Investing in Growth & Change

Much of the current conversation around AI has focused on U.S. companies — where the best investments may lie and what risks could derail the story. But what about opportunities outside the U.S.?

In this conversation, Redwood portfolio managers Alexi Makkas and Don Smith break down how governance reforms, capital return frameworks, and evolving policy environments are shaping international markets, and how these changes may be creating new investment opportunities outside the U.S.

"We think these disruptive businesses with disruptive leaders are coming in with a low-cost structure and using AI technologies to take share and grow healthy businesses. And we're seeing a lot of these are in the mid-cap space." Mid Cap Growth Portfolio Manager Brandon Geisler discusses the newfound attention that mid cap companies are now having in the AI conversation.

"During moments of volatility there is often a strong psychological impulse to 'do something', but reactive trades in the early days of a geopolitical crisis have historically been a source of regret, not alpha." Portfolio Manager Ezra Samet shares his views on the recent U.S. conflict in Iran.

"I think this industrial resurgence is being driven by a real need for investment, whereas with the tech bubble, there was a lot of spare capacity. Today, AI-driven companies need more power on the grid and more manufacturing capability, and that’s what this business spending is about." Alger Director of Market Strategy Brad Neuman discusses the new industrial renaissance and what that may mean for investors.

"We are in a new world and that requires a completely different mindset. The question isn’t if you’re adopting now, it is the pace of adoption and how quickly can you actually cross this chasm." Alger Portfolio Manager Dr. Ankur Crawford discusses AI, the metaverse, humanoid caregivers, stablecoin, and whether or not Apple should buy OpenAI.

"We think one of the most exciting non-U.S. inefficient areas is in smaller caps, because in small caps, you're layering on the geographic opportunity as well." The Alger Redwood team takes a closer look at Europe, Japan and China and review their thesis on how investors might better take advantage of non-U.S. market inefficiencies.

"The inefficiencies outside the U.S. are significant. International markets are more fragmented and offer opportunities that are very exciting. Even when macros are against us, we’re finding businesses that we want to own." The Alger Redwood team takes a deep dive into international opportunities that U.S. investors may be missing.

"I like to say when software writes software, innovation becomes exponential. And I think we’ve never lived through exponential innovation as a society." Alger Portfolio Manager Dr. Ankur Crawford discusses the Concentrated Equity strategy and how it may provide investors with a direct conduit to Alger's highest conviction ideas on the theme of innovation.

"The strategy brings research and development and intangibles out of the shadows of financial statements and allows investors to find potentially attractive investments." Alger Director of Market Strategy Brad Neuman discusses the recently launched top-down strategy created in conjunction with Russell, and how it may create opportunities to directly invest in rapidly accelerating innovation.

"Analysis requires a mindset and an approach that is willing to handle lots of uncertainty and is able to imagine outcomes that are both very good and very bad and not necessarily linear." In celebration of Alger's 60th anniversary, we present part two of a special interview with Chief Investment Officer Dan Chung, reflecting on his 30-year journey with the firm. In this conversation, Dan discusses Alger's long-term focus on fundamental research and the continuing importance of investing in innovation.

In celebration of Alger's 60th anniversary, we present part one of a special interview series with Chief Investment Officer Dan Chung, reflecting on his 30-year journey with the firm. In this conversation, Dan shares insights into his formative years as a research analyst, learning the ropes and discovering a special affinity for the tech sector.

"AI represents a massive TAM. If you can replace or significantly enhance the productivity of labor, a $30-40 trillion market, that is a massive TAM. And even a fraction of that market is still a significant TAM." Portfolio Manager Patrick Kelly discusses the recent launch of the Alger AI Enablers and Adopters strategy and why he thinks artificial intelligence is the most generationally transformative investment theme of this era.

"Forty percent of the U.S. population are technically obese and over ten percent are severely obese. So, we think a lot of the excitement is that, wow, we could apply these therapies to tens of millions of people." Alger Senior Healthcare Analyst, Keye Chow and Associate Analyst Yinglu Zhang, Ph.D., discuss GLP-1's origins as a diabetes drug and some barriers it may face in its attempt to revolutionize the weight loss market.

"Once we’ve defined areas of central interest, we try and track where the greatest unmet needs are and where the greatest potential market opportunities can be." Health Sciences Portfolio Manager Dr. Sanjiv Talwar explains why his team is focused on innovative advancements in scientific, clinical, and commercial arenas.