Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Capital Appreciation Portfolio (Class I-2 / ALVOX) | $53 | 0.93% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Capital Appreciation Portfolio Class I-2 | 41.69% | 16.58% | 14.63% |
Russell 1000 Growth Index | 33.48% | 19.34% | 16.33% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Fund net assets | $603,172,776% |
Total number of portfolio holdings1 | $75% |
Portfolio turnover rate as of the end of the reporting period | $32.21% |
1 | Excludes Money Market Funds. |
Communication Services | 15.4% |
Consumer Discretionary | 10.5% |
Consumer Staples | 0.4% |
Energy | 0.3% |
Financials | 3.9% |
Healthcare | 11.7% |
Industrials | 7.0% |
Information Technology | 47.4% |
Materials | 1.0% |
Real Estate | 0.8% |
Utilities | 1.4% |
Short-Term Investments and Other Net Assets | 0.2% |
100.0% |
† | Based on net assets of the Fund. |
Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Capital Appreciation Portfolio (Class S) | $67 | 1.18% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Capital Appreciation Portfolio Class S | 41.34% | 16.29% | 14.33% |
Russell 1000 Growth Index | 33.48% | 19.34% | 16.33% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Fund net assets | $603,172,776% |
Total number of portfolio holdings1 | $75% |
Portfolio turnover rate as of the end of the reporting period | $32.21% |
1 | Excludes Money Market Funds. |
Communication Services | 15.4% |
Consumer Discretionary | 10.5% |
Consumer Staples | 0.4% |
Energy | 0.3% |
Financials | 3.9% |
Healthcare | 11.7% |
Industrials | 7.0% |
Information Technology | 47.4% |
Materials | 1.0% |
Real Estate | 0.8% |
Utilities | 1.4% |
Short-Term Investments and Other Net Assets | 0.2% |
100.0% |
† | Based on net assets of the Fund. |
Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Large Cap Growth Portfolio (Class I-2 / AAGOX) | $46 | 0.82% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Large Cap Growth Portfolio Class I-2 | 29.63% | 14.62% | 12.65% |
Russell 1000 Growth Index | 33.48% | 19.34% | 16.33% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Fund net assets | $339,526,818% |
Total number of portfolio holdings1 | $53% |
Portfolio turnover rate as of the end of the reporting period | $36.22% |
1 | Excludes Money Market Funds. |
Communication Services | 15.0% |
Consumer Discretionary | 12.9% |
Energy | 0.9% |
Exchange Traded Fund | 2.3% |
Financials | 1.5% |
Healthcare | 11.0% |
Industrials | 13.0% |
Information Technology | 37.0% |
Mutual Fund | 2.4% |
Short-Term Investments and Other Net Assets | 4.0% |
100.0% |
† | Based on net assets of the Fund. |
Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Growth & Income Portfolio (Class I-2 / AIGOX) | $51 | 0.95% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Growth & Income Portfolio Class I-2 | 24.65% | 15.52% | 12.42% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Fund net assets | $41,762,047% |
Total number of portfolio holdings1 | $78% |
Portfolio turnover rate as of the end of the reporting period | $1.67% |
1 | Excludes Money Market Funds. |
Communication Services | 10.3)% |
Consumer Discretionary | 8.0)% |
Consumer Staples | 6.2)% |
Energy | 4.9)% |
Financials | 12.8)% |
Healthcare | 12.3)% |
Industrials | 6.5)% |
Information Technology | 33.8)% |
Materials | 1.8)% |
Real Estate | 2.1)% |
Utilities | 1.6)% |
Short-Term Investments and Other Net Assets | (0.3)% |
100.0)% |
† | Based on net assets of the Fund. |
Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Mid Cap Growth Portfolio (Class I-2 / AMGOX) | $50 | 0.96% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Mid Cap Growth Portfolio Class I-2 | 12.10% | 8.25% | 8.77% |
Russell Midcap Growth Index | 15.05% | 9.93% | 10.51% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Fund net assets | $137,368,384% |
Total number of portfolio holdings1 | $64% |
Portfolio turnover rate as of the end of the reporting period | $29.09% |
1 | Excludes Money Market Funds. |
Communication Services | 8.1% |
Consumer Discretionary | 11.2% |
Consumer Staples | 1.2% |
Energy | 2.7% |
Exchange Traded Fund | 3.4% |
Financials | 6.8% |
Healthcare | 12.3% |
Industrials | 18.9% |
Information Technology | 29.3% |
Materials | 1.7% |
Real Estate | 4.1% |
Short-Term Investments and Other Net Assets | 0.3% |
100.0% |
† | Based on net assets of the Fund. |
Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Small Cap Growth Portfolio (Class I-2 / AASOX) | $53 | 1.05% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Small Cap Growth Portfolio Class I-2 | 6.87% | 2.82% | 7.17% |
Russell 2000 Growth Index | 9.14% | 6.17% | 7.39% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Fund net assets | $148,201,951% |
Total number of portfolio holdings1 | $105% |
Portfolio turnover rate as of the end of the reporting period | $17.97% |
1 | Excludes Money Market Funds. |
Communication Services | 3.1% |
Consumer Discretionary | 16.8% |
Consumer Staples | 3.6% |
Energy | 4.7% |
Financials | 2.0% |
Healthcare | 25.1% |
Industrials | 8.4% |
Information Technology | 29.7% |
Materials | 0.7% |
Short-Term Investments and Other Net Assets | 5.9% |
100.0% |
† | Based on net assets of the Fund. |
Fund (Class/Ticker) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alger Balanced Portfolio (Class I-2 / ABLOX) | $57 | 1.09% |
U.S. FACTOR | IMPACT | SUMMARY |
Soft-landing Narrative | Positive | During the period, the soft-landing scenario—an economic slowdown without a recession—drove equity markets higher as U.S. GDP for the fourth quarter of 2023 grew 3.4%, exceeding the initial 2.0% consensus, driven by robust consumer spending. |
AI Enthusiasm | Positive | Continued anticipation about artificial intelligence drove strong gains for related companies, supported by robust operating results and upward earnings revisions. |
Tighter Credit Spread | Positive for Fixed Income | Credit spreads narrowed during the period due to strong economic data. |
Elevated Inflation | Negative | Inflation concerns resurfaced during the first quarter of 2024, with Consumer Price Index (CPI) and Personal Consumption Expenditure Price Index (PCE) readings coming in higher-than-expected. |
Revised Federal Reserve Rate Cut Expectations | Negative | Elevated inflation readings during the first quarter of 2024 led to the Federal Reserve postponing an anticipated March rate cut. The revision of the market’s rate cut expectations, initially from a projected six cuts at the beginning of the period down to just one for the year, led to some market volatility in April. |
Rising U.S. Government Bond Yields | Negative for Fixed Income | U.S. Government Bond yields rose during the period due to persistent inflation and strong economic data. |
Average Annual Total Returns (As of June 30, 2024) | 1 Year | 5 Years | 10 Years |
Alger Balanced Portfolio Class I-2 | 18.50% | 10.39)% | 8.76% |
Bloomberg U.S. Gov't/Credit Bond Index | 2.74% | (0.07)% | 1.51% |
S&P 500 Index | 24.56% | 15.05)% | 12.86% |
Fund net assets | $60,143,166% |
Total number of portfolio holdings1 | $101% |
Portfolio turnover rate as of the end of the reporting period | $2.99% |
1 | Excludes Money Market Funds. |
Communication Services | 7.6% |
Consumer Discretionary | 5.9% |
Consumer Staples | 4.5% |
Energy | 3.7% |
Financials | 9.6% |
Healthcare | 9.2% |
Industrials | 4.8% |
Information Technology | 25.1% |
Materials | 1.4% |
Real Estate | 1.5% |
Utilities | 1.1% |
Total Equities | 74.4% |
Corporate Bonds | 25.4% |
Short-Term Investments and Other Net Assets | 0.2% |
100.0% |
† | Based on net assets of the Fund. |
(b) | Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. |
Not applicable.
ITEM 2. CODE OF ETHICS.
Not applicable to this semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this semi-annual report.
ITEM 6. INVESTMENTS.
(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN_END MANAGEMENT INVESTMENT COMPANIES.
Alger Capital Appreciation Portfolio |
SHARES | VALUE | |||
COMMON STOCKS—98.9% | ||||
ADVERTISING—0.4% | ||||
The Trade Desk, Inc., Cl. A* | 22,037 | $ 2,152,354 | ||
AEROSPACE & DEFENSE—2.5% | ||||
HEICO Corp. | 3,754 | 839,432 | ||
HEICO Corp., Cl. A | 35,291 | 6,264,858 | ||
TransDigm Group, Inc. | 6,133 | 7,835,582 | ||
14,939,872 | ||||
APPAREL RETAIL—0.4% | ||||
Burlington Stores, Inc.* | 10,442 | 2,506,080 | ||
APPLICATION SOFTWARE—4.9% | ||||
Adobe, Inc.* | 16,034 | 8,907,528 | ||
AppLovin Corp., Cl. A* | 136,618 | 11,369,350 | ||
Cadence Design Systems, Inc.* | 16,376 | 5,039,714 | ||
HubSpot, Inc.* | 5,402 | 3,186,046 | ||
Intuit, Inc. | 377 | 247,768 | ||
Synopsys, Inc.* | 1,714 | 1,019,933 | ||
29,770,339 | ||||
AUTOMOBILE MANUFACTURERS—0.2% | ||||
Tesla, Inc.* | 6,471 | 1,280,482 | ||
BIOTECHNOLOGY—4.6% | ||||
Amgen, Inc. | 12,426 | 3,882,504 | ||
Ascendis Pharma A/S ADR* | 9,668 | 1,318,522 | ||
Madrigal Pharmaceuticals, Inc.* | 5,181 | 1,451,509 | ||
Natera, Inc.* | 131,783 | 14,270,781 | ||
Nuvalent, Inc., Cl. A* | 7,659 | 581,012 | ||
Sarepta Therapeutics, Inc.* | 14,976 | 2,366,208 | ||
Vaxcyte, Inc.* | 47,983 | 3,623,196 | ||
Vertex Pharmaceuticals, Inc.* | 298 | 139,678 | ||
27,633,410 | ||||
BROADLINE RETAIL—8.7% | ||||
Amazon.com, Inc.* | 229,087 | 44,271,063 | ||
MercadoLibre, Inc.* | 5,031 | 8,267,945 | ||
52,539,008 | ||||
CARGO GROUND TRANSPORTATION—0.3% | ||||
Old Dominion Freight Line, Inc. | 9,720 | 1,716,552 | ||
CASINOS & GAMING—0.9% | ||||
DraftKings, Inc., Cl. A* | 135,154 | 5,158,828 | ||
Flutter Entertainment PLC* | 2,388 | 434,373 | ||
5,593,201 | ||||
COAL & CONSUMABLE FUELS—0.2% | ||||
Cameco Corp. | 20,594 | 1,013,225 |
SHARES | VALUE | |||
COMMON STOCKS—98.9% (CONT.) | ||||
CONSTRUCTION & ENGINEERING—0.5% | ||||
Quanta Services, Inc. | 11,358 | $ 2,885,954 | ||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5% | ||||
Wabtec Corp. | 17,963 | 2,839,052 | ||
CONSTRUCTION MATERIALS—0.7% | ||||
Martin Marietta Materials, Inc. | 7,633 | 4,135,559 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.4% | ||||
Walmart, Inc. | 33,319 | 2,256,030 | ||
COPPER—0.3% | ||||
Freeport-McMoRan, Inc. | 39,259 | 1,907,987 | ||
DIVERSIFIED BANKS—0.5% | ||||
Citigroup, Inc. | 47,341 | 3,004,260 | ||
ELECTRIC UTILITIES—1.3% | ||||
Constellation Energy Corp. | 22,878 | 4,581,777 | ||
NextEra Energy, Inc. | 9,618 | 681,051 | ||
NRG Energy, Inc. | 36,233 | 2,821,101 | ||
8,083,929 | ||||
ELECTRICAL COMPONENTS & EQUIPMENT—1.5% | ||||
Eaton Corp. PLC | 4,491 | 1,408,153 | ||
Vertiv Holdings Co., Cl. A | 89,836 | 7,777,103 | ||
9,185,256 | ||||
ENVIRONMENTAL & FACILITIES SERVICES—1.3% | ||||
GFL Environmental, Inc. | 207,514 | 8,078,520 | ||
FINANCIAL EXCHANGES & DATA—1.3% | ||||
S&P Global, Inc. | 18,154 | 8,096,684 | ||
FOOTWEAR—0.3% | ||||
On Holding AG, Cl. A* | 41,195 | 1,598,366 | ||
HEALTHCARE DISTRIBUTORS—0.9% | ||||
McKesson Corp. | 9,396 | 5,487,640 | ||
HEALTHCARE EQUIPMENT—3.8% | ||||
Boston Scientific Corp.* | 110,557 | 8,513,995 | ||
Dexcom, Inc.* | 21,032 | 2,384,608 | ||
Edwards Lifesciences Corp.* | 8,907 | 822,740 | ||
Intuitive Surgical, Inc.* | 17,530 | 7,798,220 | ||
Stryker Corp. | 10,309 | 3,507,637 | ||
23,027,200 | ||||
HOMEFURNISHING RETAIL—0.0% | ||||
RH* | 165 | 40,333 | ||
INTERACTIVE HOME ENTERTAINMENT—0.1% | ||||
Take-Two Interactive Software, Inc.* | 3,776 | 587,130 |
SHARES | VALUE | |||
COMMON STOCKS—98.9% (CONT.) | ||||
INTERACTIVE MEDIA & SERVICES—11.4% | ||||
Alphabet, Inc., Cl. C | 113,526 | $ 20,822,939 | ||
Meta Platforms, Inc., Cl. A | 77,698 | 39,176,886 | ||
Pinterest, Inc., Cl. A* | 204,275 | 9,002,399 | ||
69,002,224 | ||||
INTERNET SERVICES & INFRASTRUCTURE—0.3% | ||||
Shopify, Inc., Cl. A* | 29,346 | 1,938,303 | ||
LIFE SCIENCES TOOLS & SERVICES—0.6% | ||||
Danaher Corp. | 14,236 | 3,556,865 | ||
MANAGED HEALTHCARE—0.4% | ||||
UnitedHealth Group, Inc. | 4,135 | 2,105,790 | ||
MOVIES & ENTERTAINMENT—3.5% | ||||
Liberty Media Corp. Series C Liberty Formula One * | 68,091 | 4,891,657 | ||
Netflix, Inc.* | 18,738 | 12,645,902 | ||
Spotify Technology SA* | 12,162 | 3,816,314 | ||
21,353,873 | ||||
OIL & GAS EXPLORATION & PRODUCTION—0.2% | ||||
Diamondback Energy, Inc. | 5,138 | 1,028,576 | ||
PASSENGER GROUND TRANSPORTATION—0.4% | ||||
Uber Technologies, Inc.* | 30,568 | 2,221,682 | ||
PHARMACEUTICALS—1.5% | ||||
Eli Lilly & Co. | 9,690 | 8,773,132 | ||
SEMICONDUCTORS—20.9% | ||||
Advanced Micro Devices, Inc.* | 32,625 | 5,292,101 | ||
Broadcom, Inc. | 8,444 | 13,557,095 | ||
Marvell Technology, Inc. | 108,918 | 7,613,368 | ||
Micron Technology, Inc. | 54,333 | 7,146,420 | ||
NVIDIA Corp. | 648,310 | 80,092,218 | ||
ON Semiconductor Corp.* | 492 | 33,727 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 70,609 | 12,272,550 | ||
126,007,479 | ||||
SYSTEMS SOFTWARE—15.0% | ||||
Microsoft Corp. | 192,563 | 86,066,033 | ||
ServiceNow, Inc.* | 5,538 | 4,356,578 | ||
90,422,611 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.2% | ||||
Apple, Inc. | 170,247 | 35,857,423 | ||
Dell Technologies, Inc., Cl. C | 11,434 | 1,576,863 | ||
37,434,286 |
SHARES | VALUE | |||
COMMON STOCKS—98.9% (CONT.) | ||||
TRANSACTION & PAYMENT PROCESSING SERVICES—2.0% | ||||
Visa, Inc., Cl. A | 45,787 | $ 12,017,714 | ||
TOTAL COMMON STOCKS (Cost $326,163,285) | 596,220,958 | |||
PREFERRED STOCKS—0.0% | ||||
DIVERSIFIED FINANCIAL SERVICES—0.0% | ||||
Chime Financial, Inc.,Series G(a),*,@ | 6,689 | 238,128 | ||
(Cost $462,008) | 238,128 | |||
REAL ESTATE INVESTMENT TRUST—0.8% | ||||
DATA CENTER—0.8% | ||||
Equinix, Inc. | 6,378 | 4,825,595 | ||
(Cost $5,241,605) | 4,825,595 | |||
SPECIAL PURPOSE VEHICLE—0.1% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.1% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 412,870 | |||
(Cost $475,000) | 412,870 | |||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $475,000) | 412,870 | |||
SHORT-TERM SECURITIES—0.4% | ||||
MONEY MARKET FUNDS—0.4% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.18%(c) | 2,476,886 | 2,476,886 | ||
(Cost $2,476,886) | 2,476,886 | |||
Total Investments (Cost $334,818,784) | 100.2% | $604,174,437 | ||
Affiliated Securities (Cost $475,000) | 412,870 | |||
Unaffiliated Securities (Cost $334,343,784) | 603,761,567 | |||
Liabilities in Excess of Other Assets | (0.2)% | (1,001,661) | ||
NET ASSETS | 100.0% | $603,172,776 |
ADR | American Depositary Receipts |
(a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved by the Board of Trustees. |
(b) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 10 - Affiliated Securities. |
(c) | Rate shown reflects 7-day effective yield as of June 30, 2024. |
* | Non-income producing security. |
@ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 6/30/2024 |
Chime Financial, Inc.,Series G | 8/24/21 | $462,008 | $238,128 | 0.0% |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 475,000 | 412,870 | 0.1% |
Total | $650,998 | 0.1% |
Alger Capital Appreciation Portfolio | |
ASSETS: | |
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | $603,761,567 |
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments | 412,870 |
Cash and cash equivalents | 4,508 |
Receivable for investment securities sold | 1,503,435 |
Receivable for shares of beneficial interest sold | 756,697 |
Dividends and interest receivable | 111,907 |
Prepaid expenses | 38,896 |
Total Assets | 606,589,880 |
LIABILITIES: | |
Payable for shares of beneficial interest redeemed | 1,243,063 |
Payable for investment securities purchased | 1,692,590 |
Accrued investment advisory fees | 342,427 |
Accrued fund accounting fees | 44,156 |
Accrued professional fees | 30,468 |
Accrued printing fees | 25,423 |
Accrued administrative fees | 11,626 |
Accrued distribution fees | 9,631 |
Accrued transfer agent fees | 4,679 |
Accrued trustee fees | 4,495 |
Accrued shareholder administrative fees | 4,228 |
Accrued custodian fees | 3,357 |
Accrued other expenses | 961 |
Total Liabilities | 3,417,104 |
NET ASSETS | $603,172,776 |
NET ASSETS CONSIST OF: | |
Paid in capital (par value of $.001 per share) | 338,501,109 |
Distributable earnings | 264,671,667 |
NET ASSETS | $603,172,776 |
* Identified cost | $334,343,784 (a) |
** Identified cost | $475,000 (a) |
Alger Capital Appreciation Portfolio | |
NET ASSETS BY CLASS: | |
Class I-2 | $556,046,715 |
Class S | $47,126,061 |
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 6: | |
Class I-2 | 5,550,056 |
Class S | 529,909 |
NET ASSET VALUE PER SHARE: | |
Class I-2 | $100.19 |
Class S | $88.93 |
(a) | At June 30, 2024, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $335,270,252, amounted to $268,904,185, which consisted of aggregate gross unrealized appreciation of $270,036,091, and aggregate gross unrealized depreciation of $1,131,906. |
Alger Capital Appreciation Portfolio | |
INCOME: | |
Dividends (net of foreign withholding taxes*) | $1,019,799 |
Interest | 91,275 |
Total Income | 1,111,074 |
EXPENSES: | |
Investment advisory fees — Note 3 | 1,929,430 |
Administration fees — Note 3 | 65,505 |
Distribution fees — Note 3 | |
Class S | 56,504 |
Fund accounting fees | 52,458 |
Professional fees | 25,822 |
Printing fees | 24,683 |
Shareholder administrative fees — Note 3 | 23,820 |
Custodian fees | 23,300 |
Transfer agent fees — Note 3 | 21,294 |
Registration fees | 13,410 |
Interest expenses | 11,865 |
Trustee fees — Note 3 | 8,152 |
Other expenses | 17,590 |
Total Expenses | 2,273,833 |
NET INVESTMENT (LOSS) | (1,162,759 ) |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | |
Net realized gain on unaffiliated investments | 27,135,808 |
Net realized (loss) on foreign currency transactions | (770 ) |
Total net realized gain | 27,135,038 |
Net change in unrealized appreciation on unaffiliated investments | 92,070,623 |
Net change in unrealized (depreciation) on affiliated investments | (13,338 ) |
Net change in unrealized (depreciation) on foreign currency | (918 ) |
Total change in unrealized appreciation | 92,056,367 |
Net realized and unrealized gain on investments and foreign currency | 119,191,405 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $118,028,646 |
* Foreign withholding taxes | $14,257 |
Alger Capital Appreciation Portfolio | ||
For the Six Months Ended June 30, 2024 | For the Year Ended December 31, 2023 | |
Net investment (loss) | $(1,162,759 ) | $(1,050,686 ) |
Net realized gain | 27,135,038 | 16,384,580 |
Net change in unrealized appreciation | 92,056,367 | 128,063,360 |
Net increase in net assets resulting from operations | 118,028,646 | 143,397,254 |
Dividends and distributions to shareholders: | ||
Class I-2 | — | — |
Class S | — | — |
Increase (decrease) from shares of beneficial interest transactions: | ||
Class I-2 | 56,183,034 | (53,471,205 ) |
Class S | (6,154,069 ) | (8,375,067 ) |
Net increase (decrease) from shares of beneficial interest transactions — Note 6 | 50,028,965 | (61,846,272 ) |
Total increase | 168,057,611 | 81,550,982 |
Net Assets: | ||
Beginning of period | 435,115,165 | 353,564,183 |
END OF PERIOD | $603,172,776 | $435,115,165 |
Alger Capital Appreciation Portfolio | Class I-2 | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $78.22 | $54.65 | $94.33 | $99.96 | $80.93 | $68.07 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment loss(b) | (0.21) | (0.16) | (0.08) | (0.52) | (0.25) | (0.01) |
Net realized and unrealized gain (loss) on investments | 22.18 | 23.73 | (34.22) | 19.51 | 33.91 | 22.74 |
Total from investment operations | 21.97 | 23.57 | (34.30) | 18.99 | 33.66 | 22.73 |
Distributions from net realized gains | — | — | (5.38) | (24.62) | (14.63) | (9.87) |
Net asset value, end of period | $100.19 | $78.22 | $54.65 | $94.33 | $99.96 | $80.93 |
Total return | 28.08 % | 43.13 % | (36.52) % | 19.13 % | 41.75 % | 33.58 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $556,047 | $392,988 | $317,119 | $584,908 | $573,297 | $461,686 |
Ratio of net expenses to average net assets | 0.93 % | 0.95 % | 0.94 % | 0.91 % | 0.93 % | 0.94 % |
Ratio of net investment loss to average net assets | (0.46) % | (0.24) % | (0.11) % | (0.47) % | (0.27) % | (0.01) % |
Portfolio turnover rate | 32.21 % | 79.29 % | 107.04 % | 89.50 % | 89.91 % | 74.35 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Amount was computed based on average shares outstanding during the period. |
Alger Capital Appreciation Portfolio | Class S | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $69.52 | $48.69 | $85.16 | $92.49 | $75.85 | $64.44 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment loss(b) | (0.28) | (0.29) | (0.23) | (0.73) | (0.45) | (0.21) |
Net realized and unrealized gain (loss) on investments | 19.69 | 21.12 | (30.86) | 18.02 | 31.72 | 21.49 |
Total from investment operations | 19.41 | 20.83 | (31.09) | 17.29 | 31.27 | 21.28 |
Distributions from net realized gains | — | — | (5.38) | (24.62) | (14.63) | (9.87) |
Net asset value, end of period | $88.93 | $69.52 | $48.69 | $85.16 | $92.49 | $75.85 |
Total return | 27.92 % | 42.78 % | (36.69) % | 18.83 % | 41.40 % | 33.24 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $47,126 | $42,127 | $36,445 | $61,345 | $58,436 | $49,666 |
Ratio of net expenses to average net assets | 1.18 % | 1.20 % | 1.19 % | 1.16 % | 1.18 % | 1.21 % |
Ratio of net investment loss to average net assets | (0.72) % | (0.49) % | (0.36) % | (0.72) % | (0.52) % | (0.28) % |
Portfolio turnover rate | 32.21 % | 79.29 % | 107.04 % | 89.50 % | 89.91 % | 74.35 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Amount was computed based on average shares outstanding during the period. |
Tier 1 | Tier 2 | Tier 3 | Tier 4 | Tier 5 | Actual Rate | |
Alger Capital Appreciation Portfolio(a) | 0.81 % | 0.65 % | 0.60 % | 0.55 % | 0.45 % | 0.81 % |
(a) | Tier 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 billion and $3 billion, Tier 3 rate is paid on assets between $3 billion and $4 billion, Tier 4 rate is paid on assets between $4 billion and $5 billion, and Tier 5 rate is paid on assets in excess of $5 billion. |
PURCHASES | SALES | |
Alger Capital Appreciation Portfolio | $155,273,483 | $183,587,420 |
AVERAGE DAILY BORROWING | WEIGHTED AVERAGE INTEREST RATE | |
Alger Capital Appreciation Portfolio | $88,619 | 6.30 % |
HIGHEST BORROWING | |
Alger Capital Appreciation Portfolio | $5,529,000 |
FOR THE SIX MONTHS ENDED June 30, 2024 | FOR THE YEAR ENDED December 31, 2023 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Alger Capital Appreciation Portfolio | ||||
Class I-2: | ||||
Shares sold | 369,706 | $33,403,221 | 731,090 | $49,647,944 |
Subscriptions in-kind1 | 842,109 | 84,370,859 | — | — |
Dividends reinvested | — | — | — | — |
Shares redeemed | (686,102 ) | (61,591,046 ) | (1,509,395 ) | (103,119,149 ) |
Net increase (decrease) | 525,713 | $56,183,034 | (778,305 ) | $(53,471,205 ) |
Class S: | ||||
Shares sold | 12,479 | $981,016 | 24,441 | $1,508,338 |
Dividends reinvested | — | — | — | — |
Shares redeemed | (88,570 ) | (7,135,085 ) | (166,915 ) | (9,883,405 ) |
Net decrease | (76,091 ) | $(6,154,069 ) | (142,474 ) | $(8,375,067 ) |
1 | Certain shareholders of the Portfolio subscribed for shares in-kind. |
Alger Capital Appreciation Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $93,095,581 | $93,095,581 | $— | $— |
Consumer Discretionary | 63,557,470 | 63,123,097 | 434,373 | — |
Consumer Staples | 2,256,030 | 2,256,030 | — | — |
Energy | 2,041,801 | 2,041,801 | — | — |
Financials | 23,118,658 | 23,118,658 | — | — |
Healthcare | 70,584,037 | 70,584,037 | — | — |
Industrials | 41,866,888 | 41,866,888 | — | — |
Information Technology | 285,573,018 | 285,573,018 | — | — |
Materials | 6,043,546 | 6,043,546 | — | — |
Utilities | 8,083,929 | 8,083,929 | — | — |
TOTAL COMMON STOCKS | $596,220,958 | $595,786,585 | $434,373 | $— |
PREFERRED STOCKS | ||||
Financials | 238,128 | — | — | 238,128 |
REAL ESTATE INVESTMENT TRUST | ||||
Real Estate | 4,825,595 | 4,825,595 | — | — |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 412,870 | — | — | 412,870 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 2,476,886 | 2,476,886 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $604,174,437 | $603,089,066 | $434,373 | $650,998 |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Capital Appreciation Portfolio | Preferred Stocks |
Opening balance at January 1, 2024 | $245,821 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (7,693 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 238,128 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | (7,693 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Capital Appreciation Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $426,208 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (13,338 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 412,870 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | (13,338 ) |
* | Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation (depreciation) on investments in the accompanying Statement of Operations. |
Fair Value June 30, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Capital Appreciation Portfolio | |||||
Preferred Stocks | $238,128 | Market Approach | Revenue Multiple | 9.00X-11.00X | N/A |
Special Purpose Vehicle | 412,870 | Market Approach | Revenue Multiple | 9.00X-11.00X | N/A |
TOTAL FUND | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Cash | $4,508 | $4,508 | $– | $– |
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at June 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at June 30, 2024 |
Alger Capital Appreciation Portfolio | ||||||||
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | $— | $— | $(13,338 ) | $412,870 | ||||
Total | $— | $— | $(13,338 ) | $412,870 |
1 | The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended June 30, 2024. |
New York, NY 10004
(800) 992-3863
www.alger.com
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
235 W. Galena Street
Milwaukee, WI 53212
240 Greenwich Street
New York, NY 10286
30 Rockefeller Plaza
New York, NY 10112
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN_END MANAGEMENT INVESTMENT COMPANIES.
Alger Large Cap Growth Portfolio |
SHARES | VALUE | |||
COMMON STOCKS—90.8% | ||||
AEROSPACE & DEFENSE—4.0% | ||||
HEICO Corp. | 41,441 | $ 9,266,622 | ||
TransDigm Group, Inc. | 3,329 | 4,253,164 | ||
13,519,786 | ||||
APPLICATION SOFTWARE—1.5% | ||||
AppLovin Corp., Cl. A* | 59,402 | 4,943,434 | ||
AUTOMOBILE MANUFACTURERS—1.0% | ||||
Tesla, Inc.* | 17,104 | 3,384,540 | ||
BIOTECHNOLOGY—4.7% | ||||
Amgen, Inc. | 7,256 | 2,267,137 | ||
Natera, Inc.* | 99,342 | 10,757,745 | ||
Regeneron Pharmaceuticals, Inc.* | 1,025 | 1,077,306 | ||
Vertex Pharmaceuticals, Inc.* | 1,448 | 678,707 | ||
Viking Therapeutics, Inc.* | 20,931 | 1,109,552 | ||
15,890,447 | ||||
BROADLINE RETAIL—10.4% | ||||
Amazon.com, Inc.* | 123,505 | 23,867,341 | ||
MercadoLibre, Inc.* | 7,042 | 11,572,823 | ||
35,440,164 | ||||
CARGO GROUND TRANSPORTATION—0.5% | ||||
Old Dominion Freight Line, Inc. | 9,125 | 1,611,475 | ||
CASINOS & GAMING—0.5% | ||||
DraftKings, Inc., Cl. A* | 42,800 | 1,633,676 | ||
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.7% | ||||
Wabtec Corp. | 15,308 | 2,419,429 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—2.9% | ||||
Vertiv Holdings Co., Cl. A | 115,068 | 9,961,437 | ||
ENVIRONMENTAL & FACILITIES SERVICES—0.9% | ||||
Tetra Tech, Inc. | 7,531 | 1,539,939 | ||
Veralto Corp. | 16,665 | 1,591,007 | ||
3,130,946 | ||||
HEALTHCARE DISTRIBUTORS—0.3% | ||||
McKesson Corp. | 1,980 | 1,156,399 | ||
HEALTHCARE EQUIPMENT—1.1% | ||||
Boston Scientific Corp.* | 25,735 | 1,981,852 | ||
Intuitive Surgical, Inc.* | 3,604 | 1,603,240 | ||
3,585,092 | ||||
HEALTHCARE FACILITIES—0.5% | ||||
Universal Health Services, Inc., Cl. B | 8,380 | 1,549,713 | ||
HEALTHCARE TECHNOLOGY—1.2% | ||||
Veeva Systems, Inc., Cl. A* | 21,858 | 4,000,233 |
SHARES | VALUE | |||
COMMON STOCKS—90.8% (CONT.) | ||||
HOTELS RESORTS & CRUISE LINES—1.0% | ||||
Trip.com Group Ltd. ADR* | 73,163 | $ 3,438,661 | ||
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7% | ||||
Paycom Software, Inc. | 16,605 | 2,375,179 | ||
INTERACTIVE HOME ENTERTAINMENT—1.1% | ||||
Roblox Corp., Cl. A* | 99,448 | 3,700,460 | ||
INTERACTIVE MEDIA & SERVICES—10.0% | ||||
Alphabet, Inc., Cl. C | 73,969 | 13,567,394 | ||
Meta Platforms, Inc., Cl. A | 27,965 | 14,100,513 | ||
Pinterest, Inc., Cl. A* | 146,275 | 6,446,339 | ||
34,114,246 | ||||
LIFE SCIENCES TOOLS & SERVICES—0.6% | ||||
Danaher Corp. | 3,646 | 910,953 | ||
ICON PLC* | 3,445 | 1,079,904 | ||
1,990,857 | ||||
MANAGED HEALTHCARE—0.5% | ||||
Elevance Health, Inc. | 3,454 | 1,871,584 | ||
MOVIES & ENTERTAINMENT—3.8% | ||||
Live Nation Entertainment, Inc.* | 14,020 | 1,314,235 | ||
Netflix, Inc.* | 17,373 | 11,724,690 | ||
13,038,925 | ||||
OIL & GAS EXPLORATION & PRODUCTION—0.8% | ||||
Diamondback Energy, Inc. | 14,211 | 2,844,900 | ||
PASSENGER GROUND TRANSPORTATION—3.3% | ||||
Uber Technologies, Inc.* | 152,891 | 11,112,118 | ||
PHARMACEUTICALS—2.1% | ||||
AstraZeneca PLC ADR | 25,823 | 2,013,936 | ||
Eli Lilly & Co. | 2,723 | 2,465,350 | ||
Merck & Co., Inc. | 11,406 | 1,412,063 | ||
Novo Nordisk A/S ADR | 8,772 | 1,252,115 | ||
7,143,464 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—1.3% | ||||
Lam Research Corp. | 4,102 | 4,368,015 | ||
SEMICONDUCTORS—18.1% | ||||
Advanced Micro Devices, Inc.* | 71,403 | 11,582,281 | ||
Broadcom, Inc. | 1,897 | 3,045,690 | ||
Marvell Technology, Inc. | 66,807 | 4,669,809 | ||
NVIDIA Corp. | 272,670 | 33,685,652 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 48,020 | 8,346,356 | ||
61,329,788 |
SHARES | VALUE | |||
COMMON STOCKS—90.8% (CONT.) | ||||
SYSTEMS SOFTWARE—10.8% | ||||
Crowdstrike Holdings, Inc., Cl. A* | 6,884 | $ 2,637,880 | ||
Microsoft Corp. | 68,912 | 30,800,219 | ||
ServiceNow, Inc.* | 4,281 | 3,367,734 | ||
36,805,833 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0% | ||||
Apple, Inc. | 80,019 | 16,853,602 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.5% | ||||
Visa, Inc., Cl. A | 19,740 | 5,181,158 | ||
TOTAL COMMON STOCKS (Cost $181,492,609) | 308,395,561 | |||
EXCHANGE TRADED FUNDS—2.3% | ||||
Alger 35 ETF(a) | 353,188 | 7,587,114 | ||
(Cost $6,792,657) | 7,587,114 | |||
MUTUAL FUNDS—2.4% | ||||
Alger 35 Fund, Cl. Z(a),* | 559,471 | 8,201,849 | ||
(Cost $7,604,417) | 8,201,849 | |||
SPECIAL PURPOSE VEHICLE—0.5% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.5% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 1,651,480 | |||
(Cost $1,900,000) | 1,651,480 | |||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $1,900,000) | 1,651,480 | |||
SHORT-TERM SECURITIES—4.1% | ||||
MONEY MARKET FUNDS—4.1% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.18%(c) | 14,020,736 | 14,020,736 | ||
(Cost $14,020,736) | 14,020,736 | |||
Total Investments (Cost $211,810,419) | 100.1% | $339,856,740 | ||
Affiliated Securities (Cost $16,297,074) | 17,440,443 | |||
Unaffiliated Securities (Cost $195,513,345) | 322,416,297 | |||
Liabilities in Excess of Other Assets | (0.1)% | (329,922) | ||
NET ASSETS | 100.0% | $339,526,818 |
ADR | American Depositary Receipts |
ETF | Exchange-Traded Fund |
(a) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 10 - Affiliated Securities. |
(b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved by the Board of Trustees. |
(c) | Rate shown reflects 7-day effective yield as of June 30, 2024. |
* | Non-income producing security. |
@ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 6/30/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1,900,000 | $1,651,480 | 0.5% |
Total | $1,651,480 | 0.5% |
Alger Large Cap Growth Portfolio | |
ASSETS: | |
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | $322,416,297 |
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments | 17,440,443 |
Receivable for shares of beneficial interest sold | 152,837 |
Dividends and interest receivable | 130,891 |
Receivable from Investment Manager | 9,163 |
Prepaid expenses | 29,358 |
Total Assets | 340,178,989 |
LIABILITIES: | |
Payable for shares of beneficial interest redeemed | 329,310 |
Accrued investment advisory fees | 196,005 |
Accrued fund accounting fees | 41,816 |
Accrued printing fees | 35,712 |
Accrued professional fees | 32,464 |
Accrued administrative fees | 7,592 |
Accrued trustee fees | 3,209 |
Accrued shareholder administrative fees | 2,761 |
Accrued custodian fees | 1,236 |
Accrued transfer agent fees | 1,203 |
Accrued other expenses | 863 |
Total Liabilities | 652,171 |
NET ASSETS | $339,526,818 |
NET ASSETS CONSIST OF: | |
Paid in capital (par value of $.001 per share) | 237,367,204 |
Distributable earnings | 102,159,614 |
NET ASSETS | $339,526,818 |
* Identified cost | $195,513,345 (a) |
** Identified cost | $16,297,074 (a) |
Alger Large Cap Growth Portfolio | |
NET ASSETS BY CLASS: | |
Class I-2 | $339,526,818 |
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 6: | |
Class I-2 | 4,412,042 |
NET ASSET VALUE PER SHARE: | |
Class I-2 | $76.95 |
(a) | At June 30, 2024, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $213,449,997, amounted to $126,406,743, which consisted of aggregate gross unrealized appreciation of $129,013,682, and aggregate gross unrealized depreciation of $2,606,939. |
Alger Large Cap Growth Portfolio | |
INCOME: | |
Dividends (net of foreign withholding taxes*) | $520,545 |
Interest | 176,804 |
Total Income | 697,349 |
EXPENSES: | |
Investment advisory fees — Note 3 | 1,135,503 |
Administration fees — Note 3 | 43,981 |
Fund accounting fees | 44,968 |
Printing fees | 31,474 |
Professional fees | 24,536 |
Custodian fees | 20,152 |
Shareholder administrative fees — Note 3 | 15,993 |
Transfer agent fees — Note 3 | 12,548 |
Registration fees | 11,302 |
Interest expenses | 8,193 |
Trustee fees — Note 3 | 5,613 |
Other expenses | 13,234 |
Total Expenses | 1,367,497 |
Less, expense reimbursements/waivers — Note 3 | (51,444 ) |
Net Expenses | 1,316,053 |
NET INVESTMENT (LOSS) | (618,704 ) |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | |
Net realized gain on unaffiliated investments | 13,334,458 |
Net realized (loss) on affiliated investments | (737 ) |
Total net realized gain | 13,333,721 |
Net change in unrealized appreciation on unaffiliated investments | 50,954,533 |
Net change in unrealized appreciation on affiliated investments | 2,996,812 |
Net change in unrealized (depreciation) on foreign currency | (701 ) |
Total change in unrealized appreciation | 53,950,644 |
Net realized and unrealized gain on investments and foreign currency | 67,284,365 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $66,665,661 |
* Foreign withholding taxes | $12,359 |
Alger Large Cap Growth Portfolio | ||
For the Six Months Ended June 30, 2024 | For the Year Ended December 31, 2023 | |
Net investment (loss) | $(618,704 ) | $(654,481 ) |
Net realized gain (loss) | 13,333,721 | (17,419,033 ) |
Net change in unrealized appreciation | 53,950,644 | 94,468,450 |
Net increase in net assets resulting from operations | 66,665,661 | 76,394,936 |
Dividends and distributions to shareholders: | ||
Class I-2 | — | — |
Decrease from shares of beneficial interest transactions: | ||
Class I-2 | (21,472,486 ) | (23,417,420 ) |
Net decrease from shares of beneficial interest transactions — Note 6 | (21,472,486 ) | (23,417,420 ) |
Total increase | 45,193,175 | 52,977,516 |
Net Assets: | ||
Beginning of period | 294,333,643 | 241,356,127 |
END OF PERIOD | $339,526,818 | $294,333,643 |
Alger Large Cap Growth Portfolio | Class I-2 | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022(b) | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $62.42 | $47.05 | $81.08 | $93.41 | $64.31 | $51.43 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment loss(c) | (0.14) | (0.13) | (0.14) | (0.10) | (0.10) | (0.01) |
Net realized and unrealized gain (loss) on investments | 14.67 | 15.50 | (31.11) | 11.07 | 42.98 | 14.10 |
Total from investment operations | 14.53 | 15.37 | (31.25) | 10.97 | 42.88 | 14.09 |
Dividends from net investment income | — | — | — | — | (0.15) | — |
Distributions from net realized gains | — | — | (2.78) | (23.30) | (13.63) | (1.21) |
Net asset value, end of period | $76.95 | $62.42 | $47.05 | $81.08 | $93.41 | $64.31 |
Total return | 23.28 % | 32.67 % | (38.65) % | 11.84 % | 67.03 % | 27.43 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $339,527 | $294,334 | $241,356 | $420,951 | $422,379 | $273,507 |
Ratio of gross expenses to average net assets | 0.85 % | 0.87 % | 0.87 % | 0.82 % | 0.88 % | 0.90 % |
Ratio of expense reimbursements to average net assets | (0.03) % | (0.03) % | (0.03) % | (0.02) % | (0.03) % | (0.01) % |
Ratio of net expenses to average net assets | 0.82 % | 0.84 % | 0.84 % | 0.80 % | 0.85 % | 0.89 % |
Ratio of net investment loss to average net assets | (0.39) % | (0.24) % | (0.24) % | (0.10) % | (0.12) % | (0.02) % |
Portfolio turnover rate | 36.22 % | 103.22 % | 78.40 % | 69.92 % | 125.41 % | 144.26 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Class S Shares were converted into Class I-2 Shares after the close of business on June 3, 2022. |
(c) | Amount was computed based on average shares outstanding during the period. |
Tier 1 | Tier 2 | Actual Rate | |
Alger Large Cap Growth Portfolio(a),(b) | 0.71 % | 0.60 % | 0.71 % |
(a) | Alger Management has agreed to waive fees owed to it by, or to reimburse expenses of, the Portfolio in an amount corresponding to the management fee borne by the Portfolio as an investor in any underlying Alger Management- sponsored fund. This agreement will remain in effect for the life of any investment by the Portfolio in any Alger Management- sponsored fund. For the six months ended June 30, 2024, the Portfolio waived $51,444 of such advisory fees. The “Actual Rate” shown above includes the impact of such waiver. |
(b) | Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion. |
PURCHASES | SALES | |
Alger Large Cap Growth Portfolio | $112,270,208 | $135,043,882 |
AVERAGE DAILY BORROWING | WEIGHTED AVERAGE INTEREST RATE | |
Alger Large Cap Growth Portfolio | $305,239 | 6.23 % |
HIGHEST BORROWING | |
Alger Large Cap Growth Portfolio | $3,422,000 |
FOR THE SIX MONTHS ENDED June 30, 2024 | FOR THE YEAR ENDED December 31, 2023 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Alger Large Cap Growth Portfolio | ||||
Class I-2: | ||||
Shares sold | 139,408 | $9,664,035 | 251,605 | $13,839,424 |
Dividends reinvested | — | — | — | — |
Shares redeemed | (442,653 ) | (31,136,521 ) | (665,704 ) | (37,256,844 ) |
Net decrease | (303,245 ) | $(21,472,486 ) | (414,099 ) | $(23,417,420 ) |
Alger Large Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $50,853,631 | $50,853,631 | $— | $— |
Consumer Discretionary | 43,897,041 | 43,897,041 | — | — |
Energy | 2,844,900 | 2,844,900 | — | — |
Financials | 5,181,158 | 5,181,158 | — | — |
Healthcare | 37,187,789 | 37,187,789 | — | — |
Industrials | 44,130,370 | 44,130,370 | — | — |
Information Technology | 124,300,672 | 124,300,672 | — | — |
TOTAL COMMON STOCKS | $308,395,561 | $308,395,561 | $— | $— |
EXCHANGE TRADED FUNDS | 7,587,114 | 7,587,114 | — | — |
MUTUAL FUNDS | 8,201,849 | 8,201,849 | — | — |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,651,480 | — | — | 1,651,480 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 14,020,736 | 14,020,736 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $339,856,740 | $338,205,260 | $— | $1,651,480 |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Large Cap Growth Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $1,704,832 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (53,352 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 1,651,480 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | (53,352 ) |
* | Net change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) on investments in the accompanying Statement of Operations. |
Fair Value June 30, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Large Cap Growth Portfolio | |||||
Special Purpose Vehicle | $1,651,480 | Market Approach | Revenue Multiple | 9.00X-11.00X | N/A |
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at June 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at June 30, 2024 |
Alger Large Cap Growth Portfolio | ||||||||
Exchange Traded Funds | ||||||||
Alger 35 ETF | 355,688 | — | (2,500 ) | 353,188 | $— | $(737 ) | $1,472,455 | $7,587,114 |
Mutual Funds | ||||||||
Alger 35 Fund, Cl. Z | 559,471 | — | — | 559,471 | — | — | 1,577,709 | 8,201,849 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A1 | — | — | (53,352 ) | 1,651,480 | ||||
Total | $— | $(737 ) | $2,996,812 | $17,440,443 |
1 | The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended June 30, 2024. |
New York, NY 10004
(800) 992-3863
www.alger.com
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
235 W. Galena Street
Milwaukee, WI 53212
240 Greenwich Street
New York, NY 10286
30 Rockefeller Plaza
New York, NY 10112
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN_END MANAGEMENT INVESTMENT COMPANIES.
Alger Mid Cap Growth Portfolio |
SHARES | VALUE | |||
COMMON STOCKS—95.3% | ||||
ADVERTISING—1.7% | ||||
The Trade Desk, Inc., Cl. A* | 23,494 | $ 2,294,659 | ||
AEROSPACE & DEFENSE—3.8% | ||||
HEICO Corp. | 16,803 | 3,757,319 | ||
TransDigm Group, Inc. | 1,141 | 1,457,753 | ||
5,215,072 | ||||
APPLICATION SOFTWARE—15.1% | ||||
Cadence Design Systems, Inc.* | 10,759 | 3,311,082 | ||
Clearwater Analytics Holdings, Inc., Cl. A* | 106,135 | 1,965,620 | ||
Constellation Software, Inc. | 1,604 | 4,621,743 | ||
Datadog, Inc., Cl. A* | 18,177 | 2,357,375 | ||
Guidewire Software, Inc.* | 16,421 | 2,264,292 | ||
Manhattan Associates, Inc.* | 7,423 | 1,831,106 | ||
Procore Technologies, Inc.* | 18,642 | 1,236,151 | ||
The Descartes Systems Group, Inc.* | 32,126 | 3,112,679 | ||
20,700,048 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—4.0% | ||||
Ares Management Corp., Cl. A | 16,045 | 2,138,478 | ||
Blue Owl Capital, Inc., Cl. A | 186,806 | 3,315,806 | ||
5,454,284 | ||||
AUTOMOTIVE PARTS & EQUIPMENT—0.3% | ||||
Mobileye Global, Inc., Cl. A* | 12,552 | 352,523 | ||
AUTOMOTIVE RETAIL—0.8% | ||||
AutoZone, Inc.* | 357 | 1,058,184 | ||
BIOTECHNOLOGY—3.0% | ||||
Natera, Inc.* | 25,484 | 2,759,662 | ||
Vaxcyte, Inc.* | 17,093 | 1,290,693 | ||
4,050,355 | ||||
BUILDING PRODUCTS—0.5% | ||||
Trex Co., Inc.* | 9,443 | 699,915 | ||
CARGO GROUND TRANSPORTATION—2.1% | ||||
Old Dominion Freight Line, Inc. | 16,631 | 2,937,035 | ||
CONSTRUCTION & ENGINEERING—0.7% | ||||
WillScot Mobile Mini Holdings Corp.* | 26,557 | 999,605 | ||
CONSTRUCTION MATERIALS—1.7% | ||||
Martin Marietta Materials, Inc. | 4,329 | 2,345,452 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—3.3% | ||||
Vertiv Holdings Co., Cl. A | 51,874 | 4,490,732 | ||
ELECTRONIC COMPONENTS—2.4% | ||||
Amphenol Corp., Cl. A | 49,840 | 3,357,721 |
SHARES | VALUE | |||
COMMON STOCKS—95.3% (CONT.) | ||||
ENVIRONMENTAL & FACILITIES SERVICES—3.6% | ||||
GFL Environmental, Inc. | 128,037 | $ 4,984,480 | ||
FINANCIAL EXCHANGES & DATA—1.1% | ||||
MSCI, Inc., Cl. A | 3,245 | 1,563,279 | ||
HEALTHCARE EQUIPMENT—3.4% | ||||
Dexcom, Inc.* | 16,554 | 1,876,892 | ||
IDEXX Laboratories, Inc.* | 5,595 | 2,725,884 | ||
4,602,776 | ||||
HEALTHCARE TECHNOLOGY—1.5% | ||||
Veeva Systems, Inc., Cl. A* | 11,389 | 2,084,301 | ||
HOME IMPROVEMENT RETAIL—0.9% | ||||
Floor & Decor Holdings, Inc., Cl. A* | 12,740 | 1,266,483 | ||
HOMEBUILDING—1.3% | ||||
NVR, Inc.* | 243 | 1,844,020 | ||
HOMEFURNISHING RETAIL—1.0% | ||||
Wayfair, Inc., Cl. A* | 27,160 | 1,432,147 | ||
HOTELS RESORTS & CRUISE LINES—2.0% | ||||
Hilton Worldwide Holdings, Inc. | 12,570 | 2,742,774 | ||
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.6% | ||||
Paylocity Holding Corp.* | 5,938 | 782,925 | ||
INSURANCE BROKERS—0.7% | ||||
Ryan Specialty Holdings, Inc., Cl. A | 15,970 | 924,823 | ||
INTERACTIVE MEDIA & SERVICES—3.2% | ||||
Pinterest, Inc., Cl. A* | 100,209 | 4,416,211 | ||
INTERNET SERVICES & INFRASTRUCTURE—2.0% | ||||
Cloudflare, Inc., Cl. A* | 14,900 | 1,234,167 | ||
MongoDB, Inc., Cl. A* | 6,007 | 1,501,510 | ||
2,735,677 | ||||
IT CONSULTING & OTHER SERVICES—1.6% | ||||
Globant SA* | 12,314 | 2,195,094 | ||
LIFE SCIENCES TOOLS & SERVICES—4.3% | ||||
Mettler-Toledo International, Inc.* | 1,559 | 2,178,843 | ||
Repligen Corp.* | 18,212 | 2,295,804 | ||
West Pharmaceutical Services, Inc. | 4,546 | 1,497,407 | ||
5,972,054 | ||||
MOVIES & ENTERTAINMENT—3.2% | ||||
Liberty Media Corp. Series C Liberty Formula One * | 6,318 | 453,885 | ||
Spotify Technology SA* | 12,525 | 3,930,220 | ||
4,384,105 | ||||
OIL & GAS EXPLORATION & PRODUCTION—2.6% | ||||
Diamondback Energy, Inc. | 18,157 | 3,634,850 |
SHARES | VALUE | |||
COMMON STOCKS—95.3% (CONT.) | ||||
PROPERTY & CASUALTY INSURANCE—1.1% | ||||
Intact Financial Corp. | 8,691 | $ 1,448,511 | ||
REAL ESTATE SERVICES—4.1% | ||||
CoStar Group, Inc.* | 33,681 | 2,497,110 | ||
FirstService Corp. | 20,525 | 3,127,394 | ||
5,624,504 | ||||
RESEARCH & CONSULTING SERVICES—1.6% | ||||
TransUnion | 15,520 | 1,150,963 | ||
Verisk Analytics, Inc. | 4,009 | 1,080,626 | ||
2,231,589 | ||||
RESTAURANTS—4.8% | ||||
Chipotle Mexican Grill, Inc.* | 45,000 | 2,819,250 | ||
Domino's Pizza, Inc. | 7,422 | 3,832,201 | ||
6,651,451 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.3% | ||||
Onto Innovation, Inc.* | 1,567 | 344,050 | ||
SEMICONDUCTORS—6.2% | ||||
Lattice Semiconductor Corp.* | 36,358 | 2,108,400 | ||
Marvell Technology, Inc. | 65,801 | 4,599,490 | ||
Monolithic Power Systems, Inc. | 2,253 | 1,851,245 | ||
8,559,135 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.2% | ||||
Celsius Holdings, Inc.* | 28,167 | 1,608,054 | ||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9% | ||||
Super Micro Computer, Inc.* | 1,548 | 1,268,354 | ||
TRADING COMPANIES & DISTRIBUTORS—2.7% | ||||
Ferguson PLC | 18,886 | 3,657,274 | ||
TOTAL COMMON STOCKS (Cost $102,658,725) | 130,914,506 | |||
EXCHANGE TRADED FUNDS—3.4% | ||||
Alger Mid Cap 40 ETF(a),* | 293,624 | 4,717,070 | ||
(Cost $5,881,030) | 4,717,070 | |||
PREFERRED STOCKS—0.0% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(a),(b),*,@ | 170,419 | — | ||
(Cost $766,885) | — | |||
RIGHTS—0.2% | ||||
BIOTECHNOLOGY—0.2% | ||||
Tolero CDR(b),*,@ | 425,098 | 199,796 | ||
(Cost $227,341) | 199,796 |
SHARES | VALUE | |||
SPECIAL PURPOSE VEHICLE—0.8% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—0.8% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | $ 760,550 | |||
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@ | 282,490 | |||
1,043,040 | ||||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $1,200,000) | 1,043,040 | |||
WARRANTS—0.0% | ||||
APPLICATION SOFTWARE—0.0% | ||||
Constellation Software, Inc., 3/31/40(b),* | 1,318 | — | ||
(Cost $0) | — | |||
SHORT-TERM SECURITIES—0.7% | ||||
MONEY MARKET FUNDS—0.7% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.18%(c) | 1,011,559 | 1,011,559 | ||
(Cost $1,011,559) | 1,011,559 | |||
Total Investments (Cost $111,745,540) | 100.4% | $137,885,971 | ||
Affiliated Securities (Cost $7,847,915) | 5,760,110 | |||
Unaffiliated Securities (Cost $103,897,625) | 132,125,861 | |||
Liabilities in Excess of Other Assets | (0.4)% | (517,587) | ||
NET ASSETS | 100.0% | $137,368,384 |
CDR | Contingent Deferred Rights |
ETF | Exchange-Traded Fund |
(a) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 10 - Affiliated Securities. |
(b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved by the Board of Trustees. |
(c) | Rate shown reflects 7-day effective yield as of June 30, 2024. |
* | Non-income producing security. |
@ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 6/30/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $875,000 | $760,550 | 0.6% |
Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 325,000 | 282,490 | 0.2% |
Prosetta Biosciences, Inc., Series D | 2/16/15 | 766,885 | — | 0.0% |
Tolero CDR | 2/6/17 | 227,341 | 199,796 | 0.2% |
Total | $1,242,836 | 1.0% |
Alger Mid Cap Growth Portfolio | |
ASSETS: | |
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | $132,125,861 |
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments | 5,760,110 |
Foreign cash † | 6,534 |
Receivable for investment securities sold | 1,138,660 |
Receivable for shares of beneficial interest sold | 12,582 |
Dividends and interest receivable | 35,025 |
Receivable from Investment Manager | 2,956 |
Prepaid expenses | 22,739 |
Total Assets | 139,104,467 |
LIABILITIES: | |
Payable for shares of beneficial interest redeemed | 227,831 |
Payable for investment securities purchased | 1,302,392 |
Accrued investment advisory fees | 85,878 |
Accrued printing fees | 56,927 |
Accrued professional fees | 27,910 |
Accrued fund accounting fees | 26,626 |
Accrued administrative fees | 3,107 |
Accrued trustee fees | 1,766 |
Accrued custodian fees | 1,366 |
Accrued shareholder administrative fees | 1,130 |
Accrued other expenses | 976 |
Accrued transfer agent fees | 174 |
Total Liabilities | 1,736,083 |
NET ASSETS | $137,368,384 |
NET ASSETS CONSIST OF: | |
Paid in capital (par value of $.001 per share) | 152,825,081 |
Distributable earnings | (15,456,697 ) |
NET ASSETS | $137,368,384 |
* Identified cost | $103,897,625 (a) |
** Identified cost | $7,847,915 (a) |
† Cost of foreign cash | $6,530 |
Alger Mid Cap Growth Portfolio | |
NET ASSETS BY CLASS: | |
Class I-2 | $137,368,384 |
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 6: | |
Class I-2 | 7,530,382 |
NET ASSET VALUE PER SHARE: | |
Class I-2 | $18.24 |
(a) | At June 30, 2024, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $113,166,036, amounted to $24,719,935, which consisted of aggregate gross unrealized appreciation of $28,903,888, and aggregate gross unrealized depreciation of $4,183,953. |
Alger Mid Cap Growth Portfolio | |
INCOME: | |
Dividends (net of foreign withholding taxes*) | $335,449 |
Interest | 28,994 |
Total Income | 364,443 |
EXPENSES: | |
Investment advisory fees — Note 3 | 526,525 |
Administration fees — Note 3 | 19,052 |
Fund accounting fees | 33,555 |
Printing fees | 27,386 |
Professional fees | 21,670 |
Custodian fees | 18,462 |
Registration fees | 10,305 |
Shareholder administrative fees — Note 3 | 6,928 |
Transfer agent fees — Note 3 | 6,897 |
Trustee fees — Note 3 | 2,663 |
Interest expenses | 305 |
Other expenses | 8,264 |
Total Expenses | 682,012 |
Less, expense reimbursements/waivers — Note 3 | (17,503 ) |
Net Expenses | 664,509 |
NET INVESTMENT (LOSS) | (300,066 ) |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | |
Net realized gain on unaffiliated investments | 5,911,236 |
Net realized (loss) on affiliated investments | (1,028 ) |
Net realized (loss) on foreign currency transactions | (2,701 ) |
Total net realized gain | 5,907,507 |
Net change in unrealized appreciation on unaffiliated investments | 4,428,200 |
Net change in unrealized appreciation on affiliated investments | 865,563 |
Net change in unrealized (depreciation) on foreign currency | (64 ) |
Total change in unrealized appreciation | 5,293,699 |
Net realized and unrealized gain on investments and foreign currency | 11,201,206 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $10,901,140 |
* Foreign withholding taxes | $4,750 |
Alger Mid Cap Growth Portfolio | ||
For the Six Months Ended June 30, 2024 | For the Year Ended December 31, 2023 | |
Net investment (loss) | $(300,066 ) | $(426,666 ) |
Net realized gain (loss) | 5,907,507 | (666,693 ) |
Net change in unrealized appreciation | 5,293,699 | 27,318,298 |
Net increase in net assets resulting from operations | 10,901,140 | 26,224,939 |
Dividends and distributions to shareholders: | ||
Class I-2 | — | — |
Decrease from shares of beneficial interest transactions: | ||
Class I-2 | (7,437,380 ) | (9,554,638 ) |
Net decrease from shares of beneficial interest transactions — Note 6 | (7,437,380 ) | (9,554,638 ) |
Total increase | 3,463,760 | 16,670,301 |
Net Assets: | ||
Beginning of period | 133,904,624 | 117,234,323 |
END OF PERIOD | $137,368,384 | $133,904,624 |
Alger Mid Cap Growth Portfolio | Class I-2 | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022(b) | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $16.85 | $13.68 | $22.18 | $33.25 | $22.69 | $19.55 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment loss(c) | (0.04) | (0.05) | (0.05) | (0.17) | (0.14) | (0.06) |
Net realized and unrealized gain (loss) on investments | 1.43 | 3.22 | (7.94) | 1.33 | 14.73 | 5.94 |
Total from investment operations | 1.39 | 3.17 | (7.99) | 1.16 | 14.59 | 5.88 |
Distributions from net realized gains | — | — | (0.51) | (12.23) | (4.03) | (2.74) |
Net asset value, end of period | $18.24 | $16.85 | $13.68 | $22.18 | $33.25 | $22.69 |
Total return | 8.31 % | 23.17 % | (36.07) % | 4.20 % | 64.63 % | 30.26 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $137,368 | $133,905 | $117,234 | $190,131 | $201,803 | $133,678 |
Ratio of gross expenses to average net assets | 0.98 % | 0.98 % | 0.97 % | 0.92 % | 0.96 % | 1.01 % |
Ratio of expense reimbursements to average net assets | (0.02) % | (0.02) % | (0.02) % | (0.02) % | — | — |
Ratio of net expenses to average net assets | 0.96 % | 0.96 % | 0.95 % | 0.90 % | 0.96 % | 1.01 % |
Ratio of net investment loss to average net assets | (0.43) % | (0.34) % | (0.31) % | (0.50) % | (0.53) % | (0.26) % |
Portfolio turnover rate | 29.09 % | 71.82 % | 156.64 % | 194.35 % | 186.21 % | 189.22 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Class S Shares were converted into Class I-2 Shares after the close of business on June 3, 2022. |
(c) | Amount was computed based on average shares outstanding during the period. |
Tier 1 | Tier 2 | Actual Rate | |
Alger Mid Cap Growth Portfolio(a),(b) | 0.76 % | 0.70 % | 0.76 % |
(a) | Alger Management has agreed to waive fees owed to it by, or to reimburse expenses of, the Portfolio in an amount corresponding management fee borne by the Portfolio as an investor in any underlying Alger Management-sponsored fund. This agreement will in effect for the life of any investment by the Portfolio in any Alger Management-sponsored fund. For the six months ended June 30, 2024, the Portfolio waived $17,503 of such advisory fees. The "Actual Rate" shown above includes the impact of such waiver. |
(b) | Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion. |
PURCHASES | SALES | |
Alger Mid Cap Growth Portfolio | $40,098,193 | $47,053,060 |
AVERAGE DAILY BORROWING | WEIGHTED AVERAGE INTEREST RATE | |
Alger Mid Cap Growth Portfolio | $11,337 | 5.53 % |
HIGHEST BORROWING | |
Alger Mid Cap Growth Portfolio | $309,000 |
FOR THE SIX MONTHS ENDED June 30, 2024 | FOR THE YEAR ENDED December 31, 2023 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Alger Mid Cap Growth Portfolio | ||||
Class I-2: | ||||
Shares sold | 195,420 | $3,581,002 | 712,407 | $10,950,316 |
Dividends reinvested | — | — | — | — |
Shares redeemed | (610,025 ) | (11,018,382 ) | (1,338,836 ) | (20,504,954 ) |
Net decrease | (414,605 ) | $(7,437,380 ) | (626,429 ) | $(9,554,638 ) |
Alger Mid Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $11,094,975 | $11,094,975 | $— | $— |
Consumer Discretionary | 15,347,582 | 15,347,582 | — | — |
Consumer Staples | 1,608,054 | 1,608,054 | — | — |
Energy | 3,634,850 | 3,634,850 | — | — |
Financials | 9,390,897 | 9,390,897 | — | — |
Healthcare | 16,709,486 | 16,709,486 | — | — |
Industrials | 25,998,627 | 25,998,627 | — | — |
Information Technology | 39,160,079 | 39,160,079 | — | — |
Materials | 2,345,452 | 2,345,452 | — | — |
Real Estate | 5,624,504 | 5,624,504 | — | — |
TOTAL COMMON STOCKS | $130,914,506 | $130,914,506 | $— | $— |
EXCHANGE TRADED FUNDS | 4,717,070 | 4,717,070 | — | — |
PREFERRED STOCKS | ||||
Healthcare | — 1 | — | — | — 1 |
RIGHTS | ||||
Healthcare | 199,796 | — | — | 199,796 |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,043,040 | — | — | 1,043,040 |
WARRANTS | ||||
Information Technology | — 2 | — | — 2 | — |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 1,011,559 | 1,011,559 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $137,885,971 | $136,643,135 | $— | $1,242,836 |
1 | Alger Mid Cap Growth Portfolio's holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
2 | Alger Mid Cap Growth Portfolio's holdings of Constellation Software, Inc. warrants expiring March 31, 2040, are classified as a Level 2 investment and are fair valued at zero as of June 30, 2024. |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Growth Portfolio | Preferred Stocks |
Opening balance at January 1, 2024 | $— * |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | — |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | — * |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 ** | — |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Growth Portfolio | Rights |
Opening balance at January 1, 2024 | $301,820 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (102,024 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 199,796 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 ** | (102,024 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Mid Cap Growth Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $1,076,736 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (33,696 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 1,043,040 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 ** | (33,696 ) |
* | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
** | Net change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) on investments in the accompanying Statement of Operations. |
Fair Value June 30, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Mid Cap Growth Portfolio | |||||
Preferred Stocks | $—* | Income Approach | Discount Rate | 100% | N/A |
Rights | 199,796 | Income Approach | Discount Rate Probability of Success | 7.05%-8.04% 0.00%-35.00% | N/A N/A |
Special Purpose Vehicle | 1,043,040 | Market Approach | Revenue Multiple | 9.00X-11.00X | N/A |
* | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
TOTAL FUND | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Cash and foreign cash | $6,534 | $6,534 | $– | $– |
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at June 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at June 30, 2024 |
Alger Mid Cap Growth Portfolio | ||||||||
EXCHANGE TRADED FUNDS | ||||||||
Alger Mid Cap 40 ETF | 313,018 | — | (19,394 ) | 293,624 | $— | $(1,028 ) | $789,679 | $4,717,070 |
Preferred Stocks | ||||||||
Prosetta Biosciences, Inc., Series D1 | 170,419 | — | — | 170,419 | — | — | — | — 2 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A3 | — | — | (24,570 ) | 760,550 | ||||
Crosslink Ventures C, LLC, Cl. B3 | — | — | (9,126 ) | 282,490 | ||||
Total | $— | $(1,028 ) | $755,983 | $5,760,110 |
1 | Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Fund because the Fund and Prosetta Biosciences, Inc., Series D are under common control. |
2 | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
3 | The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended June 30, 2024. |
New York, NY 10004
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www.alger.com
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
235 W. Galena Street
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240 Greenwich Street
New York, NY 10286
30 Rockefeller Plaza
New York, NY 10112
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN_END MANAGEMENT INVESTMENT COMPANIES.
Alger Small Cap Growth Portfolio |
SHARES | VALUE | |||
COMMON STOCKS—93.0% | ||||
AEROSPACE & DEFENSE—2.5% | ||||
HEICO Corp. | 12,891 | $ 2,882,557 | ||
Hexcel Corp. | 13,942 | 870,678 | ||
3,753,235 | ||||
APPAREL ACCESSORIES & LUXURY GOODS—0.8% | ||||
Capri Holdings, Ltd.* | 33,946 | 1,122,934 | ||
APPAREL RETAIL—1.4% | ||||
Aritzia, Inc.* | 29,422 | 832,733 | ||
Victoria's Secret & Co.* | 69,753 | 1,232,535 | ||
2,065,268 | ||||
APPLICATION SOFTWARE—22.9% | ||||
ACI Worldwide, Inc.* | 1,537 | 60,850 | ||
AppFolio, Inc., Cl. A* | 11,607 | 2,838,724 | ||
BILL Holdings, Inc.* | 7,925 | 417,014 | ||
Blackbaud, Inc.* | 23,210 | 1,767,906 | ||
BlackLine, Inc.* | 31,030 | 1,503,404 | ||
Guidewire Software, Inc.* | 23,126 | 3,188,844 | ||
HubSpot, Inc.* | 2,980 | 1,757,574 | ||
InterDigital, Inc. | 7,290 | 849,722 | ||
Manhattan Associates, Inc.* | 28,702 | 7,080,209 | ||
Q2 Holdings, Inc.* | 57,411 | 3,463,606 | ||
Smartsheet, Inc., Cl. A* | 25,678 | 1,131,886 | ||
Sprout Social, Inc., Cl. A* | 32,486 | 1,159,100 | ||
SPS Commerce, Inc.* | 28,850 | 5,428,416 | ||
Vertex, Inc., Cl. A* | 92,716 | 3,342,412 | ||
33,989,667 | ||||
ASSET MANAGEMENT & CUSTODY BANKS—0.4% | ||||
Affiliated Managers Group, Inc. | 3,678 | 574,614 | ||
BIOTECHNOLOGY—11.6% | ||||
Absci Corp.* | 232,996 | 717,628 | ||
Akero Therapeutics, Inc.* | 28,472 | 667,953 | ||
Blueprint Medicines Corp.* | 7,126 | 768,040 | ||
Cabaletta Bio, Inc.* | 123,044 | 920,369 | ||
CareDx, Inc.* | 49,528 | 769,170 | ||
Immunovant, Inc.* | 35,207 | 929,465 | ||
Insmed, Inc.* | 12,140 | 813,380 | ||
Keros Therapeutics, Inc.* | 13,247 | 605,388 | ||
Larimar Therapeutics, Inc.* | 200,544 | 1,453,944 | ||
Merus NV* | 13,152 | 778,204 | ||
MoonLake Immunotherapeutics* | 30,605 | 1,345,702 | ||
Natera, Inc.* | 8,184 | 886,245 | ||
Nuvalent, Inc., Cl. A* | 21,441 | 1,626,514 | ||
ORIC Pharmaceuticals, Inc.* | 42,179 | 298,206 | ||
Twist Bioscience Corp.* | 21,400 | 1,054,592 |
SHARES | VALUE | |||
COMMON STOCKS—93.0% (CONT.) | ||||
BIOTECHNOLOGY—11.6% (CONT.) | ||||
Vaxcyte, Inc.* | 25,961 | $ 1,960,315 | ||
Viking Therapeutics, Inc.* | 30,251 | 1,603,605 | ||
17,198,720 | ||||
BROADLINE RETAIL—0.0% | ||||
Ollie's Bargain Outlet Holdings, Inc.* | 478 | 46,925 | ||
BUILDING PRODUCTS—1.1% | ||||
CSW Industrials, Inc. | 3,639 | 965,463 | ||
The AZEK Co., Inc., Cl. A* | 15,562 | 655,627 | ||
1,621,090 | ||||
CONSUMER STAPLES MERCHANDISE RETAIL—1.6% | ||||
BJ's Wholesale Club Holdings, Inc.* | 26,037 | 2,287,090 | ||
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.8% | ||||
908 Devices, Inc.* | 207,424 | 1,068,233 | ||
Novanta, Inc.* | 224 | 36,537 | ||
1,104,770 | ||||
ELECTRONIC MANUFACTURING SERVICES—0.9% | ||||
Fabrinet* | 5,506 | 1,347,814 | ||
ENVIRONMENTAL & FACILITIES SERVICES—0.0% | ||||
Casella Waste Systems, Inc., Cl. A* | 348 | 34,529 | ||
FOOTWEAR—0.9% | ||||
On Holding AG, Cl. A* | 34,735 | 1,347,718 | ||
HEALTHCARE DISTRIBUTORS—0.4% | ||||
PetIQ, Inc., Cl. A* | 27,367 | 603,716 | ||
HEALTHCARE EQUIPMENT—2.3% | ||||
Glaukos Corp.* | 6,133 | 725,841 | ||
Impulse Dynamics PLC, Series A(a),*,@ | 1,596,061 | 1,085,321 | ||
Impulse Dynamics PLC, Series F-1(a),*,@ | 195,376 | 201,237 | ||
Inmode, Ltd.* | 32,583 | 594,314 | ||
Tandem Diabetes Care, Inc.* | 20,983 | 845,405 | ||
3,452,118 | ||||
HEALTHCARE SERVICES—1.1% | ||||
Guardant Health, Inc.* | 53,975 | 1,558,798 | ||
HEALTHCARE SUPPLIES—1.1% | ||||
Neogen Corp.* | 105,748 | 1,652,841 | ||
HEALTHCARE TECHNOLOGY—0.2% | ||||
Waystar Holding Corp.* | 13,580 | 291,970 | ||
HOMEFURNISHING RETAIL—0.6% | ||||
RH* | 3,389 | 828,407 | ||
HOTELS RESORTS & CRUISE LINES—0.8% | ||||
MakeMyTrip, Ltd.* | 14,853 | 1,249,137 |
SHARES | VALUE | |||
COMMON STOCKS—93.0% (CONT.) | ||||
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—4.4% | ||||
Gates Industrial Corp. PLC* | 182,482 | $ 2,885,041 | ||
RBC Bearings, Inc.* | 9,901 | 2,671,092 | ||
The Middleby Corp.* | 7,220 | 885,244 | ||
6,441,377 | ||||
INTERACTIVE HOME ENTERTAINMENT—1.4% | ||||
Take-Two Interactive Software, Inc.* | 12,862 | 1,999,912 | ||
INTERACTIVE MEDIA & SERVICES—0.2% | ||||
Reddit, Inc., Cl. A* | 5,335 | 340,853 | ||
LEISURE FACILITIES—1.0% | ||||
Planet Fitness, Inc., Cl. A* | 20,418 | 1,502,561 | ||
LIFE SCIENCES TOOLS & SERVICES—6.4% | ||||
10X Genomics, Inc., Cl. A* | 19,365 | 376,649 | ||
Bio-Techne Corp. | 50,714 | 3,633,658 | ||
CryoPort, Inc.* | 64,866 | 448,224 | ||
ICON PLC* | 7,574 | 2,374,222 | ||
MaxCyte, Inc.* | 135,576 | 531,458 | ||
Mesa Laboratories, Inc. | 4,378 | 379,879 | ||
Quanterix Corp.* | 10,803 | 142,708 | ||
Repligen Corp.* | 9,906 | 1,248,750 | ||
Tempus AI, Inc.* | 10,839 | 379,365 | ||
9,514,913 | ||||
MANAGED HEALTHCARE—1.1% | ||||
HealthEquity, Inc.* | 19,357 | 1,668,573 | ||
MOVIES & ENTERTAINMENT—1.5% | ||||
Live Nation Entertainment, Inc.* | 24,337 | 2,281,350 | ||
OIL & GAS EQUIPMENT & SERVICES—0.8% | ||||
ChampionX Corp. | 34,278 | 1,138,372 | ||
OIL & GAS EXPLORATION & PRODUCTION—3.9% | ||||
Magnolia Oil & Gas Corp., Cl. A | 228,390 | 5,787,403 | ||
PERSONAL CARE PRODUCTS—1.6% | ||||
e.l.f. Beauty, Inc.* | 7,287 | 1,535,517 | ||
Oddity Tech, Ltd., Cl. A* | 22,105 | 867,842 | ||
2,403,359 | ||||
PHARMACEUTICALS—0.7% | ||||
Alto Neuroscience, Inc.* | 31,738 | 339,279 | ||
Structure Therapeutics, Inc. ADR* | 17,495 | 687,029 | ||
1,026,308 | ||||
RESTAURANTS—10.9% | ||||
Cava Group, Inc.* | 12,511 | 1,160,395 | ||
Kura Sushi USA, Inc., Cl. A* | 24,721 | 1,559,648 | ||
Shake Shack, Inc., Cl. A* | 44,266 | 3,983,940 |
SHARES | VALUE | |||
COMMON STOCKS—93.0% (CONT.) | ||||
RESTAURANTS—10.9% (CONT.) | ||||
Wingstop, Inc. | 22,481 | $ 9,501,820 | ||
16,205,803 | ||||
SEMICONDUCTORS—2.6% | ||||
Astera Labs, Inc.* | 5,403 | 326,936 | ||
Impinj, Inc.* | 316 | 49,539 | ||
Rambus, Inc.* | 14,073 | 826,929 | ||
Universal Display Corp. | 12,336 | 2,593,644 | ||
3,797,048 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.5% | ||||
Celsius Holdings, Inc.* | 12,320 | 703,349 | ||
SPECIALIZED CONSUMER SERVICES—0.4% | ||||
European Wax Center, Inc., Cl. A* | 54,982 | 545,971 | ||
SPECIALTY CHEMICALS—0.7% | ||||
Balchem Corp. | 6,949 | 1,069,799 | ||
SYSTEMS SOFTWARE—1.5% | ||||
CyberArk Software Ltd.* | 3,216 | 879,319 | ||
Rapid7, Inc.* | 12,630 | 545,995 | ||
Varonis Systems, Inc.* | 16,950 | 813,091 | ||
2,238,405 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.4% | ||||
SiteOne Landscape Supply, Inc.* | 129 | 15,662 | ||
Xometry, Inc., Cl. A* | 48,384 | 559,319 | ||
574,981 | ||||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.6% | ||||
DLocal Ltd.* | 74,427 | 602,114 | ||
Marqeta, Inc., Cl. A* | 126,785 | 694,782 | ||
Shift4 Payments, Inc., Cl. A* | 14,374 | 1,054,333 | ||
2,351,229 | ||||
TOTAL COMMON STOCKS (Cost $98,778,993) | 137,722,927 | |||
PREFERRED STOCKS—0.0% | ||||
BIOTECHNOLOGY—0.0% | ||||
Prosetta Biosciences, Inc., Series D(a),(b),*,@ | 85,998 | — | ||
(Cost $386,992) | — | |||
RIGHTS—0.1% | ||||
BIOTECHNOLOGY—0.1% | ||||
Fusion Pharmaceuticals, Inc. CVR(a),*,@ | 45,185 | 48,348 | ||
Mirati Therapeutics, Inc. CVR*,@ | 6,941 | 7,566 |
SHARES | VALUE | |||
RIGHTS—0.1% (CONT.) | ||||
BIOTECHNOLOGY—0.1% (CONT.) | ||||
Tolero CDR(a),*,@ | 287,830 | $ 135,280 | ||
191,194 | ||||
TOTAL RIGHTS (Cost $155,594) | 191,194 | |||
SPECIAL PURPOSE VEHICLE—1.0% | ||||
DATA PROCESSING & OUTSOURCED SERVICES—1.0% | ||||
Crosslink Ventures C, LLC, Cl. A(a),(b),*,@ | 1,216,880 | |||
Crosslink Ventures C, LLC, Cl. B(a),(b),*,@ | 260,760 | |||
1,477,640 | ||||
TOTAL SPECIAL PURPOSE VEHICLE (Cost $1,700,000) | 1,477,640 | |||
SHORT-TERM SECURITIES—4.8% | ||||
MONEY MARKET FUNDS—4.8% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.18%(c) | 7,141,651 | 7,141,651 | ||
(Cost $7,141,651) | 7,141,651 | |||
Total Investments (Cost $108,163,230) | 98.9% | $146,533,412 | ||
Affiliated Securities (Cost $2,086,992) | 1,477,640 | |||
Unaffiliated Securities (Cost $106,076,238) | 145,055,772 | |||
Other Assets in Excess of Liabilities | 1.1% | 1,668,539 | ||
NET ASSETS | 100.0% | $148,201,951 |
ADR | American Depositary Receipts |
CDR | Contingent Deferred Rights |
CVR | Contingent Value Rights |
(a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures approved by the Board of Trustees. |
(b) | Deemed an affiliate of the Portfolio in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 10 - Affiliated Securities. |
(c) | Rate shown reflects 7-day effective yield as of June 30, 2024. |
* | Non-income producing security. |
@ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers. |
Security | Acquisition Date(s) | Acquisition Cost | Market Value | % of net assets as of 6/30/2024 |
Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1,400,000 | $1,216,880 | 0.8% |
Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 300,000 | 260,760 | 0.2% |
Fusion Pharmaceuticals, Inc. CVR | 6/5/24 | — | 48,348 | 0.0% |
Impulse Dynamics PLC, Series A | 2/11/22 | 1,596,061 | 1,085,321 | 0.7% |
Impulse Dynamics PLC, Series F-1 | 2/5/24 | 194,850 | 201,237 | 0.1% |
Mirati Therapeutics, Inc. CVR | 1/24/24 | — | 7,566 | 0.0% |
Prosetta Biosciences, Inc., Series D | 2/6/15-10/2/23 | 386,992 | — | 0.0% |
Tolero CDR | 2/6/17 | 155,594 | 135,280 | 0.1% |
Total | $2,955,392 | 1.9% |
Alger Small Cap Growth Portfolio | |
ASSETS: | |
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | $145,055,772 |
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments | 1,477,640 |
Receivable for investment securities sold | 1,695,864 |
Receivable for shares of beneficial interest sold | 192,720 |
Dividends and interest receivable | 24,111 |
Prepaid expenses | 23,967 |
Total Assets | 148,470,074 |
LIABILITIES: | |
Payable for shares of beneficial interest redeemed | 38,894 |
Accrued investment advisory fees | 98,797 |
Accrued printing fees | 54,134 |
Accrued fund accounting fees | 33,334 |
Accrued professional fees | 31,416 |
Accrued administrative fees | 3,354 |
Accrued trustee fees | 2,564 |
Accrued other expenses | 1,614 |
Bank overdraft | 1,397 |
Accrued shareholder administrative fees | 1,220 |
Accrued custodian fees | 838 |
Accrued transfer agent fees | 561 |
Total Liabilities | 268,123 |
NET ASSETS | $148,201,951 |
NET ASSETS CONSIST OF: | |
Paid in capital (par value of $.001 per share) | 119,959,853 |
Distributable earnings | 28,242,098 |
NET ASSETS | $148,201,951 |
* Identified cost | $106,076,238 (a) |
** Identified cost | $2,086,992 (a) |
Alger Small Cap Growth Portfolio | |
NET ASSETS BY CLASS: | |
Class I-2 | $148,201,951 |
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 6: | |
Class I-2 | 8,813,278 |
NET ASSET VALUE PER SHARE: | |
Class I-2 | $16.82 |
(a) | At June 30, 2024, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $108,304,856, amounted to $38,228,556, which consisted of aggregate gross unrealized appreciation of $52,969,781, and aggregate gross unrealized depreciation of $14,741,225. |
Alger Small Cap Growth Portfolio | |
INCOME: | |
Dividends (net of foreign withholding taxes*) | $108,515 |
Interest | 50,183 |
Total Income | 158,698 |
EXPENSES: | |
Investment advisory fees — Note 3 | 616,632 |
Administration fees — Note 3 | 20,935 |
Professional fees | 37,018 |
Fund accounting fees | 34,349 |
Printing fees | 28,376 |
Custodian fees | 17,568 |
Registration fees | 10,575 |
Transfer agent fees — Note 3 | 7,826 |
Shareholder administrative fees — Note 3 | 7,613 |
Trustee fees — Note 3 | 3,493 |
Interest expenses | 2,836 |
Other expenses | 11,203 |
Total Expenses | 798,424 |
NET INVESTMENT (LOSS) | (639,726 ) |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | |
Net realized gain on unaffiliated investments | 9,430,998 |
Net realized (loss) on foreign currency transactions | (311 ) |
Total net realized gain | 9,430,687 |
Net change in unrealized (depreciation) on unaffiliated investments | (6,015,272 ) |
Net change in unrealized (depreciation) on affiliated investments | (47,736 ) |
Total change in unrealized appreciation | (6,063,008 ) |
Net realized and unrealized gain on investments and foreign currency | 3,367,679 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $2,727,953 |
Alger Small Cap Growth Portfolio | ||
For the Six Months Ended June 30, 2024 | For the Year Ended December 31, 2023 | |
Net investment (loss) | $(639,726 ) | $(927,725 ) |
Net realized gain (loss) | 9,430,687 | (12,462,269 ) |
Net change in unrealized appreciation (depreciation) | (6,063,008 ) | 36,730,091 |
Net increase in net assets resulting from operations | 2,727,953 | 23,340,097 |
Dividends and distributions to shareholders: | ||
Class I-2 | — | — |
Decrease from shares of beneficial interest transactions: | ||
Class I-2 | (13,451,176 ) | (13,686,179 ) |
Net decrease from shares of beneficial interest transactions — Note 6 | (13,451,176 ) | — |
Total increase (decrease) | (10,723,223 ) | 9,653,918 |
Net Assets: | ||
Beginning of period | 158,925,174 | 149,271,256 |
END OF PERIOD | $148,201,951 | $158,925,174 |
Alger Small Cap Growth Portfolio | Class I-2 | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $16.53 | $14.19 | $27.88 | $44.78 | $28.69 | $23.43 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment loss(b) | (0.07) | (0.09) | (0.13) | (0.38) | (0.22) | (0.23) |
Net realized and unrealized gain (loss) on investments | 0.36 | 2.43 | (10.38) | (2.65) | 19.39 | 7.10 |
Total from investment operations | 0.29 | 2.34 | (10.51) | (3.03) | 19.17 | 6.87 |
Dividends from net investment income | — | — | — | — | (0.40) | — |
Distributions from net realized gains | — | — | (3.18) | (13.87) | (2.68) | (1.61) |
Net asset value, end of period | $16.82 | $16.53 | $14.19 | $27.88 | $44.78 | $28.69 |
Total return(c) | 1.69 % | 16.49 % | (38.01) % | (6.06) % | 67.15 % | 29.34 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $148,202 | $158,925 | $149,271 | $261,268 | $331,123 | $211,653 |
Ratio of net expenses to average net assets | 1.05 % | 1.02 % | 1.00 % | 0.95 % | 0.96 % | 0.98 % |
Ratio of net investment loss to average net assets | (0.84) % | (0.61) % | (0.63) % | (0.85) % | (0.62) % | (0.81) % |
Portfolio turnover rate | 17.97 % | 34.48 % | 12.97 % | 34.38 % | 26.46 % | 18.13 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Amount was computed based on average shares outstanding during the period. |
(c) | Does not reflect the effect of sales charges, if applicable. |
Net investment loss | $ (938,727) | |
Net realized and unrealized gain on investments in securities and foreign currency | 24,271,336 | |
Net increase in net assets resulting from operations | 23,332,609 | |
Undistributed net investment loss | $ (1,199,918) |
Tier 1 | Tier 2 | Actual Rate | |
Alger Small Cap Growth Portfolio(a) | 0.81 % | 0.75 % | 0.81 % |
(a) | Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion. |
PURCHASES | SALES | |
Alger Small Cap Growth Portfolio | $27,096,594 | $47,164,648 |
AVERAGE DAILY BORROWING | WEIGHTED AVERAGE INTEREST RATE | |
Alger Small Cap Growth Portfolio | $33,239 | 6.18 % |
HIGHEST BORROWING | |
Alger Small Cap Growth Portfolio | $786,000 |
FOR THE SIX MONTHS ENDED June 30, 2024 | FOR THE YEAR ENDED December 31, 2023 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Alger Small Cap Growth Portfolio | ||||
Class I-2: | ||||
Shares sold | 131,502 | $2,207,176 | 400,156 | $6,127,854 |
Shares from Reorganization1 | — | $— | 79,217 | $1,174,350 |
Dividends reinvested | — | — | — | — |
Shares redeemed | (932,035 ) | (15,658,352 ) | (1,385,383 ) | (20,988,383 ) |
Net decrease | (800,533 ) | $(13,451,176 ) | (906,010 ) | $(13,686,179 ) |
1 | Includes shares and amounts from the Reorganization. See Note 1 - General. |
Alger Small Cap Growth Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $4,622,115 | $4,622,115 | $— | $— |
Consumer Discretionary | 24,914,724 | 24,914,724 | — | — |
Consumer Staples | 5,393,798 | 5,393,798 | — | — |
Energy | 6,925,775 | 6,925,775 | — | — |
Financials | 2,925,843 | 2,925,843 | — | — |
Healthcare | 36,967,957 | 35,681,399 | — | 1,286,558 |
Industrials | 12,425,212 | 12,425,212 | — | — |
Information Technology | 42,477,704 | 42,477,704 | — | — |
Materials | 1,069,799 | 1,069,799 | — | — |
TOTAL COMMON STOCKS | $137,722,927 | $136,436,369 | $— | $1,286,558 |
PREFERRED STOCKS | ||||
Healthcare | — 1 | — | — | — 1 |
RIGHTS | ||||
Healthcare | 191,194 | — | — | 191,194 |
SPECIAL PURPOSE VEHICLE | ||||
Information Technology | 1,477,640 | — | — | 1,477,640 |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 7,141,651 | 7,141,651 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $146,533,412 | $143,578,020 | $— | $2,955,392 |
1 | Alger Small Cap Growth Portfolio's holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Common Stocks |
Opening balance at January 1, 2024 | $1,378,417 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (286,709 ) |
Purchases and sales | |
Purchases | 194,850 |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 1,286,558 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | (286,709 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Preferred Stocks |
Opening balance at January 1, 2024 | $— ** |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | — |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | — ** |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | — |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Rights |
Opening balance at January 1, 2024 | $204,359 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (13,165 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 191,194 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | (13,165 ) |
FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |
Alger Small Cap Growth Portfolio | Special Purpose Vehicle |
Opening balance at January 1, 2024 | $1,525,376 |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Total gains or losses | |
Included in net realized gain (loss) on investments | — |
Included in net change in unrealized appreciation (depreciation) on investments | (47,736 ) |
Purchases and sales | |
Purchases | — |
Sales/Distributions | — |
Closing balance at June 30, 2024 | 1,477,640 |
Net change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2024 * | (47,736 ) |
* | Net change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) on investments in the accompanying Statement of Operations. |
** | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
Fair Value June 30, 2024 | Valuation Methodology | Unobservable Input | Input/Range | Weighted Average Inputs | |
Alger Small Cap Growth Portfolio | |||||
Common Stocks | $1,286,558 | Market Approach | Revenue Multiple | 5.75X-6.75X | N/A |
Preferred Stocks | —* | Income Approach | Discount Rate | 100% | N/A |
Rights1 | 7,566 | Income Approach | Discount Rate Probability of Success | 5.39% 12.00% | N/A N/A |
Rights2 | 135,280 | Income Approach | Discount Rate Probability of Success | 7.05%-8.04% 0.00%-35.00% | N/A N/A |
Rights3 | 48,348 | Income Approach | Discount Rate Probability of Success | 5.39% 44.00% | N/A N/A |
Special Purpose Vehicle | 1,477,640 | Market Approach | Revenue Multiple | 9.00X-11.00X | N/A |
1 | Mirati Therapeutics, Inc. CVR |
2 | Tolero CDR |
3 | Fusion Pharmaceuticals, Inc. CVR |
* | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
TOTAL FUND | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Liabilities | ||||
Bank overdraft | $(1,397 ) | $(1,397 ) | $– | $– |
Security | Shares Held at December 31, 2023 | Shares Purchased | Shares Sold | Shares Held at June 30, 2024 | Dividend Income | Realized Gain (Loss) | Net Change in Unrealized App(Dep) | Value at June 30, 2024 |
Alger Small Cap Growth Portfolio | ||||||||
Preferred Stocks | ||||||||
Prosetta Biosciences, Inc., Series D1 | 85,998 | — | — | 85,998 | $— | $— | $— | $— 2 |
Special Purpose Vehicle | ||||||||
Crosslink Ventures C, LLC, Cl. A3 | — | — | (39,312 ) | 1,216,880 | ||||
Crosslink Ventures C, LLC, Cl. B3 | — | — | (8,424 ) | 260,760 | ||||
Total | $— | $— | $(47,736 ) | $1,477,640 |
1 | Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Fund because the Fund and Prosetta Biosciences, Inc., Series D are under common control. |
2 | Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of June 30, 2024. |
3 | The Alger Fund Complex and other entities managed by Alger Management fully own Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B. There were no capital increases or decreases for the period ended June 30, 2024. |
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ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN_END MANAGEMENT INVESTMENT COMPANIES.
Alger Growth & Income Portfolio |
SHARES | VALUE | |||
COMMON STOCKS—97.0% | ||||
AEROSPACE & DEFENSE—1.3% | ||||
General Dynamics Corp. | 575 | $ 166,831 | ||
TransDigm Group, Inc. | 307 | 392,226 | ||
559,057 | ||||
APPLICATION SOFTWARE—0.9% | ||||
Adobe, Inc.* | 708 | 393,322 | ||
ASSET MANAGEMENT & CUSTODY BANKS—3.2% | ||||
BlackRock, Inc. | 717 | 564,508 | ||
Blackstone, Inc. | 3,822 | 473,164 | ||
Blue Owl Capital, Inc., Cl. A | 10,974 | 194,789 | ||
The Carlyle Group, Inc. | 3,055 | 122,658 | ||
1,355,119 | ||||
BIOTECHNOLOGY—2.9% | ||||
AbbVie, Inc. | 4,970 | 852,455 | ||
Amgen, Inc. | 747 | 233,400 | ||
Gilead Sciences, Inc. | 1,784 | 122,400 | ||
1,208,255 | ||||
BROADLINE RETAIL—2.8% | ||||
Amazon.com, Inc.* | 6,125 | 1,183,656 | ||
BUILDING PRODUCTS—0.5% | ||||
Johnson Controls International PLC | 3,145 | 209,048 | ||
CABLE & SATELLITE—0.9% | ||||
Comcast Corp., Cl. A | 9,574 | 374,918 | ||
COMMODITY CHEMICALS—0.3% | ||||
Dow, Inc. | 2,062 | 109,389 | ||
COMMUNICATIONS EQUIPMENT—0.7% | ||||
Cisco Systems, Inc. | 6,515 | 309,528 | ||
COMPUTER & ELECTRONICS RETAIL—0.4% | ||||
Best Buy Co., Inc. | 2,199 | 185,354 | ||
CONSUMER ELECTRONICS—0.6% | ||||
Garmin, Ltd. | 1,593 | 259,532 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.9% | ||||
Walmart, Inc. | 5,838 | 395,291 | ||
COPPER—0.7% | ||||
Southern Copper Corp. | 2,707 | 291,652 | ||
DIVERSIFIED BANKS—4.7% | ||||
Bank of America Corp. | 12,030 | 478,433 | ||
Fifth Third Bancorp | 3,254 | 118,738 | ||
JPMorgan Chase & Co. | 6,661 | 1,347,254 | ||
1,944,425 |
SHARES | VALUE | |||
COMMON STOCKS—97.0% (CONT.) | ||||
ELECTRIC UTILITIES—0.6% | ||||
NextEra Energy, Inc. | 3,539 | $ 250,597 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—2.1% | ||||
Eaton Corp. PLC | 2,761 | 865,711 | ||
FINANCIAL EXCHANGES & DATA—0.9% | ||||
CME Group, Inc., Cl. A | 1,821 | 358,009 | ||
FOOD DISTRIBUTORS—0.5% | ||||
Sysco Corp. | 2,695 | 192,396 | ||
HEALTHCARE DISTRIBUTORS—0.5% | ||||
Cardinal Health, Inc. | 2,190 | 215,321 | ||
HEALTHCARE EQUIPMENT—0.5% | ||||
Medtronic PLC | 2,426 | 190,950 | ||
HOME IMPROVEMENT RETAIL—1.9% | ||||
The Home Depot, Inc. | 2,345 | 807,243 | ||
HOUSEHOLD PRODUCTS—1.4% | ||||
The Procter & Gamble Co. | 3,596 | 593,052 | ||
INDUSTRIAL CONGLOMERATES—1.4% | ||||
Honeywell International, Inc. | 2,640 | 563,746 | ||
INDUSTRIAL GASES—0.9% | ||||
Air Products & Chemicals, Inc. | 1,426 | 367,979 | ||
INTEGRATED OIL & GAS—3.9% | ||||
Chevron Corp. | 3,895 | 609,256 | ||
Exxon Mobil Corp. | 6,232 | 717,428 | ||
TotalEnergies SE ADR | 4,622 | 308,195 | ||
1,634,879 | ||||
INTEGRATED TELECOMMUNICATION SERVICES—0.8% | ||||
Verizon Communications, Inc. | 8,450 | 348,478 | ||
INTERACTIVE MEDIA & SERVICES—8.5% | ||||
Alphabet, Inc., Cl. A | 8,502 | 1,548,639 | ||
Alphabet, Inc., Cl. C | 6,893 | 1,264,314 | ||
Meta Platforms, Inc., Cl. A | 1,488 | 750,280 | ||
3,563,233 | ||||
INVESTMENT BANKING & BROKERAGE—2.0% | ||||
Morgan Stanley | 8,575 | 833,404 | ||
IT CONSULTING & OTHER SERVICES—0.3% | ||||
International Business Machines Corp. | 604 | 104,462 | ||
LEISURE FACILITIES—0.3% | ||||
Vail Resorts, Inc. | 745 | 134,197 | ||
MANAGED HEALTHCARE—2.5% | ||||
UnitedHealth Group, Inc. | 2,026 | 1,031,761 |
SHARES | VALUE | |||
COMMON STOCKS—97.0% (CONT.) | ||||
MULTI-UTILITIES—1.0% | ||||
Consolidated Edison, Inc. | 2,203 | $ 196,992 | ||
Sempra | 2,938 | 223,464 | ||
420,456 | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.5% | ||||
ONEOK, Inc. | 2,482 | 202,407 | ||
PHARMACEUTICALS—6.0% | ||||
AstraZeneca PLC ADR | 4,694 | 366,085 | ||
Bristol-Myers Squibb Co. | 2,791 | 115,910 | ||
Eli Lilly & Co. | 917 | 830,234 | ||
GSK PLC ADR | 2,342 | 90,167 | ||
Johnson & Johnson | 2,904 | 424,449 | ||
Merck & Co., Inc. | 2,454 | 303,805 | ||
Novartis AG ADR | 1,701 | 181,088 | ||
Pfizer, Inc. | 6,356 | 177,841 | ||
2,489,579 | ||||
PROPERTY & CASUALTY INSURANCE—0.6% | ||||
The Hartford Financial Services Group, Inc. | 2,413 | 242,603 | ||
RAIL TRANSPORTATION—0.6% | ||||
Union Pacific Corp. | 1,121 | 253,637 | ||
RESTAURANTS—1.2% | ||||
McDonald's Corp. | 1,094 | 278,795 | ||
Starbucks Corp. | 2,588 | 201,476 | ||
480,271 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—4.3% | ||||
KLA Corp. | 2,183 | 1,799,905 | ||
SEMICONDUCTORS—8.4% | ||||
Broadcom, Inc. | 1,373 | 2,204,393 | ||
QUALCOMM, Inc. | 4,133 | 823,211 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,795 | 485,799 | ||
3,513,403 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3% | ||||
PepsiCo, Inc. | 3,203 | 528,271 | ||
The Coca-Cola Co. | 6,700 | 426,455 | ||
954,726 | ||||
SYSTEMS SOFTWARE—11.1% | ||||
Microsoft Corp. | 9,866 | 4,409,609 | ||
Oracle Corp. | 1,561 | 220,413 | ||
4,630,022 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.1% | ||||
Apple, Inc. | 14,613 | 3,077,790 |
SHARES | VALUE | |||
COMMON STOCKS—97.0% (CONT.) | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.1% (CONT.) | ||||
Dell Technologies, Inc., Cl. C | 2,123 | $ 292,783 | ||
3,370,573 | ||||
TOBACCO—1.0% | ||||
Altria Group, Inc. | 5,257 | 239,456 | ||
Philip Morris International, Inc. | 1,906 | 193,135 | ||
432,591 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.6% | ||||
Ferguson PLC | 1,319 | 255,424 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.5% | ||||
Visa, Inc., Cl. A | 2,403 | 630,715 | ||
TOTAL COMMON STOCKS (Cost $12,607,374) | 40,510,276 | |||
MASTER LIMITED PARTNERSHIP—0.5% | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.5% | ||||
Cheniere Energy Partners LP | 4,055 | 199,141 | ||
(Cost $130,916) | 199,141 | |||
REAL ESTATE INVESTMENT TRUST—2.8% | ||||
HEALTHCARE—0.7% | ||||
Welltower, Inc. | 2,809 | 292,838 | ||
INDUSTRIAL—0.3% | ||||
Prologis, Inc. | 1,199 | 134,660 | ||
RETAIL—0.7% | ||||
Simon Property Group, Inc. | 1,940 | 294,492 | ||
SPECIALIZED—0.6% | ||||
Lamar Advertising Co., Cl. A | 1,911 | 228,422 | ||
TELECOM TOWER—0.5% | ||||
Crown Castle, Inc. | 2,202 | 215,136 | ||
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $798,755) | 1,165,548 |
SHARES | VALUE | |||
SHORT-TERM SECURITIES—0.0% | ||||
MONEY MARKET FUNDS—0.0% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.18%(a) | 28,905 | $ 28,905 | ||
(Cost $28,905) | 28,905 | |||
Total Investments (Cost $13,565,950) | 100.3% | $41,903,870 | ||
Unaffiliated Securities (Cost $13,565,950) | 41,903,870 | |||
Liabilities in Excess of Other Assets | (0.3)% | (141,823) | ||
NET ASSETS | 100.0% | $41,762,047 |
ADR | American Depositary Receipts |
(a) | Rate shown reflects 7-day effective yield as of June 30, 2024. |
* | Non-income producing security. |
Alger Growth & Income Portfolio | |
ASSETS: | |
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | $41,903,870 |
Receivable for shares of beneficial interest sold | 52 |
Dividends and interest receivable | 32,450 |
Prepaid expenses | 18,314 |
Total Assets | 41,954,686 |
LIABILITIES: | |
Payable for shares of beneficial interest redeemed | 113,108 |
Accrued professional fees | 30,181 |
Accrued fund accounting fees | 18,984 |
Accrued investment advisory fees | 17,010 |
Accrued printing fees | 10,068 |
Accrued administrative fees | 935 |
Accrued other expenses | 696 |
Accrued trustee fees | 637 |
Accrued custodian fees | 464 |
Accrued shareholder administrative fees | 340 |
Accrued transfer agent fees | 216 |
Total Liabilities | 192,639 |
NET ASSETS | $41,762,047 |
NET ASSETS CONSIST OF: | |
Paid in capital (par value of $.001 per share) | 11,895,002 |
Distributable earnings | 29,867,045 |
NET ASSETS | $41,762,047 |
* Identified cost | $13,565,950 (a) |
Alger Growth & Income Portfolio | |
NET ASSETS BY CLASS: | |
Class I-2 | $41,762,047 |
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 6: | |
Class I-2 | 1,332,222 |
NET ASSET VALUE PER SHARE: | |
Class I-2 | $31.35 |
(a) | At June 30, 2024, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $13,584,044, amounted to $28,319,826, which consisted of aggregate gross unrealized appreciation of $28,612,625, and aggregate gross unrealized depreciation of $292,799. |
Alger Growth & Income Portfolio | |
INCOME: | |
Dividends (net of foreign withholding taxes*) | $396,893 |
Interest | 625 |
Income from securities lending | 24 |
Total Income | 397,542 |
EXPENSES: | |
Investment advisory fees — Note 3 | 98,621 |
Administration fees — Note 3 | 5,424 |
Fund accounting fees | 26,422 |
Professional fees | 19,395 |
Custodian fees | 15,284 |
Registration fees | 9,216 |
Printing fees | 6,300 |
Transfer agent fees — Note 3 | 2,002 |
Shareholder administrative fees — Note 3 | 1,972 |
Trustee fees — Note 3 | 713 |
Interest expenses | 442 |
Other expenses | 2,063 |
Total Expenses | 187,854 |
NET INVESTMENT INCOME | 209,688 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | |
Net realized gain on unaffiliated investments | 1,026,933 |
Total net realized gain | 1,026,933 |
Net change in unrealized appreciation on unaffiliated investments | 4,221,615 |
Total change in unrealized appreciation | 4,221,615 |
Net realized and unrealized gain on investments and foreign currency | 5,248,548 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $5,458,236 |
* Foreign withholding taxes | $3,471 |
Alger Growth & Income Portfolio | ||
For the Six Months Ended June 30, 2024 | For the Year Ended December 31, 2023 | |
Net investment income | $209,688 | $508,315 |
Net realized gain | 1,026,933 | 1,185,573 |
Net change in unrealized appreciation | 4,221,615 | 5,829,765 |
Net increase in net assets resulting from operations | 5,458,236 | 7,523,653 |
Dividends and distributions to shareholders: | ||
Class I-2 | (127,057 ) | (1,585,480 ) |
Total dividends and distributions to shareholders | (127,057 ) | (1,585,480 ) |
Decrease from shares of beneficial interest transactions: | ||
Class I-2 | (1,389,744 ) | (694,958 ) |
Net decrease from shares of beneficial interest transactions — Note 6 | (1,389,744 ) | (694,958 ) |
Total increase | 3,941,435 | 5,243,215 |
Net Assets: | ||
Beginning of period | 37,820,612 | 32,577,397 |
END OF PERIOD | $41,762,047 | $37,820,612 |
Alger Growth & Income Portfolio | Class I-2 | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $27.41 | $23.11 | $29.53 | $24.34 | $21.58 | $18.52 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment income(b) | 0.15 | 0.37 | 0.38 | 0.35 | 0.31 | 0.38 |
Net realized and unrealized gain (loss) on investments | 3.88 | 5.11 | (4.78) | 7.29 | 2.86 | 5.02 |
Total from investment operations | 4.03 | 5.48 | (4.40) | 7.64 | 3.17 | 5.40 |
Dividends from net investment income | (0.09) | (0.36) | (0.37) | (0.32) | (0.30) | (0.34) |
Distributions from net realized gains | — | (0.82) | (1.65) | (2.13) | (0.11) | (2.00) |
Net asset value, end of period | $31.35 | $27.41 | $23.11 | $29.53 | $24.34 | $21.58 |
Total return | 14.74 % | 23.93 % | (14.98) % | 31.66 % | 14.88 % | 29.47 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $41,762 | $37,821 | $32,577 | $41,056 | $34,210 | $32,597 |
Ratio of net expenses to average net assets | 0.95 % | 0.93 % | 0.93 % | 0.86 % | 1.00 % | 1.02 % |
Ratio of net investment income to average net assets | 1.06 % | 1.46 % | 1.47 % | 1.25 % | 1.49 % | 1.81 % |
Portfolio turnover rate | 1.67 % | 2.81 % | 3.65 % | 5.19 % | 9.92 % | 7.33 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Amount was computed based on average shares outstanding during the period. |
Rate | |
Alger Growth & Income Portfolio | 0.50 % |
PURCHASES | SALES | |
Alger Growth & Income Portfolio | $657,918 | $1,745,352 |
AVERAGE DAILY BORROWING | WEIGHTED AVERAGE INTEREST RATE | |
Alger Growth & Income Portfolio | $12,889 | 7.31 % |
HIGHEST BORROWING | |
Alger Growth & Income Portfolio | $211,000 |
FOR THE SIX MONTHS ENDED June 30, 2024 | FOR THE YEAR ENDED December 31, 2023 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Alger Growth & Income Portfolio | ||||
Class I-2: | ||||
Shares sold | 30,627 | $886,247 | 74,194 | $1,912,166 |
Dividends reinvested | 1,754 | 53,591 | 60,004 | 1,585,480 |
Shares redeemed | (79,909 ) | (2,329,582 ) | (164,175 ) | (4,192,604 ) |
Net decrease | (47,528 ) | $(1,389,744 ) | (29,977 ) | $(694,958 ) |
Alger Growth & Income Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $4,286,629 | $4,286,629 | $— | $— |
Consumer Discretionary | 3,050,253 | 3,050,253 | — | — |
Consumer Staples | 2,568,056 | 2,568,056 | — | — |
Energy | 1,837,286 | 1,837,286 | — | — |
Financials | 5,364,275 | 5,364,275 | — | — |
Healthcare | 5,135,866 | 5,135,866 | — | — |
Industrials | 2,706,623 | 2,706,623 | — | — |
Information Technology | 14,121,215 | 14,121,215 | — | — |
Materials | 769,020 | 769,020 | — | — |
Utilities | 671,053 | 671,053 | — | — |
TOTAL COMMON STOCKS | $40,510,276 | $40,510,276 | $— | $— |
MASTER LIMITED PARTNERSHIP | ||||
Energy | 199,141 | 199,141 | — | — |
REAL ESTATE INVESTMENT TRUST | ||||
Consumer Discretionary | 294,492 | 294,492 | — | — |
Real Estate | 871,056 | 871,056 | — | — |
TOTAL REAL ESTATE INVESTMENT TRUST | $1,165,548 | $1,165,548 | $— | $— |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 28,905 | 28,905 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $41,903,870 | $41,903,870 | $— | $— |
New York, NY 10004
(800) 992-3863
www.alger.com
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
235 W. Galena Street
Milwaukee, WI 53212
240 Greenwich Street
New York, NY 10286
30 Rockefeller Plaza
New York, NY 10112
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN_END MANAGEMENT INVESTMENT COMPANIES.
Alger Balanced Portfolio |
SHARES | VALUE | |||
COMMON STOCKS—72.0% | ||||
AEROSPACE & DEFENSE—1.0% | ||||
General Dynamics Corp. | 607 | $ 176,115 | ||
TransDigm Group, Inc. | 331 | 422,889 | ||
599,004 | ||||
APPLICATION SOFTWARE—0.7% | ||||
Adobe, Inc.* | 757 | 420,544 | ||
ASSET MANAGEMENT & CUSTODY BANKS—2.4% | ||||
BlackRock, Inc. | 765 | 602,300 | ||
Blackstone, Inc. | 4,076 | 504,609 | ||
Blue Owl Capital, Inc., Cl. A | 11,677 | 207,266 | ||
The Carlyle Group, Inc. | 3,254 | 130,648 | ||
1,444,823 | ||||
BIOTECHNOLOGY—2.1% | ||||
AbbVie, Inc. | 5,394 | 925,179 | ||
Amgen, Inc. | 731 | 228,401 | ||
Gilead Sciences, Inc. | 1,909 | 130,976 | ||
1,284,556 | ||||
BROADLINE RETAIL—2.1% | ||||
Amazon.com, Inc.* | 6,524 | 1,260,763 | ||
BUILDING PRODUCTS—0.4% | ||||
Johnson Controls International PLC | 3,333 | 221,544 | ||
CABLE & SATELLITE—0.7% | ||||
Comcast Corp., Cl. A | 10,272 | 402,252 | ||
COMMODITY CHEMICALS—0.2% | ||||
Dow, Inc. | 2,203 | 116,869 | ||
COMMUNICATIONS EQUIPMENT—0.6% | ||||
Cisco Systems, Inc. | 6,934 | 329,434 | ||
COMPUTER & ELECTRONICS RETAIL—0.3% | ||||
Best Buy Co., Inc. | 2,346 | 197,744 | ||
CONSUMER ELECTRONICS—0.5% | ||||
Garmin, Ltd. | 1,685 | 274,520 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.7% | ||||
Walmart, Inc. | 6,186 | 418,854 | ||
COPPER—0.6% | ||||
Southern Copper Corp. | 3,077 | 331,516 | ||
DIVERSIFIED BANKS—3.5% | ||||
Bank of America Corp. | 12,837 | 510,527 | ||
Fifth Third Bancorp | 3,473 | 126,730 | ||
JPMorgan Chase & Co. | 7,234 | 1,463,149 | ||
2,100,406 |
SHARES | VALUE | |||
COMMON STOCKS—72.0% (CONT.) | ||||
ELECTRIC UTILITIES—0.4% | ||||
NextEra Energy, Inc. | 3,710 | $ 262,705 | ||
ELECTRICAL COMPONENTS & EQUIPMENT—1.5% | ||||
Eaton Corp. PLC | 2,963 | 929,049 | ||
FINANCIAL EXCHANGES & DATA—0.6% | ||||
CME Group, Inc., Cl. A | 1,948 | 382,977 | ||
FOOD DISTRIBUTORS—0.3% | ||||
Sysco Corp. | 2,852 | 203,604 | ||
HEALTHCARE DISTRIBUTORS—0.4% | ||||
Cardinal Health, Inc. | 2,440 | 239,901 | ||
HEALTHCARE EQUIPMENT—0.3% | ||||
Medtronic PLC | 2,597 | 204,410 | ||
HOME IMPROVEMENT RETAIL—1.4% | ||||
The Home Depot, Inc. | 2,507 | 863,010 | ||
HOUSEHOLD PRODUCTS—1.1% | ||||
The Procter & Gamble Co. | 3,862 | 636,921 | ||
INDUSTRIAL CONGLOMERATES—1.0% | ||||
Honeywell International, Inc. | 2,822 | 602,610 | ||
INDUSTRIAL GASES—0.7% | ||||
Air Products & Chemicals, Inc. | 1,507 | 388,881 | ||
INTEGRATED OIL & GAS—2.9% | ||||
Chevron Corp. | 4,198 | 656,651 | ||
Exxon Mobil Corp. | 6,773 | 779,708 | ||
TotalEnergies SE ADR | 4,927 | 328,532 | ||
1,764,891 | ||||
INTEGRATED TELECOMMUNICATION SERVICES—0.6% | ||||
Verizon Communications, Inc. | 9,043 | 372,933 | ||
INTERACTIVE MEDIA & SERVICES—6.3% | ||||
Alphabet, Inc., Cl. A | 9,074 | 1,652,829 | ||
Alphabet, Inc., Cl. C | 7,323 | 1,343,185 | ||
Meta Platforms, Inc., Cl. A | 1,578 | 795,659 | ||
3,791,673 | ||||
INVESTMENT BANKING & BROKERAGE—1.5% | ||||
Morgan Stanley | 9,056 | 880,153 | ||
IT CONSULTING & OTHER SERVICES—0.2% | ||||
International Business Machines Corp. | 645 | 111,553 | ||
LEISURE FACILITIES—0.2% | ||||
Vail Resorts, Inc. | 783 | 141,042 | ||
MANAGED HEALTHCARE—1.8% | ||||
UnitedHealth Group, Inc. | 2,176 | 1,108,150 |
SHARES | VALUE | |||
COMMON STOCKS—72.0% (CONT.) | ||||
MULTI-UTILITIES—0.7% | ||||
Consolidated Edison, Inc. | 2,316 | $ 207,097 | ||
Sempra | 2,872 | 218,444 | ||
425,541 | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.4% | ||||
ONEOK, Inc. | 2,628 | 214,313 | ||
PHARMACEUTICALS—4.5% | ||||
AstraZeneca PLC ADR | 5,015 | 391,120 | ||
Bristol-Myers Squibb Co. | 2,952 | 122,597 | ||
Eli Lilly & Co. | 979 | 886,367 | ||
GSK PLC ADR | 2,968 | 114,268 | ||
Johnson & Johnson | 3,053 | 446,226 | ||
Merck & Co., Inc. | 2,724 | 337,231 | ||
Novartis AG ADR | 1,792 | 190,776 | ||
Pfizer, Inc. | 6,956 | 194,629 | ||
2,683,214 | ||||
PROPERTY & CASUALTY INSURANCE—0.4% | ||||
The Hartford Financial Services Group, Inc. | 2,582 | 259,594 | ||
RAIL TRANSPORTATION—0.4% | ||||
Union Pacific Corp. | 1,184 | 267,892 | ||
RESTAURANTS—0.9% | ||||
McDonald's Corp. | 1,186 | 302,240 | ||
Starbucks Corp. | 2,764 | 215,178 | ||
517,418 | ||||
SEMICONDUCTOR MATERIALS & EQUIPMENT—3.2% | ||||
KLA Corp. | 2,356 | 1,942,546 | ||
SEMICONDUCTORS—6.2% | ||||
Broadcom, Inc. | 1,467 | 2,355,313 | ||
QUALCOMM, Inc. | 4,377 | 871,811 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,951 | 512,913 | ||
3,740,037 | ||||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.7% | ||||
PepsiCo, Inc. | 3,379 | 557,298 | ||
The Coca-Cola Co. | 7,258 | 461,972 | ||
1,019,270 | ||||
SYSTEMS SOFTWARE—8.2% | ||||
Microsoft Corp. | 10,531 | 4,706,830 | ||
Oracle Corp. | 1,703 | 240,464 | ||
4,947,294 | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.0% | ||||
Apple, Inc. | 15,701 | 3,306,945 |
SHARES | VALUE | |||
COMMON STOCKS—72.0% (CONT.) | ||||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.0% (CONT.) | ||||
Dell Technologies, Inc., Cl. C | 2,262 | $ 311,952 | ||
3,618,897 | ||||
TOBACCO—0.8% | ||||
Altria Group, Inc. | 5,538 | 252,256 | ||
Philip Morris International, Inc. | 2,015 | 204,180 | ||
456,436 | ||||
TRADING COMPANIES & DISTRIBUTORS—0.5% | ||||
Ferguson PLC | 1,403 | 271,691 | ||
TRANSACTION & PAYMENT PROCESSING SERVICES—1.1% | ||||
Visa, Inc., Cl. A | 2,579 | 676,910 | ||
TOTAL COMMON STOCKS (Cost $15,208,476) | 43,328,345 | |||
MASTER LIMITED PARTNERSHIP—0.3% | ||||
OIL & GAS STORAGE & TRANSPORTATION—0.3% | ||||
Cheniere Energy Partners LP | 4,434 | 217,754 | ||
(Cost $143,433) | 217,754 | |||
REAL ESTATE INVESTMENT TRUST—2.1% | ||||
HEALTHCARE—0.5% | ||||
Welltower, Inc. | 2,974 | 310,039 | ||
INDUSTRIAL—0.3% | ||||
Prologis, Inc. | 1,262 | 141,735 | ||
RETAIL—0.5% | ||||
Simon Property Group, Inc. | 2,074 | 314,833 | ||
SPECIALIZED—0.4% | ||||
Lamar Advertising Co., Cl. A | 2,052 | 245,276 | ||
TELECOM TOWER—0.4% | ||||
Crown Castle, Inc. | 2,371 | 231,647 | ||
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $885,720) | 1,243,530 |
PRINCIPAL AMOUNT | VALUE | |||
CORPORATE BONDS—25.4% | ||||
AGRICULTURAL & FARM MACHINERY—1.6% | ||||
John Deere Capital Corp., 2.125%, 3/7/25 | 1,000,000 | 978,402 | ||
APPLICATION SOFTWARE—1.7% | ||||
Salesforce, Inc., 0.625%, 7/15/24 | 1,000,000 | 998,089 | ||
AUTOMOBILE MANUFACTURERS—0.8% | ||||
General Motors Financial Co., Inc., 1.5%, 6/10/26 | 500,000 | 463,309 | ||
BIOTECHNOLOGY—1.7% | ||||
AbbVie, Inc., 3.6%, 5/14/25 | 1,000,000 | 984,033 |
PRINCIPAL AMOUNT | VALUE | |||
CORPORATE BONDS—25.4% (CONT.) | ||||
BROADLINE RETAIL—0.8% | ||||
Amazon.com, Inc., 4.55%, 12/1/27 | 500,000 | $ 496,488 | ||
CONSUMER FINANCE—0.9% | ||||
American Express Co., 5.85%, 11/5/27 | 500,000 | 512,295 | ||
CONSUMER STAPLES MERCHANDISE RETAIL—0.8% | ||||
Walmart, Inc., 3.9%, 9/9/25 | 500,000 | 492,957 | ||
DIVERSIFIED BANKS—2.5% | ||||
JPMorgan Chase Bank NA, 5.11%, 12/8/26 | 500,000 | 500,009 | ||
Wells Fargo & Co., 3.3%, 9/9/24 | 1,000,000 | 995,354 | ||
1,495,363 | ||||
HEALTHCARE SERVICES—0.8% | ||||
Haleon UK Capital PLC, 3.125%, 3/24/25(a) | 500,000 | 491,011 | ||
HOME IMPROVEMENT RETAIL—0.8% | ||||
The Home Depot, Inc., 2.7%, 4/15/25 | 500,000 | 489,952 | ||
MANAGED HEALTHCARE—1.6% | ||||
UnitedHealth Group, Inc., 3.7%, 5/15/27 | 1,000,000 | 968,005 | ||
MULTI-UTILITIES—0.8% | ||||
Sempra, 5.4%, 8/1/26 | 500,000 | 499,690 | ||
PACKAGED FOODS & MEATS—0.9% | ||||
Nestle Holdings, Inc., 0.606%, 9/14/24(a) | 550,000 | 544,238 | ||
PHARMACEUTICALS—1.7% | ||||
AstraZeneca Finance LLC, 4.85%, 2/26/29 | 500,000 | 499,123 | ||
Johnson & Johnson, 4.8%, 6/1/29 | 500,000 | 503,979 | ||
1,003,102 | ||||
RESTAURANTS—0.8% | ||||
McDonald's Corp., 4.8%, 8/14/28 | 500,000 | 497,107 | ||
SEMICONDUCTOR MATERIALS & EQUIPMENT—0.8% | ||||
KLA Corp., 4.65%, 11/1/24 | 500,000 | 498,508 | ||
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.8% | ||||
PepsiCo, Inc., 4.45%, 5/15/28 | 500,000 | 496,940 | ||
SPECIALIZED—2.0% | ||||
Crown Castle, Inc., 3.2%, 9/1/24 | 1,200,000 | 1,194,034 | ||
SPECIALTY CHEMICALS—0.9% | ||||
Ecolab, Inc., 5.25%, 1/15/28 | 500,000 | 505,037 | ||
SYSTEMS SOFTWARE—0.8% | ||||
Oracle Corp., 5.8%, 11/10/25 | 500,000 | 502,562 | ||
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9% | ||||
Apple, Inc., 1.125%, 5/11/25 | 1,200,000 | 1,158,249 | ||
TOTAL CORPORATE BONDS (Cost $15,474,632) | 15,269,371 |
SHARES | VALUE | |||
SHORT-TERM SECURITIES—0.1% | ||||
MONEY MARKET FUNDS—0.1% | ||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 5.18%(b) | 37,667 | $ 37,667 | ||
(Cost $37,667) | 37,667 | |||
Total Investments (Cost $31,749,928) | 99.9% | $60,096,667 | ||
Unaffiliated Securities (Cost $31,749,928) | 60,096,667 | |||
Other Assets in Excess of Liabilities | 0.1% | 46,499 | ||
NET ASSETS | 100.0% | $60,143,166 |
ADR | American Depositary Receipts |
(a) | Pursuant to Securities and Exchange Commission Rule 144A, these securities may be sold prior to their maturity only to qualified institutional buyers. These securities represent 1.7% of the net assets of the Portfolio. |
(b) | Rate shown reflects 7-day effective yield as of June 30, 2024. |
* | Non-income producing security. |
Alger Balanced Portfolio | |
ASSETS: | |
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments | $60,096,667 |
Receivable for shares of beneficial interest sold | 4,230 |
Dividends and interest receivable | 156,149 |
Prepaid expenses | 13,892 |
Total Assets | 60,270,938 |
LIABILITIES: | |
Payable for shares of beneficial interest redeemed | 24,862 |
Accrued investment advisory fees | 34,760 |
Accrued professional fees | 31,275 |
Accrued fund accounting fees | 19,396 |
Accrued printing fees | 13,426 |
Accrued administrative fees | 1,346 |
Accrued trustee fees | 923 |
Accrued other expenses | 677 |
Accrued custodian fees | 557 |
Accrued shareholder administrative fees | 490 |
Accrued transfer agent fees | 60 |
Total Liabilities | 127,772 |
NET ASSETS | $60,143,166 |
NET ASSETS CONSIST OF: | |
Paid in capital (par value of $.001 per share) | 30,410,148 |
Distributable earnings | 29,733,018 |
NET ASSETS | $60,143,166 |
* Identified cost | $31,749,928 (a) |
Alger Balanced Portfolio | |
NET ASSETS BY CLASS: | |
Class I-2 | $60,143,166 |
SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 6: | |
Class I-2 | 2,865,141 |
NET ASSET VALUE PER SHARE: | |
Class I-2 | $20.99 |
(a) | At June 30, 2024, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $31,752,314, amounted to $28,344,353, which consisted of aggregate gross unrealized appreciation of $28,963,015, and aggregate gross unrealized depreciation of $618,662. |
Alger Balanced Portfolio | |
INCOME: | |
Dividends (net of foreign withholding taxes*) | $423,043 |
Interest | 246,069 |
Total Income | 669,112 |
EXPENSES: | |
Investment advisory fees — Note 3 | 204,724 |
Administration fees — Note 3 | 7,929 |
Fund accounting fees | 28,974 |
Professional fees | 20,214 |
Custodian fees | 15,848 |
Printing fees | 9,343 |
Registration fees | 5,013 |
Shareholder administrative fees — Note 3 | 2,883 |
Transfer agent fees — Note 3 | 2,794 |
Trustee fees — Note 3 | 1,143 |
Interest expenses | 221 |
Other expenses | 14,875 |
Total Expenses | 313,961 |
NET INVESTMENT INCOME | 355,151 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | |
Net realized gain on unaffiliated investments | 689,824 |
Total net realized gain | 689,824 |
Net change in unrealized appreciation on unaffiliated investments | 4,943,523 |
Total change in unrealized appreciation | 4,943,523 |
Net realized and unrealized gain on investments and foreign currency | 5,633,347 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $5,988,498 |
* Foreign withholding taxes | $3,551 |
Alger Balanced Portfolio | ||
For the Six Months Ended June 30, 2024 | For the Year Ended December 31, 2023 | |
Net investment income | $355,151 | $782,605 |
Net realized gain | 689,824 | 315,210 |
Net change in unrealized appreciation | 4,943,523 | 7,551,559 |
Net increase in net assets resulting from operations | 5,988,498 | 8,649,374 |
Dividends and distributions to shareholders: | ||
Class I-2 | — | (954,446 ) |
Total dividends and distributions to shareholders | — | (954,446 ) |
Decrease from shares of beneficial interest transactions: | ||
Class I-2 | (1,841,549 ) | (3,616,030 ) |
Net decrease from shares of beneficial interest transactions — Note 6 | (1,841,549 ) | (3,616,030 ) |
Total increase | 4,146,949 | 4,078,898 |
Net Assets: | ||
Beginning of period | 55,996,217 | 51,917,319 |
END OF PERIOD | $60,143,166 | $55,996,217 |
Alger Balanced Portfolio | Class I-2 | |||||
Six Months Ended 6/30/2024(a) | Year Ended 12/31/2023 | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | |
Net asset value, beginning of period | $18.93 | $16.40 | $19.59 | $17.05 | $15.71 | $13.67 |
INCOME FROM INVESTMENT OPERATIONS: | ||||||
Net investment income(b) | 0.12 | 0.26 | 0.20 | 0.16 | 0.21 | 0.25 |
Net realized and unrealized gain (loss) on investments | 1.94 | 2.59 | (2.41) | 3.09 | 1.39 | 2.41 |
Total from investment operations | 2.06 | 2.85 | (2.21) | 3.25 | 1.60 | 2.66 |
Dividends from net investment income | — | (0.26) | (0.21) | (0.16) | (0.20) | (0.23) |
Distributions from net realized gains | — | (0.06) | (0.77) | (0.55) | (0.06) | (0.39) |
Net asset value, end of period | $20.99 | $18.93 | $16.40 | $19.59 | $17.05 | $15.71 |
Total return | 10.88 % | 17.43 % | (11.31) % | 19.12 % | 10.23 % | 19.50 % |
RATIOS/SUPPLEMENTAL DATA: | ||||||
Net assets, end of period (000's omitted) | $60,143 | $55,996 | $51,917 | $62,321 | $52,305 | $49,475 |
Ratio of net expenses to average net assets | 1.09 % | 1.07 % | 1.04 % | 1.09 % | 1.07 % | 1.10 % |
Ratio of net investment income to average net assets | 1.23 % | 1.46 % | 1.14 % | 0.88 % | 1.34 % | 1.67 % |
Portfolio turnover rate | 2.99 % | 6.05 % | 9.47 % | 11.10 % | 15.41 % | 5.71 % |
(a) | Ratios have been annualized; total return and portfolio turnover rate have not been annualized. |
(b) | Amount was computed based on average shares outstanding during the period. |
Tier 1 | Tier 2 | Actual Rate | |
Alger Balanced Portfolio(a) | 0.71 % | 0.55 % | 0.71 % |
(a) | Tier 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion. |
PURCHASES | SALES | |
Alger Balanced Portfolio | $1,704,945 | $2,030,009 |
FOR THE SIX MONTHS ENDED June 30, 2024 | FOR THE YEAR ENDED December 31, 2023 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Alger Balanced Portfolio | ||||
Class I-2: | ||||
Shares sold | 82,800 | $1,639,233 | 175,367 | $3,078,898 |
Dividends reinvested | — | — | 50,795 | 954,446 |
Shares redeemed | (175,146 ) | (3,480,782 ) | (434,005 ) | (7,649,374 ) |
Net decrease | (92,346 ) | $(1,841,549 ) | (207,843 ) | $(3,616,030 ) |
Alger Balanced Portfolio | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
COMMON STOCKS | ||||
Communication Services | $4,566,858 | $4,566,858 | $— | $— |
Consumer Discretionary | 3,254,497 | 3,254,497 | — | — |
Consumer Staples | 2,735,085 | 2,735,085 | — | — |
Energy | 1,979,204 | 1,979,204 | — | — |
Financials | 5,744,863 | 5,744,863 | — | — |
Healthcare | 5,520,231 | 5,520,231 | — | — |
Industrials | 2,891,790 | 2,891,790 | — | — |
Information Technology | 15,110,305 | 15,110,305 | — | — |
Materials | 837,266 | 837,266 | — | — |
Utilities | 688,246 | 688,246 | — | — |
TOTAL COMMON STOCKS | $43,328,345 | $43,328,345 | $— | $— |
CORPORATE BONDS | ||||
Consumer Discretionary | 1,946,856 | — | 1,946,856 | — |
Consumer Staples | 1,534,135 | — | 1,534,135 | — |
Financials | 2,007,658 | — | 2,007,658 | — |
Healthcare | 3,446,151 | — | 3,446,151 | — |
Industrials | 978,402 | — | 978,402 | — |
Information Technology | 3,157,408 | — | 3,157,408 | — |
Materials | 505,037 | — | 505,037 | — |
Real Estate | 1,194,034 | — | 1,194,034 | — |
Utilities | 499,690 | — | 499,690 | — |
TOTAL CORPORATE BONDS | $15,269,371 | $— | $15,269,371 | $— |
MASTER LIMITED PARTNERSHIP | ||||
Energy | 217,754 | 217,754 | — | — |
REAL ESTATE INVESTMENT TRUST | ||||
Consumer Discretionary | 314,833 | 314,833 | — | — |
Real Estate | 928,697 | 928,697 | — | — |
TOTAL REAL ESTATE INVESTMENT TRUST | $1,243,530 | $1,243,530 | $— | $— |
SHORT-TERM INVESTMENTS | ||||
Money Market Funds | 37,667 | 37,667 | — | — |
TOTAL INVESTMENTS IN SECURITIES | $60,096,667 | $44,827,296 | $15,269,371 | $— |
New York, NY 10004
(800) 992-3863
www.alger.com
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
235 W. Galena Street
Milwaukee, WI 53212
240 Greenwich Street
New York, NY 10286
30 Rockefeller Plaza
New York, NY 10112
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Remuneration paid to directors, officers and other is included in the Statement of Operations under the line items “Trustee fees” and “Investment advisory fees” as part of the financial statements filed under Item 7 of this Form N-CSR.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to these procedures.
ITEM 16. CONTROLS AND PROCEDURES.
(a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this document.
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(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's second fiscal quarter of the period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) | Not applicable to this semi-annual report.
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(a)(2) | Not applicable to this semi-annual report.
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(a)(3) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Alger Portfolios
By: | /s/ Hal Liebes | |
Name: | Hal Liebes | |
Title: | Principal Executive Officer | |
Date: | August 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Hal Liebes | |
Name: | Hal Liebes | |
Title: | Principal Executive Officer | |
Date: | August 20, 2024 |
By: | /s/ Michael D. Martins | |
Name: | Michael D. Martins | |
Title: | Principal Financial Officer | |
Date: | August 20, 2024 |