Summary

• During the first quarter of 2026, the largest Alger American Asset Growth Fund sector weightings were Information Technology and Consumer Discretionary, while the largest sector underweight was Financials.
• The emergence of agentic artificial intelligence tools triggered a broad sell-off across the software industry as investors moved to reprice companies most exposed to AI disruption.
• Western Digital Corporation's business has structurally shifted toward cloud customers as consumer exposure has declined, with cloud now representing the majority of the company's revenue.
• Nebius Group reported positive adjusted earnings at the group level for the first time, reflecting strong pricing power and growing operating leverage within its core AI cloud business.
• GE Vernova supported performance with a fiscal fourth-quarter earnings report that highlighted a tripling of Gas Power equipment orders and record bookings in the Electrification segment.

Highlights

• During the first quarter of 2026, the largest portfolio sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.
• The Information Technology

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