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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