| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.94% | -11.41% | -11.41% |
The Alger Weatherbie Specialized Growth Fund underperformed during a turbulent first quarter marked by two major disruptions. AI-driven software repricing and the U.S.-Iran conflict created market volatility, with the S&P 500 declining 4.33% and the fund falling 11.41%. Despite these headwinds, the managers maintain conviction in their thesis around companies enabling the agentic AI transition, where systems move beyond generating answers to autonomously executing tasks. This shift is accelerating demand for compute capacity and driving growth across data center ecosystems. Key contributors included AAR Corp, benefiting from robust aerospace aftermarket demand and defense spending, DigitalOcean, which delivered strong cloud infrastructure results, and Legence Corp, driven by data center project growth. Detractors included Casella Waste Systems, facing industry volume concerns, and StepStone Group, impacted by private market headwinds. The managers see opportunity in U.S. business spending growth, supported by AI infrastructure demand and favorable tax incentives from recent legislation.
The fund invests in a focused portfolio of approximately 50 small and mid-cap companies demonstrating promising growth potential, with current emphasis on companies benefiting from the agentic AI transition and infrastructure spending drivers.
The managers continue to see opportunity in companies enabling and adopting AI technology as it enters the agentic phase. They expect U.S. business spending to be a more prominent driver of economic growth, supported by AI infrastructure demand and tax incentives. The underlying economy remained strong through the opening months despite market turbulence.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|
| AIR | AAR Corp is a diversified provider of aftermarket aviation services, offering parts supply, maintenance and repair, and integrated solutions to commercial airlines, government agencies, and defense customers worldwide. The company 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 the increasing need for military operational readiness. During the quarter, shares contributed positively to performance after the company delivered a strong fiscal third-quarter earnings report, with revenue, earnings, and profitability all exceeding expectations driven by solid organic growth, particularly in its parts supply business. Management also provided an encouraging fiscal year outlook, with commercial aviation demand continuing to hold firm despite geopolitical disruptions and defense-related activity providing a meaningful tailwind. |
| DOCN | DigitalOcean is a cloud infrastructure provider that offers scalable computing, storage, and networking solutions tailored to startups, small and mid-sized businesses, and individual developers. The company has differentiated itself by delivering a simplified, developer-friendly platform that lowers the barrier to cloud adoption for customers who may be underserved by the larger hyperscale providers. During the quarter, shares contributed positively to performance after the company delivered a strong fiscal fourth-quarter report that exceeded expectations on both revenue and profitability. Net new annual recurring revenue reached a record level, net revenue retention accelerated, and the company's largest customers emerged as an increasingly meaningful growth driver — reinforcing a business that we believe is steadily moving up the quality curve. Additionally, management outlined an encouraging multi-year growth framework. |
| CWST | Casella Waste Systems is a vertically integrated solid waste services company operating primarily in the Northeastern United States, providing collection, transfer, disposal, and recycling services across residential, commercial, and industrial markets. We believe the company 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. During the quarter, shares detracted from performance despite the company delivering solid results that extended its track record of double-digit growth in revenue, earnings, and free cash flow to a fifth consecutive year. Investor concerns centered on muted volume growth across the broader waste industry, a leadership transition as the company's president was elevated to CEO, and ongoing integration challenges associated with operations acquired from a large industry peer in the Mid-Atlantic region. We believe the company has largely worked through these issues. |
| STEP | StepStone Group is a global private markets investment firm that provides customized investment solutions, advisory services, and data analytics to institutional investors, including pension funds, sovereign wealth funds, endowments, and family offices. The company invests across private equity, real estate, infrastructure, and private debt, offering clients access to these asset classes through commingled funds, separately managed accounts, and secondary market transactions. During the quarter, shares detracted from performance despite the company reporting record fee revenues and continued growth in assets under management. The primary headwinds were lower performance-related earnings relative to the prior year, driven by the timing of transaction closes and a significant decline in retroactive fee contributions. Broader market concerns around the pace of private market realizations and a risk-off environment for alternative asset managers further weighed on sentiment. Despite the challenging near-term backdrop, we believe StepStone's expanding platform, growing private wealth business, and deepening client relationships position the company for durable fee-related earnings growth over time. |
| PLNT | Planet Fitness is the largest fitness franchise in the United States, operating a high-value, low-cost gym model that has attracted over twenty million members through its accessible pricing and welcoming, judgment-free environment. The company generates revenue through franchise royalties, membership fees at corporate-owned clubs, and equipment sales to franchisees, creating a capital-light business model with strong recurring cash flow characteristics. We believe Planet Fitness benefits from a long runway of domestic and international unit growth, with management targeting a significantly larger club footprint over time. During the quarter, shares detracted from performance despite the company delivering better-than-expected fiscal fourth-quarter results on both revenue and earnings. The primary headwind was management's full-year guidance, which pointed to a deceleration in revenue growth relative to the prior year, falling short of consensus estimates and raising investor concerns about the pace of the company's expansion trajectory. Weakening consumer sentiment and growing competition in the value fitness segment further weighed on the stock. Despite the near-term pressure, we believe Planet Fitness's brand strength, considerable scale advantages, and continued unit growth provide a solid foundation for long-term value creation. |
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