Despite external pressures and the impact of several geopolitical events, the U.S. consumer and economy remain healthy and well positioned.

Alger Spectra Strategy Portfolio Manager Patrick Kelly gives his strategy update and broader outlook for the markets.

Click here for our recent Alger Spectra Strategy Commentary.

Click here for more information on Alger Spectra Strategy.
Click here for Patrick Kelly's Bio.

Fred Alger & Company, Incorporated is the parent company of Fred Alger Management, Inc. The views expressed are the views of Fred Alger Management, Inc. as of August 2016. Fred Alger Management, Inc. is widely recognized as a pioneer of growth style investment management. Alger has used sources of information which it believes to be reliable; however, this publication is not intended to be and does not constitute investment advice. These views are subject to change at any time and they do not guarantee the future performance of the markets, any security or any funds managed by Fred Alger Management, Inc. These views should not be considered a recommendation to purchase or sell securities. Individual securities or industries/sectors mentioned, if any, should be considered in the context of an overall portfolio and therefore reference to them should not be construed as a recommendation or offer to purchase or sell securities. References to or implications regarding the performance of an individual security or group of securities are not intended as an indication of the characteristics or performance of any specific sector, industry, security, group of securities or a portfolio and are for illustrative purposes only. Stocks of the companies mentioned may or may not currently be held due to liquidity, inclusion in a benchmark, or in response to cash flows.
Risk Disclosure: Investing in the stock market involves gains and losses and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks, as the prices of growth stocks tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic development. Investing in companies of all capitalizations involves the risk that smaller, newer issuers in which Alger invests may have limited product lines or financial resources or lack management depth.

Past performance is no guarantee of future results.

Certain Alger strategies may invest in stock issued by companies in foreign countries, including emerging markets. Special risks associated with investments in foreign country issuers, including issuers in emerging markets, include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and different auditing and legal standards. Foreign currencies are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.

Companies discussed reflect the top holdings for various accounts in the strategy and is subject to change. Actual client holdings may vary. Portfolio holdings may change and stocks of companies noted may or may not be held by one or more Alger portfolios from time to time. Investors should not consider references to individual securities as an endorsement or recommendation to purchase or sell such securities. Transactions in such securities may be made which seemingly contradict the references to them for a variety of reasons, including but not limited to, liquidity to meet redemptions or overall portfolio rebalancing.

The S&P 500 index is an unmanaged index generally representative of the U.S. stock market without regard to company size. Index performance does not reflect deductions for fees, expenses, or taxes. Investors cannot invest directly in any index.

The Strategy can leverage, and the cost of borrowing money to leverage could exceed the returns for the securities purchased or securities may actually go down in value; thus, the Strategy’s net asset value could decrease more quickly than if it had not borrowed. Unlike the Russell 3000 Growth Index, the Alger Spectra Strategy is an active investment strategy that is able to invest in companies of all sizes and sell securities short. In order to engage in a short sale, the Strategy arranges with a broker to borrow the security being sold short. In order to close out its short position, the Strategy will replace the security by purchasing the security at the price prevailing at the time of replacement. The Strategy will incur a loss if the price of the security sold short has increased since the time of the short sale and may experience a gain if the price has decreased since the short sale. The use of short sales could increase the Fund’s exposure to the market, magnifying losses and increasing volatility.

As of 6/30/2016, the following companies represented the noted percentage of Spectra Strategy assets: Amazon.com, Inc., 4.98%; Apple, Inc., 3.94%; Comcast Corp., 2.02%; Facebook, Inc., 4.49%; Alphabet, 6.83%; Microsoft, 3.94%; Allergan PLC, 2.67%; Exxon Mobil, -0.54%, Netflix, Inc., 0.15%, Honeywell International, Inc., 3.93%, Unitedhealth Group, Inc., 2.29%, and Pfizer, Inc., 0.0%.

For a prospectus containing this and other information about an Alger fund, click on www.alger.com. Read the prospectus carefully before investing.
Distributor: Fred Alger & Company, Incorporated.
Member: NYSE Euronext/SIPC.