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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and constructive secular tailwinds."
During Q4 2025, the Alger Spectra Fund (Class A) returned -1.23% (without sales charge), underperforming the Russell 3000 Growth Index's 1.14% return. Positive contributors included Alphabet, Natera, and Cidara Therapeutics (acquired by Merck). Detractors included Nebius Group, Microsoft, and Meta Platforms, primarily hit by worries over the magnitude of AI CapEx and capacity bottlenecks. While macroeconomic challenges such as labor softening, consumer caution, and data fog from a government shutdown persist, business spending is bolstered by AI demand and fiscal incentives (One Big Beautiful Bill).
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Growth Outlook
Market outlook remains above average conviction: The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Risk Appetite
Risk appetite posture is above average conviction: The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Forward Guidance
Forward guidance signal: The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Language Signal
Tone analysis indicates above average conviction language: The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Alger Spectra Fund underperformed in Q4 2025 due to near-term AI CapEx fears hitting major positions like Microsoft and Meta, despite strong long-term fundamentals and construc...
