ | Animals, diagnostics, Foodsafety, guidance, restructuring | Login |
| Jul 22, 2025 | Fund Letters | H. George Dai | RXO | RXO, Inc. | Industrials | Trucking | Bull | NYSE | Cyclical, efficiency, Freight, Logistics, Volumes | Login |
| Jul 22, 2025 | Fund Letters | H. George Dai | NEO | NeoGenomics, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | acquisition, diagnostics, guidance, Labs, Oncology | Login |
| Mar 31, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | VSE | VSE Corporation | Industrials | Aerospace & Defense | Bull | NASDAQ | Acquisitions, Aerospace & Defense, Aviation Services, divestiture, Logistics, organic growth, supply chain management | Login |
| Mar 31, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PLMR | Palomar Holdings, Inc. | Financials | Property & Casualty Insurance | Bull | NASDAQ | Catastrophe Insurance, Earthquake, Flood, Hurricane, premium growth, Property & Casualty Insurance, specialty insurance | Login |
| Mar 31, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PGNY | Progyny, Inc. | Health Care | Health Care Services | Bull | NASDAQ | Benefits Management, Clinical Outcomes, Fertility Benefits, Health Care Services, IVF, Member Engagement, Utilization Trends | Login |
| Mar 31, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SMTC | Semtech Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | Analog, data centers, GPU Connectivity, IoT, Low Power, mixed-signal, semiconductors, Signal integrity | Login |
| Mar 31, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | UPST | Upstart Holdings, Inc. | Information Technology | Financial Technology | Neutral | NASDAQ | AI-powered lending, Consumer credit, Credit assessment, financial technology, Fintech, machine learning, risk management | Login |
| Mar 31, 2025 | Fund Letters | Alger Weatherbie Specialized Growth Fund | AGYS | Agilysys, Inc. | Information Technology | Application Software | Neutral | NASDAQ | Application Software, Food service, Hospitality Software, International Sales, Point of Sale, Product Transition, property management | Login |
| Dec 31, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | UPST | Upstart Holdings, Inc. | Financials | Consumer Finance | Bull | NASDAQ | AI-powered lending, Asset-backed securities, Credit assessment, EBITDA recovery, Fintech, machine learning, Origination volumes, Underwriting models | Login |
| Dec 31, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | NTRA | Natera, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cell-free DNA, Genetic Testing, liquid biopsy, margin expansion, Minimal residual disease, NIPT, Oncology diagnostics, Precision-medicine | Login |
| Dec 31, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SMTC | Semtech Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Analog Semiconductors, data centers, energy efficiency, IoT, Low-power solutions, mixed-signal, Signal integrity, Wireless sensing | Login |
| Dec 31, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | NEOG | Neogen Corp | Health Care | Life Sciences Tools & Services | Neutral | NASDAQ | 3M acquisition, Animal Health, Animal safety, Diagnostic test kits, Food Safety, Foreign currency, Global food volumes, Veterinary instruments | Login |
| Dec 31, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | MEG | Montrose Environmental Group Inc | Industrials | Environmental & Facilities Services | Bull | NYSE | Assessment, Chevron deference, environmental compliance, environmental services, Measurement analysis, Permitting, Regulatory authority, Remediation | Login |
| Dec 31, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | TNDM | Tandem Diabetes Care, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | CGM compatibility, diabetes care, Insulin delivery, Insulin pumps, Margin accretive, Mobi pump, Remote software updates, Renewal rates | Login |
| Sep 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | HLNE | Hamilton Lane Incorporated | Financials | Asset Management & Custody Banks | Bull | NASDAQ | advisory services, alternative investments, asset management, Incentive Fees, Institutional Clients, Private markets | Login |
| Sep 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | NTRA | Natera, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Cell-free DNA, Genetic Testing, liquid biopsy, NIPT, Oncology, Reproductive Health, Transplant Monitoring | Login |
| Sep 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | STEP | StepStone Group Inc. | Financials | Asset Management & Custody Banks | Bull | NASDAQ | advisory services, asset management, Carried interest, Customized Solutions, Fundraising, Institutional Clients, Private markets | Login |
| Sep 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | MEG | Montrose Environmental Group Inc. | Industrials | Environmental & Facilities Services | Bull | NYSE | Assessment, Chevron Doctrine, Consulting, environmental services, regulatory compliance, Remediation, State Regulators | Login |
| Sep 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PGNY | Progyny, Inc. | Health Care | Health Care Services | Bull | NASDAQ | Clinical Outcomes, Employer Benefits, Fertility Benefits, Healthcare services, IVF, Provider Network, Reproductive Health | Login |
| Sep 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PRO | PROS Holdings, Inc. | Information Technology | Application Software | Neutral | NYSE | AI-enabled, B2B Commerce, CPQ, Pricing Optimization, Revenue Management, Rule of 40, SaaS, travel industry | Login |
| Jun 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | STEP | StepStone Group, Inc. | Financials | Asset Management & Custody Banks | Bull | NASDAQ | alternative investments, asset management, Carried interest, Evergreen Funds, Fundraising, Institutional Clients, Private markets | Login |
| Jun 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | NTRA | Natera, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Cell-free DNA, Genetic Testing, liquid biopsy, MRD Detection, NIPT, Oncology diagnostics, Transplant Monitoring | Login |
| Jun 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | GKOS | Glaukos Corp | Health Care | Health Care Equipment & Supplies | Bull | NYSE | drug delivery, Glaucoma Treatment, iDose Technology, iStent, Medical devices, MIGS, minimally invasive surgery, Ophthalmology | Login |
| Jun 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PGNY | Progyny, Inc. | Health Care | Health Care Services | Bear | NASDAQ | Benefits Management, Fertility Benefits, Healthcare Benefits, IVF, Provider Network, Regulatory risk, Reproductive Health | Login |
| Jun 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SITE | SiteOne Landscape Supply, Inc. | Industrials | Trading Companies & Distributors | Bear | NYSE | Commodity Products, Hardscape Materials, Irrigation Supplies, Landscape Distribution, margin pressure, Volume Decline, Wholesale Distribution | Login |
| Jun 30, 2024 | Fund Letters | Alger Weatherbie Specialized Growth Fund | SPT | Sprout Social, Inc. | Information Technology | Application Software | Bear | NASDAQ | Enterprise software, Go-to-market, Marketing Technology, SaaS, Sales cycles, social media management, Software Spending | Login |
| TICKER | COMMENTARY |
|---|---|
| SIMO | Silicon Motion Technology develops and supplies semiconductor products used across the electronics market, including flash controllers and storage solutions for solid-state drives, smartphones, data center applications, and other connected devices. The company holds a strong position in NAND flash controllers and continues to benefit from demand for higher-performance storage as devices and infrastructure require faster, more efficient data management. We believe the company's share gains across end markets, including data center applications tied to AI-related workloads, reflect continued demand for its storage solutions and a strengthening competitive position. During the quarter, shares contributed positively to performance after the company delivered strong operating results that exceeded expectations, supported by accelerating revenue growth, solid profitability, and disciplined expense management. Investor sentiment was further supported by an improved management outlook, reinforcing confidence in the company's growth trajectory. |
| DOCN | DigitalOcean is a cloud infrastructure provider that offers computing, storage, networking, and related services to developers, startups, and businesses across multiple geographies. The company has differentiated itself through a simplified, developer-friendly platform and is increasingly positioning itself as a cloud provider purpose-built for inference and agentic AI workloads. We believe DigitalOcean is benefiting from the early stages of this demand cycle, as customers look for cloud infrastructure that is easier to use and better aligned with emerging AI applications. During the quarter, shares contributed positively to performance after the company delivered strong operating results and raised its revenue outlook for both 2026 and 2027. Investor sentiment was further supported by accelerating momentum in AI-related customer demand and the view that stronger fundamentals, rather than multiple expansion alone, helped drive the company's strong share price appreciation. |
| HLNE | Hamilton Lane is a private markets investment firm that provides customized investment solutions, advisory services, and data-driven tools to institutional and private wealth clients. The company benefits from a diversified platform across private markets, long-standing client relationships, and a growing evergreen business that broadens access to individual investors. During the quarter, shares detracted from performance as broader concerns around private credit and software exposure within private equity portfolios continued to weigh on sentiment across the alternative asset management industry. While these concerns pressured the stock, we believe Hamilton Lane's diversified portfolio exposure helps make the risks manageable. |
| PLNT | Planet Fitness is one of the largest fitness club franchisors in the world, operating a budget-friendly gym model built around low monthly dues, broad accessibility, and a welcoming brand position. We believe the company benefits from a capital-light franchise structure, strong brand recognition, and a meaningful long-term opportunity to expand its club base both in the U.S. and internationally. During the quarter, shares detracted from performance after the company lowered both its revenue and earnings outlook, as member sign-ups fell short of internal expectations following a recent brand repositioning. Sentiment was also pressured by management transition concerns, including the departure of the Chief Financial Officer, as well as broader pressure on discretionary consumer spending. |
| AORT | Artivion manufactures, processes, and distributes medical devices and implantable human tissues used in cardiac and vascular surgical procedures, with a focus on treating patients with aortic disease. The company's portfolio includes established products as well as newer technologies designed to improve outcomes in complex cardiovascular procedures. During the quarter, shares detracted from performance after the company reported in-line first-quarter results but modestly lowered its full-year outlook, primarily due to slower-than-expected starter set sales for AMDS, its key new product cycle. |
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