0
Citywire Bangkok
Dan Chung, CFA 
Chief Investment Officer, Chief Executive Officer
Fred Alger Management, Inc.
October 10‐...
A dAgenda
1. An Introduction to Alger
2. Consistent, Proven, Repeatable Process
3. American Asset Growth Fund
4. Why Alger...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
• Growth investors since 1964
• Singular...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Total Assets Under Management
Strategy A...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Capabilities
As of 6/30/13
Creation
Date...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Representative Clients
Public Funds
• Ca...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
The Alger Philosophy
Companies Undergoin...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Portfolio Managers
*Portfolio manager of...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Robert Kerr
Investment Team
Ankur Crawfo...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Alger Analysts
Analysts are the foundati...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Investment Process
10
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
• In-depth knowledge of the sector
• Com...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
• Assess company fundamentals using deta...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Multi-Scenario Analysis
• Revenue
• Earn...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Analyst & Portfolio Manager Dialogue
• P...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Portfolio Construction & Risk Management...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Portfolio Construction & Risk Management...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Investment Process
17
Alger SICAV
Th Al A i A t G th F dThe Alger American Asset Growth Fund
Seeks long term capital appreciation
Strategy:
• Se...
P fPerformance
As of August 31, 2013
Rolling-Period Returns (%)
YTD 1 Year 3 Years* 5 Years*
Since
Inception**
Alger SICAV...
P tf li S t W i htPortfolio Sector Weights
Alger American Asset Growth As of 6/30/13g
Difference (%)
Information Technolog...
P tf li H ldiPortfolio Holdings
Alger American Asset Growth 6/30/2013
Apple Inc.
G l I Cl A
Portfolio (%)
4.9
3 6
Top 10 H...
5 Y P f St ti ti5 Year Performance Statistics
6/30/2013
Characteristic Portfolio Russell 1000 Growth Portfolio Morningstar...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
• Experienced growth investors since 196...
Inspired by Change, Driven by Growth.
Alger SICAV -
The Alger American Asset Growth Fund
Portfolio Manager
Patrick Kelly, ...
Market Environment
Corporate fundamentals, housing market gains, and encoura-
ging employment trends supported equity inve...
Alger SICAV - The Alger American Asset Growth Fund
Alger SICAV Recognition
Alger SICAV - The Alger American Asset Growth A...
Fred Alger Management, Inc. is widely recognized as a pioneer of growth-style investment management. We have been an
indep...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Portfolio Management
Daniel C. Chung, CF...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Portfolio Management
Patrick Kelly, CFA
...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Steven Thumm
Senior Vice President, Port...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Portfolio Management
Pedro Marcal
Senior...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Client Portfolio Management
William Rech...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Analyst Biographies
Darryl Ah Now, CFA
V...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Analyst Biographies
Karen Jay, Ph.D.
Ass...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Analyst Biographies
David B. Molnar, CFA...
For Institutional Presentation Purposes Only. Not for Distribution to the Public.
Analyst Biographies
Michael Young
Senior...
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Transcript of "Citywire bangkok oct 10 11 2013"

  1. 1. Citywire Bangkok Dan Chung, CFA  Chief Investment Officer, Chief Executive Officer Fred Alger Management, Inc. October 10‐11, 2013 Inspired by Change, Driven by Growth.
  2. 2. A dAgenda 1. An Introduction to Alger 2. Consistent, Proven, Repeatable Process 3. American Asset Growth Fund 4. Why Algery g 5. Exhibits For Institutional Presentation Purposes Only. Not for Distribution to the Public. 1
  3. 3. For Institutional Presentation Purposes Only. Not for Distribution to the Public. • Growth investors since 1964 • Singular focus on growth investment management • Independent, privately held firm • Original, proprietary analyst-driven research • More than 40 experienced investment professionals • Currently manages more than $18 billion in assets Introduction to Alger Who We Are 2
  4. 4. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Total Assets Under Management Strategy Assets ($ millions) As of 6/30/13 Alger Category Strategy Institutional/Offshore Intermediary Total Large Cap • Capital Appreciation • Capital Appreciation Focus • Growth & Income • Large Cap Growth • Spectra $7,932 $4,512 $12,444 Mid Cap • Analyst • Mid Cap Growth $358 $272 $630 Small Cap • Growth Opportunities • Small Cap Growth • SMid Cap Growth $2,442 $2,106 $4,548 International • Emerging Markets • Global Growth • International Growth • China-U.S. $13 $277 $290 Alternatives • Dynamic (Long/Short) $8 $48 $56 Specialty • Balanced • Green • Health Sciences • Other $92 $254 $346 $10,845 $7,469 $18,314 3
  5. 5. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Capabilities As of 6/30/13 Creation Date Average Performance Since Creation (Gross) Average Performance Since Creation (Net) Value Added Alger Spectra Composite Russell 3000 Growth 10/1/2008 16.2% 10.9% 15.2% 4.3% Alger Capital Appreciation Composite* S&P 500* 1/1/1976 15.2% 11.3% 14.5% 3.2% Alger Large Cap Growth Composite Russell 1000 Growth 1/1/1987 10.9% 9.3% 10.2% 0.9% Alger Mid Cap Growth Composite Russell MidCap Growth 7/1/1993 11.3% 9.2% 10.4% 1.2% Alger SMid Cap Growth Composite Russell 2500 Growth 6/1/2002 9.9% 8.7% 9.1% 0.4% Alger Small Cap Growth Composite Russell 2000 Growth 1/1/1987 10.7% 7.5% 9.9% 2.4% Alger Dynamic Return Composite S&P 500 6/1/2008 8.5% 5.1% 7.3% 2.2% Alger International Growth Composite MSCI ACWI ex USA 10/1/2009 7.7% 4.6% 7.4% 2.8% *The Composite’s benchmark, the Russell 1000 Growth Index, was created on 12/31/1978, which is after the Composite’s creation date of 1/1/1976. Therefore, the S&P 500 Index has been used as the comparative benchmark. Past performance is not an indication or a guarantee of future results. A complete list and description of Fred Alger Management, Inc. composites and performance results is available upon request: 800.223.3810 or www.alger.com. 4
  6. 6. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Representative Clients Public Funds • Cambridge Retirement System • City of Lake Worth Employees’ Retirement System • City of Taylor (MI) Police and Fire Retirement System • City of Wichita Retirement Systems • Dallas/Fort Worth International Airport Board • Greater Orlando Aviation Authority Defined Benefit Pension Plan • Kansas City Public School Retirement System • Los Angeles Department of Water & Power • Oklahoma Firefighters Pension & Retirement Fund • Philadelphia Gas Works • Schuylkill County Employees Retirement Fund • The Retirement Plan of the Transportation District Commission of Hampton Roads Foundation/Endowment • Kern Family Foundation • Knott Scholarship • Navajo Nation • Pitt County Memorial Hospital • Purdue University • Saint Thomas Church • Sheppard Pratt Health System • The Lutheran Foundation Socially Responsible • Catholic Diocese of Arlington • Detroit Province of the Society of Jesus • Diocese of Palm Beach • Presentation Capital Asset Management • Sisters of the Holy Cross Augusta Fund • Wisdom Charitable Trust Corporate • Kaiser Permanente • Morganite Industries • Navistar, Inc. • NORCAL Mutual Insurance Co. Taft-Hartley • Equity League Pension Trust Fund • Hollow Metal Pension Fund • IBEW Local 351 Pension Fund • IBEW Local 861 Pension Fund • Iron Workers Mid-South Pension Fund • Laborers' District Council Construction Industry Pension Plan • Laborers’ Local 57 Industrial Pension Fund of Philadelphia, PA • Maritime Association - ILA Pension & Welfare Funds • Milk Drivers & Dairy Employees Local 264 Pension Fund • New Orleans Employers ILA, AFL-CIO Pension Fund • Plumbers and Steamfitters Local 486 Pension Fund • San Francisco Bricklayers Local No. 7 Pension Plan • Sheet Metal Workers Local No. 85 Pension Fund • Teamsters Local 639 – Employers Pension Trust Fund • Teamsters Pension Trust Fund of Philadelphia & Vicinity • UA Local 322 Plumbers & Pipefitters Pension Plan • UFCW Local One Pension Fund • UFCW Local 1500 Pension Fund • United Independent Union – Newspaper Guild of Greater Philadelphia Pension Plan • Waterfront Employers - ILA Pension Fund Sub-Advisory • ABN AMRO Multi-Manager Funds Entities listed above were selected on the basis of being well known to the public and not on any performance based criteria. Inclusion on this list should not be viewed as an endorsement of Alger’s strategies. 5
  7. 7. For Institutional Presentation Purposes Only. Not for Distribution to the Public. The Alger Philosophy Companies Undergoing Positive Dynamic Change Offer the Best Investment Opportunities 6
  8. 8. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Portfolio Managers *Portfolio manager of the Large Cap, Dynamic, and Global Growth strategies. Chief Investment Officer Daniel C. Chung, CFA* CEO, CIO 19 Years of Experience Domestic Portfolio Managers Patrick Kelly, CFA Capital Appreciation, Capital Appreciation Focus, Spectra, and Dynamic 16 Years of Experience Gregory S. Adams, CFA Growth & Income, Dynamic, and Risk Management 26 Years of Experience Client Portfolio Managers William Rechter, CFA 42 Years of Experience Kevin D. Collins, CFA 21 Years of Experience Pedro Marcal International Growth and Global Growth 24 Years of Experience Jill Greenwald, CFA Small Cap, Smid Cap, and Growth Opportunities 27 Years of Experience International Portfolio Managers Deborah A. Vélez Medenica, CFA Emerging Markets and Global Growth 17 Years of Experience 7
  9. 9. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Robert Kerr Investment Team Ankur Crawford, Ph.D.* John P. McPeake* J.P. Gravitt Ben Reynolds Tariq Chaudhri* Technology/ Telecom Consumer Maria C. Liotta, O.D.* Joel Emery, CFA Soon Hyouk Lee Karen Jay, Ph.D.* Healthcare Michael Young Andrew Merrill, CFA Eric Richards, CFA Energy/Materials/ Utilities Alex Goldman Jayme Lisiewski Steven Yang* Peter Chang, CFA Industrials Financials Ajoy Reddi Warren Zhang, CFA International Markets Carla Cantreva-Baessler David B. Molnar, CFA Siang Meng Tan, CFA* Emerging Markets *These analysts also have relevant industry experience. Analysts whose names are in bold are also Co-Portfolio Managers. Steven Thumm Dan KilpatrickBrian Costello Analysts Trading Research Associate Generalists Evan Feagans Leo Hei Brendan RiceJason Ng George Ortega Christopher R. Walsh, CFA Michael J. Melnyk, CFA Darryl Ah Now, CFA Peter Kahng Anna Gurvich Brian Schulz, CFA Gregory S. Adams, CFA David Lewis Larry Vigus Risk Management and Portfolio Management Support 8
  10. 10. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Alger Analysts Analysts are the foundation of our process 15ANALYST 15 Years* ASSOCIATE ANALYST 12 Years* RESEARCH ASSOCIATE 7 Years* 17SENIOR ANALYST 17 Years* 12 7* Average investment and industry experience of Alger investment professionals • Sector experts – Follow industry as a whole and cover all market caps – “One Team” working on every Alger portfolio – Academic, financial, and industry backgrounds • We are different: an Analyst-driven culture and process – Renowned Alger Training Program – Continuous collaboration with Portfolio Managers – Passionate, disciplined, and creative – Career position: compensation and responsibility equal in level to portfolio managers 9
  11. 11. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Investment Process 10
  12. 12. For Institutional Presentation Purposes Only. Not for Distribution to the Public. • In-depth knowledge of the sector • Comprehensive understanding of a company • Detailed external evaluation Thorough Bottom-up Fundamental Analysis Our Analysts provide: 11
  13. 13. For Institutional Presentation Purposes Only. Not for Distribution to the Public. • Assess company fundamentals using detailed, proprietary financial models – Detailed five-year P&L, balance sheet, and cash flow models – Discounted cash flow analysis – P/E ratio analysis vs. industry and historical ranges • Evaluate potential risk/reward using multi-scenario growth analysis • Provide Bull, Bear, and Base case • Alger rating system • Qualitative inputs Developing a Differentiated View Our Analysts: Our Analysts apply proprietary methodology using: 12
  14. 14. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Multi-Scenario Analysis • Revenue • Earnings • Free cash flow • Sector and company-specific inputs Alger Analysts develop Bull, Bear, and Base case models for all companies they follow Includes full five-year models for: 13
  15. 15. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Analyst & Portfolio Manager Dialogue • Portfolio Managers challenge Analysts, test conviction • Together they: – Prioritize sector selections – Normalize information across sectors – Apply risk management oversight Analyst-Driven Culture “At Alger, our Portfolio Managers and Analysts work in close collaboration to drive performance for our clients.” Dan Chung, CEO 14
  16. 16. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Portfolio Construction & Risk Management • Best ideas: Strongest Positive Dynamic Change companies • Highest conviction: Differentiated view supported by proprietary research • Driven by Analysts and Portfolio Managers Sell decisions • Achieved target price • Fundamentals deteriorate • New idea with greater risk/reward potential Buy decisions 15
  17. 17. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Portfolio Construction & Risk Management • In-depth knowledge of companies • Broadly diversified holdings • Sector, industry, and security limits • Dedicated risk manager • Portfolio optimization We manage portfolio risk through: 16
  18. 18. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Investment Process 17
  19. 19. Alger SICAV Th Al A i A t G th F dThe Alger American Asset Growth Fund Seeks long term capital appreciation Strategy: • Seeks long-term capital appreciation • Anchored in large cap, may seek growth potential in all market caps Primary Benchmark: • Russell 1000 Growth Index Number of Holdings: • Typically 90-120 Source of • Research-driven stock selection Expected Return: Research driven stock selection Weightings: • Broadly diversified across sectors 40% maximum in any sector Portfolio Limits: • 40% maximum in any sector • 20% maximum in any industry • 10% maximum in any position • Cash is frictional; typically <5% For Institutional Presentation Purposes Only. Not for Distribution to the Public.For Institutional Presentation Purposes Only. Not for Distribution to the Public. 18
  20. 20. P fPerformance As of August 31, 2013 Rolling-Period Returns (%) YTD 1 Year 3 Years* 5 Years* Since Inception** Alger SICAV American Asset Growth I 15.2 16.7 18.7 7.9 5.8 Russell 1000 Growth 15.7 16.4 19.2 8.4 5.5 Value Added -0.5% +0.3% -0.5% -0.5% +0.3% *Periods greater than one year are annualized **Since Inception: 5/18/07 For Institutional Presentation Purposes Only. Not for Distribution to the Public. Periods greater than one year are annualized. Since Inception: 5/18/07 Past performance is not an indication of future results. The performance figures given are a measure of the change in net asset value (NAV) of the Fund and do not take into account taxes and sales charges. Performance figures are not based on audited financial statements and assume reinvestment of distributions, if any. 19
  21. 21. P tf li S t W i htPortfolio Sector Weights Alger American Asset Growth As of 6/30/13g Difference (%) Information Technology 28.2 -0.8 Portfolio (%) Russell 1000 Growth (%) 27.4 Consumer Discretionary 17.7 4.0 Health Care 13.1 0.4 Industrials 13.0 -1.2 21.7 13.5 11.8 Consumer Staples 12.6 -4.4 Financials 4.9 2.7 Energy 4 1 1 85 9 8.2 7.6 Energy 4.1 1.8 Materials 3.9 -0.8 Telecommunication Services 2.3 -1.5 5.9 3.1 0.8 Utilities 0.2 -0.20.0 Information shown are for The Alger American Asset Growth Fund and is subject to change. Data included as supplemental information. Alger uses The Global Industry Classification Standard (GICS®) for categorizing companies into sectors and industries GICS is designed to meet the needs of the investment community for a classification system that reflects a company’s For Institutional Presentation Purposes Only. Not for Distribution to the Public. Standard (GICS ) for categorizing companies into sectors and industries. GICS is designed to meet the needs of the investment community for a classification system that reflects a company s primary business model as determined by its financial performance. Source: Factset 20
  22. 22. P tf li H ldiPortfolio Holdings Alger American Asset Growth 6/30/2013 Apple Inc. G l I Cl A Portfolio (%) 4.9 3 6 Top 10 Holdings Google Inc. Cl A Amazon.com Inc. 2.4 3.6 2.7 International Business Machines Corp. Viacom Inc. Cl B Citigroup Inc 2.1 2.0 2 0 CVS Caremark Corp. Citigroup Inc. Morgan Stanley Home Depot Inc. 2.0 1.7 1.7 Gilead Sciences Inc. 1.7 For Institutional Presentation Purposes Only. Not for Distribution to the Public. Information shown are for The Alger American Asset Growth Fund and is subject to change. Data included as supplemental information. Source: Factset 21
  23. 23. 5 Y P f St ti ti5 Year Performance Statistics 6/30/2013 Characteristic Portfolio Russell 1000 Growth Portfolio Morningstar Ranking (%)* Return 6.39% 7.50% 25 Alger American Asset Growth Alpha -1.41 N/A 34 Information Ratio -0.21 N/A 28 Sharpe Ratio 0.39 0.47 25p Batting Average 55.00 N/A 2 *Morningstar European Open End US Large Cap Growth Equity Universe / Alger American Asset Growth (Class I Shares) For Institutional Presentation Purposes Only. Not for Distribution to the Public. Morningstar European Open End US Large Cap Growth Equity Universe / Alger American Asset Growth (Class I Shares) Morningstar percentile rankings are based on the total return percentile rank (excluding sales charge) within the Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. 22
  24. 24. For Institutional Presentation Purposes Only. Not for Distribution to the Public. • Experienced growth investors since 1964 • Independent, proprietary, fundamental research • Vibrant, research intensive culture • Consistent, proven and repeatable process • Focused on our clients’ best interests • Dedicated to helping our clients achieve their investment goals Why Alger Why Alger? 23
  25. 25. Inspired by Change, Driven by Growth. Alger SICAV - The Alger American Asset Growth Fund Portfolio Manager Patrick Kelly, CFA ISIN Class A LU0070176184 Class I LU0295112097 Class I-2 LU0844526029 Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof107eligiblefunds. Classificationaverages are calculatedwithalleligibleshareclassesforeacheligibleclassification,thecalculationperiodsextendover 36, 60, and 120 months.ThehighestLipperLeaderforConsistent Return (effective Return) value within each eligible classification determines the fund classificiation winner over three, five, or ten years. Lipper is aThomas Reuters company that provides mutual fund information, analytical tools and commentary. Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof128eligiblefunds. Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof101eligiblefunds. Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof86eligiblefunds. NETHERLANDS Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof101eligiblefunds. Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof119eligiblefunds. Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof98eligiblefunds. Best Equity US Fund over 10 Years: AlgerSICAV-TheAlgerAmericanAssetGrowth Fund(A)ranked#1outof116eligiblefunds. Alger SICAV - The Alger American Asset Growth Fund seeks long-term capital appreciation by investing in equities or equity related securities of companies of any size which demonstrate promising growth potential and whose securities are listed or traded on a U.S. stock exchange. Investing in companies of all capitalizations involves a risk that smaller, newer issuers in which the Fund invests may have limited product lines or financial resources, or lack of management depth. Investment Goal The following commentary discusses the Alger SICAV -The Alger American Asset Growth Fund (Class A, I, and I-2 Shares) YTD Not Annualized 1Year 3Year 5Year 10Year Since Inception Class A(Incept. 8/19/1996) Class I (Incept. 5/18/2007) Class I-2(Incept. 11/1/2012) Russell 1000 Growth Index Total Annual Fund Operating Expenses Class A Class I-2Class I Class I-2 Average Annual Returns The annual expenses of I-2 Shares are capped at an annual rate of 0.80% of the class’average daily net assets. Past performance is not an indication of future results. The performance figures given are a measure of the change in net asset value (NAV) of the Fund and do not take into account taxes and sales charges. Performance figures are not based on audited financial statements and assume reinvestment of distributions, if any. For performance current to the most recent month-end, visit www.alger.com. This fact sheet is furnished to you by Fred Alger & Company, Incorporated, the distributor of Alger SICAV.This fact sheet is authorized for distribution only when accompanied or preceded by a current prospectus of the Fund, which contains more information about investment objective, risks, charges, and expenses. Please read the prospectus carefully before investing. Sales of shares in the Fund, the subject of this fact sheet, are made on the basis of the prospectus only and this fact sheet does not constitute an offer of shares in the Fund. An investment in the Fund entails risks, which are described in the prospectus. Investors may not getbackthefullamountinvestedandthenetassetvalueoftheFundwillfluctuatewithmarketconditions.ExchangeratefluctuationsandFundchargesalsoaffectthereturntotheinvestor.Theholdingsaresubject to change.There is no assurance that the Fund’s objectives will be achieved. Classification averages are calculated with all eligible share classes for each eligible classification. the calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (effective Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. Lipper is aThomson Reuters company that provides mutual fund information, analytical tools and commentary. Since 8/19/96 Since 5/18/07 Since 11/1/12 WithExpenseCap 2nd Quarter 2013 (ProspectusDatedDecember2012) 2.09% 1.16%1.08% 0.80% 9.37% 15.52% 16.13% 5.25% 8.32% 7.74% 9.95% 16.72% 17.30% 6.39% — 5.13% 11.80% 17.07% 18.68% 7.47% 7.40% 6.23% as of June 30, 2013. (as of 6/30/2013) 4.97% 10.10% — — — — 16.82% 13.64% 24
  26. 26. Market Environment Corporate fundamentals, housing market gains, and encoura- ging employment trends supported equity investors’enthusiasm during the second quarter, with the S&P 500 Index climbing 2.91%. In mid April, news of disappointing economic growth in China and weaker-than-expected U.S. manufacturing acti- vity caused the S&P 500 to drop 2.3%—its largest daily decline since early November. Yet, news that domestic unemployment for April had declined to 7.5%—a four-year low—and that job creation exceeded expectations was a welcome development. Also during the quarter, the release of minutes from the Federal Reserve’s March meeting and comments by Fed Chairman Ben Bernanke appeared to imply that the central bank may curtail stimulus in the coming months if economic growth continues. A downward revision of first-quarter GDP growth and additional comments from Fed officials, however, alleviated investors’ fears of a potential reduction in stimulus. Strategy Review Class A, I, and I-2 shares of the Alger SICAV American Asset Growth Fund generated 0.60%, 0.91% and 0.98% returns, res- pectively, for the second quarter of 2013, compared to the 2.06 % return of the Russell 1000 Growth Index. During the period, the largest sector weightings were in Information Technology and Consumer Discretionary. The largest sector overweight was Financials and the largest sector underweight was Consumer Staples. Relative outperformance in the Financials and Health Caresectorswasthemostimportantcontributortoperformance, while Industrials and Consumer Discretionary detracted from results. Google Inc. and Morgan Stanley were among top contri- butors to absolute performance. Shares of well-known search engine provider Google performed strongly after the company said first quarter earnings and revenues exceeded consensus expectations, with global search activity increasing at an accele- rated rate. In addition, hours of viewing time with the company’s YouTube increased 50%. Shares of global financial services firm Morgan Stanley also performed strongly. We believe investors responded favorably to Morgan Stanley’s efforts to emphasize wealth management and reduce exposure to risky fixed income trading. In addition, the company continued with plans to ac- quire an additional portion of its joint venture with Smith Barney. Also contributing to performance was Actavis Inc. The company develops and distributes pharmaceutical treatments for urology, nephrology, and women’s health. Its shares performed strongly after the company said it would merge with Ireland-domiciled Warner Chilcott, which develops and distributes products for gastroenterology, urology, dermatology, and women’s health. We believe investors responded favorably to the merger creating a company with an attractive balance of branded and generic drugs. In addition, the merger is expected to result in favorable tax rates for Actavis, improved depth of the combined compa- nies’ development pipeline, and manufacturing synergies. Ver- tex Pharmaceuticals Inc. also contributed to performance. The company provides treatments for hepatitis, cystic fibrosis, and other diseases. We believe its leadership role in treatment for cystic fibrosis and a lack of competing products supported per- formance of Vertex stock during the second quarter. Technology companies Apple Inc. and International Business Machines Corp., however, were among top performance detrac- tors. Performance of Apple shares was hurt by expectations that the company’s gross margins and earnings will decline because of a loss of leverage on revenue, anticipation of a change in pro- duct mix sales for iPhones in Brazil and China, a lack of new pro- duct introductions, and ongoing market share losses. IBM stock, meanwhile, performed poorly after the company reported first- quarter results that were below consensus expectations. It said end-of-quarter execution issues with its mainframe and software businesses hurt results. Also detracting from performance was F5 Networks Inc. The company provides networking techno- logy that secures and optimizes the delivery of network-based applications and the performance of servers and other network resources. Shares of F5 declined sharply during the second quar- ter after the company reported first quarter results that were substantially below management’s guidance. The company also reduced guidance for the coming year. It said reduced telecom carrier capital expenditures, the impact of sequestration on Fe- deral Government spending, and delays in the introduction of several new products were hurting results. Texas based petroleum refiner and marketing company Valero Energy Corp. was another detractor from performance. Valero refines domestic oil and sells it on the global market with prices influenced by prices of Brent Crude oil. The company’s profits, therefore, increase as the spread between domestic oil, or West Texas Intermediate Crude, and Brent Crude widens. During the second quarter, investors grew concerned that narrowing spreads between domestic oil and Brent would have a negative impact on profits, which hurt performance of the company’s stock. Going Forward We believe U.S. equities have potential for generating attractive gains during the remainder of this year and into 2014. Impro- vements in the housing market, gains in consumer sentiment, and job creation are likely to support investor enthusiasm and equities are attractively valued. At the end of the second quarter, the S&P 500 Index had a forward price-to-earnings ratio of only 13.9 compared to the 25-year average of 17.2. Corporations’his- torically high level of cash holdings, meanwhile, suggests that many companies will continue or increase their dividends. Cor- porations are also generating attractive levels of free cash flow. Commentary as of June 30, 2013 2nd Quarter 2013 25
  27. 27. Alger SICAV - The Alger American Asset Growth Fund Alger SICAV Recognition Alger SICAV - The Alger American Asset Growth A u Lipper Fund Awards 2011 BestEquityNorthAmericaFundOverFiveYears: Austria • Germany • Spain • Switzerland u Lipper Fund Awards 2010 BestEquityNorthAmericaFundOverFiveYears: Spain • France • Netherlands u Lipper Fund Awards 2008 BestEquityNorthAmericaFundOverThreeYears: Austria • France • Hong Kong • Germany • Spain Top 10 Holdings Sector Allocations Contribution to Return and Attribution Analysis Source: Factset Top Contributors Detractors Contributors Detractors Source: FactSet Google Inc. Cl A Apple Inc. Actavis Inc. International Business Machines Corp. Vertex Pharmaceuticals Inc. F5 Networks Inc. Morgan Stanley Valero Energy Corp. Vistaprint N.V. salesforce.com inc. (for the Quarter ended 6/30/13) (as of 6/30/2013) (as of 6/30/2013) Apple Inc. InformationTechnology4.92% 27.38% 3.60% 21.67% 2.66% 13.47% 2.36% 11.77% 2.13% 8.22% 2.01% 7.62% 1.97% 5.90% 1.74% 3.12% 1.70% 0.84% 1.67% 0.00% Google Inc. Cl A Consumer Discretionary Amazon.com Inc. Health Care International Business Machines Corp. Industrials CVS Caremark Corp. Consumer Staples Viacom Inc. Cl B Financials Citigroup Inc. Energy Morgan Stanley Materials Home Depot Inc. Telecommunication Services Gilead Sciences Inc. Utilities (for the 1-Year Period as of 6/30/13) Commentary as of June 30, 2013 2nd Quarter 2013 Alger SICAV -The Alger American Asset Growth Fund Russell 1000 Growth Index Attribution Analysis AverageWeight (%) Contribution to Return (%) AverageWeight (%) Contribution to Return (%) Total Effect (%) InformationTechnology 27.64 1.67 30.48 1.03 0.85 Financials 8.95 2.35 4.61 0.96 0.73 Materials 3.68 1.30 3.88 0.69 0.48 Consumer Staples 8.21 1.39 12.86 1.79 0.13 Industrials 12.20 3.06 12.55 2.99 -0.02 Utilities 0.00 0.00 0.20 0.03 -0.06 Health Care 11.71 3.25 12.32 3.38 -0.08 Energy 5.03 1.10 4.08 1.06 -0.19 Telecommunication Services 1.65 0.23 2.29 0.43 -0.24 Consumer Discretionary 17.70 4.11 16.71 4.69 -0.75 26
  28. 28. Fred Alger Management, Inc. is widely recognized as a pioneer of growth-style investment management. We have been an independent, privately owned firm since our inception in 1964. For nearly 50 years, we have had three leaders with one vision: maintaining the legacy and continuity of the Alger Investment Philosophy. We strive to deliver consistently superior investment results for our clients. Investment management is our only business. We believe our independence enables us to remain true to our investment beliefs. About Our Firm Class A shares are subject to a maximum front-end sales charge of up to 6.00%. Class I shares do not have sales charges. No shares in this Fund may be offered or sold to U.S. persons or in jurisdictions where such offe- ringorsaleisprohibited.U.S.personsincludecitizensorresidentsoftheUnitedStatesofAmerica. For a proper definition of U.S. Person, see the Fund’s prospectus. Investment in the Fund may not be suitable for all investors. Investors with any doubts with regard to suitability should contact their independent investment advisors. Nothing in this fact sheet should be construed as advice. This fact sheet does not form part of the prospectus of the Fund and is not, and should not be construed as, an offer, invitation or solicitation to subscribe for the shares in the Fund.The Fund is authorised by the Luxembourg Supervisory Authority as a UCITS and has only been authorised for public distribution in certain jurisdictions. It is the responsibility of any person in possession of this fact sheet to observe all applicable laws and regulations of any relevant jurisdiction with regard to sales and investment in the Fund. ImportantinformationforUKinvestors:FredAlgerCompany,Incorporatedisnotanauthorised person for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) and this fact sheet has not been approved by an authorised person for the purposes of Section 21(2)(b) of the FSMA. The distribution of this fact sheet in the United Kingdom is res- tricted by law. Accordingly, this fact sheet is provided only for and is directed only at persons in the United Kingdom reasonably believed to be of a kind to whom such promotions may be communicatedbyanunauthorisedpersonpursuanttoanexemptionundertheFinancialServices and Markets Act 2000 (Financial Promotion) Order 2005 (the“FPO”). Such persons include: (a) personshavingprofessionalexperienceinmattersrelatingtoinvestmentsand(b)highnetworth bodies corporate, partnerships, unincorporated associations, trusts, etc. falling within Article 49 of the FPO. The services provided by Fred Alger Company, Incorporated and the investment opportunities to which this fact sheet relates are available only to such persons, and persons of any other description may not rely on the information in this fact sheet. Most of the rules made under the FSMA for the protection of retail clients do not apply, and compensation under the United Kingdom Financial Services Compensation Scheme will not be available. Investing in the stock market involves gains and losses and may not be suitable for all investors. The SP 500 Index is an unmanaged index generally representative of the U.S. stock market without regard to company size. The Russell 1000® Growth Index is an unmanaged index designed to measure the performance of the largest 1,000 companies in the Russell 3000® Index with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on the total market capi- talization, which represents 99% of the U.S. equity market. Index performance does not reflect deduction for fees, expenses, or taxes. Investors cannot invest directly in any index. Investors shouldnotconsiderreferencestoindividualsecurities,ifany,asanendorsementorrecommenda- tiontopurchaseorsellsuchsecurity.Transactionsinsuchsecuritiesmaybemadethatseemingly contradict the references to them for a variety of reasons, including, but not limited to, liquidity to meet redemptions or overall portfolio rebalancing. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Fred Alger Management, Inc. The presentation may contain confidential information and unautho- rized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inac- curacy in Fred Alger Management, Inc.’s presentation thereof. Fred Alger Management, Inc. uses The Global Industry Classification Standard (GICS®) for catego- rizing companies into sectors and industries. GICS is designed to meet the needs of the investment communityforaclassificationsystemthatreflectsacompany’sprimarybusinessmodelasdetermi- nedbyitsfinancialperformance. GICSwasdevelopedbyandistheexclusivepropertyandaservice mark of MSCI Inc. (“MSCI”) and Standard Poor’s, a division of The McGraw-Hill Companies, Inc. (“SP”)andislicensedforusebyFredAlgerManagement,Inc.NeitherMSCI,SPnoranythirdparty involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of origi- nality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to anyofsuchstandardorclassification.Withoutlimitinganyoftheforegoing,innoevent shallMSCI, SP, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classificationshaveanyliabilityforanydirect,indirect,special,punitive,consequentialor anyother damages(includinglostprofits)evenifnotifiedofthepossibilityofsuchdamages. Asof6/30/2013,thefollowingstocksrepresentedthenotedpercentagesofAlgerAmericanAsset Growth Fund assets:Warner Chilcott, 0.00%; CVS Caremark Corp., 2.17%; Honeywell Internatio- nal Inc., 1.90%; International Business Machines Corp., 2.86%; HCA Holdings Inc., 1.39%; Ana- darkoPetroleumCorp.,1.74%;AppleInc.,4.76%;TimeWarnerCableInc.,0.00%;CaterpillarInc., 0.61%; SINA Corp., 0.74%; and F5 Networks Inc., 0.65%. Fred Alger Company, Incorporated • 360 Park Avenue South, New York, NY 10010 800.992.3863 (Retail) • 800.223.3810 (Institutional) • www.alger.com7.11.13 AASICAV2Q2013 27
  29. 29. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Portfolio Management Daniel C. Chung, CFA Chief Executive Officer, Chief Investment Officer, Portfolio Manager Investment experience: 19 years Daniel C. Chung is Chief Executive Officer, Chief Investment Officer and Portfolio Manager of several Alger strategies. Dan joined Alger in 1994 and has 19 years of investment experience. He was named Chief Investment Officer in September 2001, President in 2003, and CEO in 2006. Dan graduated from Stanford University with B.A. and B.S. degrees, with Distinction and Phi Beta Kappa, in 1984. He earned his J.D. magna cum laude from Harvard Law School in 1987, where he was an editor of the Harvard Law Review. After law school, he served as law clerk for the Honorable Justice Anthony M. Kennedy, United States Supreme Court. He joined Simpson Thacher Bartlett LLP in New York City in 1989 and earned an L.L.M. from New York University. Dan is a CFA charterholder and a member of the CFA Institute. Throughout his tenure at Alger, Dan has made numerous TV appearances, including CNBC’s “The Wall Street Journal with Maria Bartiromo” and Bloomberg’s “Street Fighters.” Dan has also been featured and quoted frequently in Barron’s, Financial Advisor, Forbes, Fortune, Investment News, Smart Money, USA Today, and the Wall Street Journal. Jill Greenwald, CFA Executive Vice President, Portfolio Manager Investment experience: 27 years Jill Greenwald is Executive Vice President and Portfolio Manager specializing in small capitalization stocks. She currently manages Alger’s Small Cap and SMid Cap Growth portfolios, including the Alger Growth Opportunities Fund and the Alger Small and SMid Cap Growth Funds. She first joined Alger in 1986 and has 27 years of investment experience. Jill, who returned to Alger in 2001, began her career in Alger's analyst program, rising from Research Associate to Senior Analyst. She joined Prudential Equity Investors in 1992 where she was a Director. In 1993, she joined Chase Asset Management where she rose from Analyst to Managing Director and Senior Portfolio Manager of Chase Vista Small Cap Equity Fund and Co-Manager of Chase Vista Small Cap Opportunities Fund. She joined JW Seligman Co. as a Senior Vice President, Investment Officer and Co-Manager of Seligman Emerging Growth in 1999. Jill graduated with a B.A. from Yale University and earned her M.B.A. at New York University. Jill is a CFA charterholder and a member of the CFA Institute. 28
  30. 30. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Portfolio Management Patrick Kelly, CFA Executive Vice President, Portfolio Manager Investment experience: 16 years Patrick Kelly is Executive Vice President and Portfolio Manager of the Alger Capital Appreciation, Alger Capital Appreciation Focus, Alger Spectra and Dynamic strategies. He joined Alger in 1999 and has 16 years of investment experience. Previously, Patrick was an investment banking analyst with SG Cowen. He began his career at Alger as a Research Associate and completed Alger’s in-house analyst training program. In early 2001, Patrick was promoted to Associate Analyst and Assistant Vice President, and in September of 2001 he was promoted to Senior Analyst. As a Senior Analyst, he was responsible for the Technology sector. Patrick was named Manager of Alger’s multi-cap portfolios in September 2004. He graduated with honors from Georgetown University. Patrick is a CFA charterholder and a member of the CFA Institute. Gregory S. Adams, CFA Senior Vice President, Portfolio Manager, Director of Quantitative Risk Management Investment experience: 26 years Gregory Adams is a Senior Vice President, Portfolio Manager of the Alger Dynamic strategies, the Alger Growth and Income Funds, and Director of Quantitative Risk Management. Greg joined Alger in 2006 and has 26 years of experience. Previously, he was Director of Quantitative Research at Lord Abbett Co., and was responsible for portfolio construction simulation and quantitative stock selection. Over the course of his career, Greg was Managing Director and Portfolio Manager at Deutsche Asset Management and The Chase Manhattan Bank. At Deutsche, where he managed over $10 billion in assets, he was the lead Portfolio Manager for the U.S. Large Cap Core Funds, including Scudder’s flagship Growth Income Fund. Greg began his tenure at Chase in 1987 as an equity analyst and was promoted to Co‐Manager of the Chase Vista Balanced Fund and the Chase Vista Growth Income Fund, managing over $2 billion during his tenure. In 1994, Greg was named Manager of the Chase Vista Large Cap Equity Fund. Greg earned a B.A. in American History from the University of Pennsylvania’s School of Arts Sciences. He graduated from The Wharton School with a B.S. in Economics and Finance. Greg is a CFA charterholder and a member of the CFA Institute. 29
  31. 31. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Steven Thumm Senior Vice President, Portfolio Manager, Head of Equity Trading Investment experience: 26 years Steve Thumm is Senior Vice President and Head of Equity Trading. He is also Portfolio Manager of the fixed-income portion of Alger’s Balanced Portfolio. Steve joined Alger in 1991 and has 26 years of investment experience. Previously, he worked at Marine Midland Bank as a Vice President in the domestic treasury division and managed the Bank’s domestic funding operations. Steve graduated from Hofstra University. Portfolio Management Deborah Vélez Medenica, CFA Senior Vice President, Portfolio Manager Investment Experience: 17 years Deborah Vélez Medenica is Senior Vice President, Portfolio Manager of the Alger Emerging Markets Strategy, and Co-Portfolio Manager of the Alger Global Growth Strategy, for which she will manage the emerging markets portion of the portfolio. She joined Alger in December 2010 and has 17 years of experience in emerging markets. Prior to joining Alger, Deborah worked at PineBridge Investments (formerly AIG Investments), where she rose from investment analyst to portfolio manager to the head of emerging market equities. Prior to PineBridge, she worked as an analyst for Baring Asset Management, Toronto Dominion Bank, and Cambridge Associates. Deborah graduated with an A.B. from Harvard- Radcliffe College, earned her M.A. in International Economics and Latin American Studies from Johns Hopkins School of Advanced International Studies, and earned her M.B.A. at The Wharton School. In addition, Deborah is a CFA charterholder and a member of the CFA Institute. 30
  32. 32. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Portfolio Management Pedro Marcal Senior Vice President, Portfolio Manager Investment Experience: 24 years Pedro Marcal is Senior Vice President, Portfolio Manager of the Alger International Growth Strategy, and Co-Portfolio Manager of the Alger Global Growth Strategy, for which he will manage the international developed portion of the portfolio. He joined Alger in February 2013 and has 24 years of investment experience. Prior to joining Alger, Pedro worked at Allianz Global Investors (formerly Nicholas-Applegate Capital Management), where he focused on international equities including developed and emerging markets. During his tenure there, he helped develop the firm’s emerging markets products before moving on to manage global and developed international equity portfolios. Pedro earned his B.A. from the University of California at San Diego and his M.B.A. from the UCLA Anderson School of Management. 31
  33. 33. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Client Portfolio Management William Rechter, CFA Senior Vice President, Client Portfolio Manager Investment experience: 42 years Bill Rechter is a Senior Vice President and Client Portfolio Manager. He joined Alger in 2005 and has 42 years of investment experience. Prior to joining Alger, Bill worked at ING Investment Management as a Senior Vice President and Senior Portfolio Specialist representing the Value, Growth, and International investment teams. Over the course of his career, Bill has been the Chief Investment Officer of Hillview Capital Advisors, Managing Director and Senior Portfolio Manager at SG Cowen Asset Management, and President of Sperry Capital Management Corp. He has also held analytical and portfolio management positions at Value Line, Lehman Brothers, U.S. Trust Company and Manufacturers Hanover Trust Company. Bill graduated with a B.B.A. in finance from the University of Massachusetts and earned his M.B.A. in finance and investments from the New York University Graduate School of Business. He is a CFA charterholder and a member of the CFA Institute. Kevin D. Collins, CFA Senior Vice President, Client Portfolio Manager Investment experience: 21 years Kevin D. Collins is Senior Vice President and Client Portfolio Manager. Prior to his role as Client Portfolio Manager, he was Portfolio Manager of the Income and Growth portfolios and the equity portion of Alger's Balanced portfolios. Kevin joined Alger in 1996 as an analyst covering industrials and business services. He has 21 years of investment experience. Prior to joining Alger, Kevin was an equity analyst at The Bank of New York. He received his B.A. degree from the University of Pennsylvania and earned his M.B.A. from Northwestern University. Kevin is a CFA charterholder and a member of both the CFA Institute and the New York Society of Security Analysts. 32
  34. 34. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Analyst Biographies Darryl Ah Now, CFA Vice President, Analyst Sector: Consumer Investment Experience: 13 years Alger Tenure: Since 2005 Education: B.Com., Queens University, M.B.A., University of Chicago Carla Cantreva-Baessler Vice President, Analyst Sector: Emerging Markets Investment Experience: 20 years Alger Tenure: Since 2010 Education: B.A., Faculdade de Tecnologia de São Paulo; B.A., Fundacao Getulo Vargas; M.B.A., New York University Stern School of Business Peter Chang, CFA Associate Analyst Sector: Industrials Investment Experience: 11 years Alger Tenure: Since 2012 Education: B.B.A., University of Michigan Business School Tariq Chaudhri Associate Analyst Sector: Technology/Telecom Investment Experience: 4 years Industry Experience: 2 years Alger Tenure: Since 2012 Education: B.S., University of California at Los Angeles; M.B.A., Columbia Business School Ankur Crawford, Ph.D. Senior Vice President, Senior Analyst, Co-Portfolio Manager Sector: Technology/Telecom Investment Experience: 9 years Industry Experience: 1 year (engineer with Intel Corp.) Alger Tenure: Since 2004 Education: B.S. , University of California, Berkley; Ph.D., Stanford University Joel Emery, CFA Vice President, Analyst Sector: Healthcare Investment Experience: 18 years Alger Tenure: Since 2012 Education: B.S., State University of New York at Plattsburgh; M.B.A., Fordham University Alex Goldman Senior Vice President, Senior Analyst, Co-Portfolio Manager Sector: Industrials Investment Experience: 15 years Alger Tenure: Since 2011 Education: B.S., Columbia University School of Engineering and Applied Science; M.B.A., Columbia University School of Business J.P. Gravitt Vice President, Analyst Sector: Technology Investment Experience: 13 years Alger Tenure: Since 2012 Education: B.S., Vanderbilt University; M.B.A., University of Chicago Anna Gurvich Research Associate Sector: Consumer Investment Experience: 6 years Alger Tenure: Since 2010 Education: B.S., Cornell University School of Hotel Administration 33
  35. 35. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Analyst Biographies Karen Jay, Ph.D. Associate Analyst Sector: Health Care Investment Experience: 9 years Industry Experience: 6 years (research assistant, Robarts Research Institute, Krembil Center for Stem Cell Biology, Canada) Alger Tenure: Since 2013 Education: B.Sc., University of Toronto; Ph.D., University of Western Ontario Peter Kahng Associate Analyst Sector: Consumer Investment Experience: 14 years Alger Tenure: Since 2012 Education: A.B., Harvard University; M.B.A., Stanford Graduate School of Business Soon Hyouk Lee Vice President, Analyst Sector: Health Care Investment Experience: 9 years Alger Tenure: Since 2011 Education: A.B., Dartmouth College; M.B.A., Harvard Business School David Lewis Vice President, Analyst Sector: Portfolio Support Investment Experience: 11 years Alger Tenure: Since 2012 Education: B.A. and B.S, Georgetown University; M.B.A., New York University Stern School of Business Maria C. Liotta, O.D. Senior Vice President, Portfolio Manager, Senior Analyst Sector: Health Care Investment Experience: 15 years Industry Experience: 4 years (partner in an optometry practice) Alger Tenure: Since 2010 Education: B.S., University of Pittsburgh; B.S. and Doctor of Optometry, Pennsylvania College of Optometry; M.B.A., Joseph M. Katz Graduate School of Business Jayme Lisiewski Vice President, Analyst Sector: Industrials Investment Experience: 14 years Alger Tenure: Since 2000 Education: B.S. and M.B.A., Fairleigh Dickinson University John P. McPeake Vice President, Senior Analyst Sector: Technology/Telecom Investment Experience: 20 years Industry Experience: 6 years (including 5 years as COO, Equity Intelligence at Thomson Financial) Alger Tenure: Since 2007 Education: B.A., Hamilton College; M.B.A., New York University Stern School of Business Michael J. Melnyk, CFA Senior Vice President, Senior Analyst, Co-Portfolio Manager Sector: Consumer Investment Experience: 14 years Alger Tenure: 2001-2005, and since 2007 Education: B.B.A., University of Notre Dame Andrew Merrill, CFA Vice President, Analyst Sector: Energy/Materials/Utilities Investment Experience: 6 years Alger Tenure: Since 2010 Education: B.S., Boston College Wallace E. Carroll School of Management 34
  36. 36. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Analyst Biographies David B. Molnar, CFA Vice President, Analyst Sector: Emerging Markets Investment Experience: 16 years Alger Tenure: Since 2011 Education: B.A., Haverford College; Diploma, Economics, London School of Economics and Political Science; M.A., Fletcher School of Law and Diplomacy, Tufts University Ajoy Reddi Vice President, Analyst Sector: International Markets Investment Experience: 16 years Alger Tenure: Since 2013 Education: B.A., Johns Hopkins University; M.B.A., University of Chicago Graduate School of Business Ben Reynolds Vice President, Analyst Sector: Technology/Telecom Investment Experience: 11 years Alger Tenure: Since 2011 Education: B.S., University of Virginia McIntire School of Commerce; M.B.A., New York University Stern School of Business Eric Richards, CFA Vice President, Analyst Sector: Energy/Materials/Utilities Investment Experience: 14 years Alger Tenure: Since 2007 Education: B.A., Saint Olaf College; M.B.A., Georgetown Brian Schulz, CFA Senior Vice President, Senior Analyst, Co-Portfolio Manager Sector: Financials Investment Experience: 12 years Alger Tenure: Since 2004 Education: A.B., Harvard University Siang Meng Tan, CFA Vice President, Analyst Sector: Emerging Markets Investment Experience: 18 years Industry Experience: 3 years (relationship manager, offshore/onshore business at Citibank) Alger Tenure: Since 2010 Education: B.S., Indiana University; M.B.A., University of North Carolina Larry Vigus Associate Analyst Sector: Risk Management Investment Experience: 14 years Alger Tenure: Since 2000 Education: B.A., Moravian College Christopher R. Walsh, CFA Senior Vice President, Portfolio Manager, Senior Analyst Sector: Consumer Investment Experience: 16 years Alger Tenure: Since 2001 Education: B.S., University of Vermont Steven Yang Vice President, Analyst Sector: Industrials Investment Experience: 9 years Industry Experience: 7 years (senior auditor, KPMG LLP, healthcare and life sciences sector, and analyst and strategic planning specialist at Stanford University Medical Center) Alger Tenure: Since 2005 Education: B.A., Yale University; M.B.A., New York University Stern School of Business 35
  37. 37. For Institutional Presentation Purposes Only. Not for Distribution to the Public. Analyst Biographies Michael Young Senior Vice President, Senior Analyst, Co-Portfolio Manager Sector: Energy/Materials/Utilities Investment Experience: 28 years Alger Tenure: Since 2008 Education: B.A., Dartmouth College Warren Zhang, CFA Vice President, Analyst Sector: International Markets Investment Experience: 17 years Alger Tenure: Since 2013 Education: B.S., Tongji University; M. A., University of California at Riverside; M.A., Yale University School of Management 36
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