Summary

• U.S. equities endured a turbulent first quarter, with the S&P 500 Index declining 4.33% as a sharp recalibration across the software industry and geopolitical conflicts reshaped the investment landscape.
• The shift to agentic artificial intelligence is accelerating demand for compute capacity and driving growth across the ecosystem of companies that build, service, and power data centers.
• Class A shares of the Alger Weatherbie Specialized Growth Fund underperformed the Russell 2500 Growth Index during the first quarter of 2026, recording a return of -11.41% without sales charges.
• AAR CORP. contributed positively to performance after delivering a strong fiscal third-quarter earnings report, with revenue, earnings, and profitability all exceeding expectations driven by solid organic growth.
• StepStone Group shares detracted from performance despite reporting record fee revenues, primarily due to lower performance-related earnings relative to the prior year and a risk-off environment for alternative asset managers.

Highlights

• During the first quarter of 2026, the largest portfolio sector weightings were Industrials and Health Care. The largest sector overweight was Industrials and the largest sector underweight was Information Technology.
• The Information Technology

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