Download High Conviction, High Concentration A CONCENTRATED

C A P I TA L A P P R E C I AT I O N F O C U S / F LY E R
A CONCENTRATED
PORTFOLIO BUILT
WITH CONVICTION
The Alger Capital Appreciation Focus Fund seeks long-term capital
appreciation by following an investment strategy that generally
concentrates the portfolio’s holdings in approximately 50 securities.
A Fund with a Focused Approach
• Alger’s Investment Philosophy: The Alger Capital Appreciation Focus Fund
embodies Alger’s investment philosophy of targeting companies undergoing
Positive Dynamic Change, which are companies experiencing high unit
volume growth or positive life cycle change.
• Alger’s Investment Process: Our process is detailed, disciplined, and diligent.
Alger’s experienced analysts perform original, fundamental, bottom-up
research to identify companies that we believe offer the greatest long-term
growth and capital appreciation potential. The portfolio is comprised from
our analysts’ best and highest conviction ideas.
High
Conviction,
High
Concentration
• Flexible Strategy: The Fund has the ability to invest in any company we believe
has growth potential, regardless of market capitalization, while maintaining
an anchor in large cap. Additionally, the Fund will generally hold approximately
50 securities and may invest across all sectors.
A Powerful Portfolio Management Team
Patrick Kelly, CFA and Ankur Crawford, Ph.D. are the portfolio managers of the
Alger Capital Appreciation Focus Fund. Together, they have an average of 15
years of investment experience. Alger’s portfolio managers are detail-oriented
and engage in a considerable amount of Socratic dialogue with our analysts to
determine their highest conviction ideas.
Learn more about Alger’s high conviction
and high concentration small cap strategy,
the Alger Small Cap Focus Fund
Alger Capital Appreciation Focus Fund
Share Class
Ticker CUSIP
A
C
I
Z
ALAFX ALCFX ALGRX ALZFX 015570799
015570781
015570302
015570773
CA P I TA L A PPR EC I AT I ON FO CUS 2/ 2
Alger also provides access to the Alger Small Cap Focus Fund*, which
seeks long-term capital appreciation by investing in fast growing small cap
Alger Small Cap Focus Fund
Ticker CUSIP
equities that demonstrate promising growth potential and concentrating
Share Class
A
AOFAX 015565450
the portfolio’s holdings in approximately 50 securities.
C
AOFCX 015565443
I
AOFIX 015565435
Z
AGOZX 015565369
For more information about both of these opportunities, speak with your financial advisor, visit www.alger.com or call 800.992.3863.
Risk Disclosures: 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. There are additional risks when investing in an active investment
strategy, such as increased short-term trading, additional transaction costs and
potentially increased taxes that a shareholder may pay, which can lower the actual
return on an investment. 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 of management depth. Stocks of small- and midsized companies are subject to greater risk than stocks of larger, more established
companies owing to such factors as limited liquidity, inexperienced management,
and limited financial resources. The Fund can use derivatives. A small investment in
derivatives could have a potentially large impact on a fund’s performance.
Certain Alger strategies, including Alger Capital Appreciation Focus and Alger
Growth Opportunities can use 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, a strategy’s net asset value could decrease more
quickly than if it had not borrowed.
The Funds may have a more concentrated portfolio than other funds so they may
be more vulnerable to changes in market value of a single issuer and may be more
susceptible to risks associated with a single economic, political, or regulatory
occurrence than a fund that has a more diversified portfolio.Class A shares are
subject to a maximum 5.25% front-end sales charge.
Class A shares are subject to a maximum 5.25% front-end sales charge. Certain
Class A and all Class C shares held less than one year are subject to a 1% contingent
deferred sales charge (CDSC). Class Z shares, which may be purchased through
a financial intermediary, are generally subject to a minimum initial investment of
$500,000. There are no distribution and/or service fees for Class Z shares, and
Class Z shares do not impose a front-end charge. Class I shares are an investment
vehicle for institutional investors, such as corporations, foundations, and trusts
managing various types of employee benefit plans, as well as charitable, religious,
and educational institutions. Investors may purchase or redeem Class I shares
through a financial intermediary. There are no sales charges on purchases or
redemptions.
* Prior to August 7, 2015, the Fund followed different investment strategies under
the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was
managed by a different portfolio manager.
Prior to December 31, 2012, the Alger Capital Appreciation Focus Fund followed
a different investment strategy under the name “Alger Large Cap Growth
Institutional Fund” and was managed by different portfolio managers.
Companies undergoing Positive Dynamic Change are those experiencing High
Unit Volume Growth (including growing demand, having a strong business
model, enjoying market dominance, or generating free cash flow) or Positive
Life Cycle Change (companies benefitting from a positive catalyst, such as new
management, product innovation, acquisition, or new regulations). The Alger Way
refers to the original, fundamental, bottom-up research process Alger analysts
learn and use to identify companies that offer the greatest long-term growth and
capital appreciation potential.
Not all funds, strategies, or share classes are available at all
firms. Please check with your financial advisor for details.
Before investing, carefully consider the Fund’s investment
objec­tive, risks, charges, and expenses. For a prospectus and
a summary prospectus containing this and other information
about the Fund, call (800) 992-3863, visit www.alger.com, or
consult your financial advisor. Read it carefully before investing.
Distributor: Fred Alger & Company, Incorporated. Member NYSE
Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED.
MAY LOSE VALUE.
Fred Alger & Company, Incorporated 360 Park Avenue South, New York, NY 10010 / 800.223.3810 / www.alger.com
CAF-FL-0815