NEW YORK, Feb. 18, 2021 /PRNewswire-PRWeb/ -- Fred
Alger Management, LLC ("Alger"), a $43
billion growth equity investment manager, is pleased to
announce the expansion of its Collective Investment Trust (CIT)
offerings with Alger Focus Equity CIT, a focused portfolio of
approximately 50 high-conviction, large capitalization stocks.
The Alger Focus Equity strategy, started by Alger in 2013, has
more than $3.2B in AUM. Currently,
the strategy is offered in several vehicles, including a mutual
fund (the Morningstar 5-star rated Alger Focus Equity Fund),
separate accounts, retail SMA and an offshore vehicle. The Alger
Focus Equity CIT joins a strong lineup of CITs, including the Alger
Capital Appreciation Series CIT, which was launched in 2014.
"We believe it's important to offer retirement plan clients a
choice when it comes to investments in their plans. With the launch
of the Alger Focus Equity CIT, we're able to package a
high-conviction strategy into a vehicle with an attractive pricing
structure for a retirement plan," said Jim
Tambone, executive vice president and chief distribution
officer at Alger.
Serving as the Trustee of Alger's CITs, SEI Trust Company is a
subsidiary of SEI, a leading global provider of investment
processing, investment management and investment operations
solutions. Alger plans on continuing to partner with SEI as it
offers additional CITs across the asset class spectrum to its
retirement-focused advisor clients.
"We expect Alger's Focus Equity CIT offering, coupled with SEI
Trust Company's expertise, to be a powerful combination in the U.S.
retirement market," said John
Alshefski, senior vice president and managing director of
SEI's Investment Manager Services division.
In addition to the launch of the new CIT, Alger and SEI have
registered these CITs with Nasdaq Fund Network ("NFN"). Plan
sponsors and advisors will now be able to access daily net asset
value and performance information. The three CITs on NFN
include:
- Alger Capital Appreciation Series CIT (R1): AGCASX
- Alger Capital Appreciation Series CIT (R5): SEIAAX
- Alger Focus Equity Series CIT (R1): SEIACX
"Alger has been helping plan sponsors, consultants and
retirement focused advisors improve retirement outcomes for
participants by providing strong growth equity investment options
for more than 55 years. We continue to see increased demand for
CITs and are pleased that we can offer these to advisors and record
keeping platforms," said John
Carbone, senior vice president and head of retirement
investment solutions. "We believe listing the CITs on the Nasdaq
Fund Network will provide more information and transparency for
plan sponsors and will ultimately lead to increased utilization of
CITs in small and mid-sized retirement plans."
"Increased data access and transparency benefit all investors,"
said Devin McCarthy, managing
director, Nasdaq Fund Network. "Nasdaq is proud to partner with SEI
and Alger to make CITs more accessible to the broader investment
community across major retirement platforms."
About Alger
Founded in 1964, Alger is widely recognized as a pioneer of
growth-style investment management. Headquartered in New York City with affiliate offices in
Boston and London, Alger provides U.S. and non-U.S.
institutional investors and financial advisors access to a suite of
growth equity separate accounts, mutual funds, and privately
offered investment vehicles. The firm's investment philosophy,
discovering companies undergoing Positive Dynamic Change, has been
in place for over 50 years. Weatherbie Capital, LLC, a Boston-based investment adviser specializing
in small and mid-cap growth equity investing is a wholly-owned
subsidiary of Alger. For more information, please visit
http://www.alger.com.
About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading
global provider of investment processing, investment management,
and investment operations solutions designed to help corporations,
financial institutions, financial advisors, and
ultra-high-net-worth families create and manage wealth. As of
Dec. 31, 2020, through its
subsidiaries and partnerships in which the company has a
significant interest, SEI manages, advises or administers
approximately $1 trillion in hedge,
private equity, mutual fund and pooled or separately managed
assets, including approximately $369
billion in assets under management and $787 billion in client assets under
administration. For more information, visit seic.com.
SEI Trust Company ("STC") is a non-depository trust company
chartered under the laws of the Commonwealth of Pennsylvania, which provides trustee,
custodial, operational and administrative services to various
collective investment trusts. STC was formed in June 1989, is a wholly-owned subsidiary of SEI
Investments Company and is regulated and examined by the
Pennsylvania Department of Banking and Securities. The Trustee
shall offer interests in each Trust only to parties who are
eligible plans in a collective investment trust pursuant to
applicable law, including, but not limited to, the applicable
provisions of the Securities Act of 1933, the Investment Company
Act of 1940 and the Pennsylvania Banking Code of 1965, as well as
the terms of the offering documents for each specific trust.
The Alger Collective Trust (the "Trust") is a trust for the
collective investment of assets of participating tax qualified
pension and profit sharing plans and related trusts, and
governmental plans as more fully described in the Declaration of
Trust. The Alger Capital Appreciation Series CIT and Alger Focus
Equity Series CIT are managed by SEI Trust Company, the trustee,
based on the investment advice of Fred Alger Management, LLC, and
the investment adviser to the Trust. As a bank collective trust,
the Alger Capital Appreciation Series CIT and Alger Focus Equity
Series CIT are exempt from registration as an investment
company.
Risk Disclosures: Investing in the stock market involves risks,
including the potential loss of principal. Growth stocks may be
more volatile than other stocks as their prices tend to be higher
in relation to their companies' earnings and may be more sensitive
to market, political, and economic developments. A significant
portion of assets will be invested in technology companies, which
may be significantly affected by competition, innovation,
regulation, and product obsolescence, and may be more volatile than
the securities of other companies. Investments in the Consumer
Discretionary Sector may be affected by domestic and international
economies, consumer's disposable income, consumer preferences and
social trends. Foreign securities involve special risks including
currency fluctuations, inefficient trading, political and economic
instability, and increased volatility. Assets may be focused in a
small number of holdings, making them susceptible to risks
associated with a single economic, political or regulatory event
than a more diversified portfolio. Active trading may increase
transaction costs, brokerage commissions, and taxes, which can
lower the return on investment.
© 2020 Morningstar, Inc. All rights reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its
content providers; (2) may not be copied or distributed; and (3) is
not warranted to be accurate, complete, or timely. Neither
Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information. Past
performance is no guarantee of future results.
Morningstar calculates a Morningstar Rating™ based on a
Morningstar Risk-Adjusted Return measure that accounts for
variation in a fund's monthly performance, placing more emphasis on
downward variations and rewarding consistent performance. The
Morningstar Rating may differ among share classes of a mutual fund
as a result of different sales loads and/or expense structures. It
may be based in part, on the performance of a predecessor fund. For
each fund with at least a three year history, Morningstar
calculates a Morningstar™ Rating based on a Morningstar
Risk-Adjusted Return measure that accounts for variation in a
fund's monthly performance, placing more emphasis on downward
variations and rewarding consistent performance. The top 10% of
funds in each category receive 5 stars, the next 22.5% receive 4
stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars
and the bottom 10% receive 1 star. (Each share class is counted as
a fraction of one fund within this scale and rated separately,
which may cause slight variations in the distribution percentages.)
The Overall Morningstar Rating for a fund is derived from a
weighted average of the performance figures associated with its
three-, five- and ten-year (if applicable) Morningstar Rating
Metrics. Alger Focus Equity Fund Class Z was rated 4, 5, and 4
stars for the 3-, 5-, and 10-year periods among 1197, 1070, and 789
Large Growth funds as of 12/31/20.
Rankings and ratings may be based in part on the performance of
a predecessor fund or share class and are calculated by Morningstar
using a performance calculation methodology that differs from that
used by Fred Alger Management, LLC's. Differences in the
methodologies may lead to variances in calculating total
performance returns, in some cases this variance may be
significant, thereby potentially affecting the rating/ranking of
the Fund(s). When an expense waiver is in effect, it may have a
material effect on the total return or yield, and therefore the
rating/ranking for the period.
Before investing, carefully consider the Fund's investment
objective, risks, charges, and expenses. For a prospectus and
summary prospectus containing this and other information or for the
Fund's most recent month-end performance data, visit
http://www.alger.com, call (800) 992-3863 or consult your financial
advisor. Read the prospectus and summary prospectus carefully
before investing.
Distributor: Fred Alger &
Company, LLC. Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT
BANK GUARANTEED. MAY LOSE VALUE.
Media Contact
Scott Anderson, Alger,
212-806-2972, sanderson@alger.com
Sheila Kulik, Prosek,
203-745-2523, skulik@prosek.com
SOURCE Alger