Alger Mid Cap Fund Reports Q1 Lag as AI Shift and Oil Shock Recast Portfolio Drivers

Overview

• Insider Monkey on Monday highlighted Alger Mid Cap Fund’s first‑quarter letter, which said the strategy trailed the Russell Midcap Growth Index in a volatile market.
• The firm identified two forces shaping returns, citing agentic AI tools that can carry out tasks on their own and a late‑February U.S.–Iran flare‑up that sent oil above $100 a barrel.
• Data‑center buildout winners featured in the letter included FTAI Aviation, which launched FTAI Power to turn retired CFM56 jet engines into aeroderivative turbines for on‑site electricity, and Comfort Systems USA, which reported stronger fourth‑quarter results and a backlog nearly double last year as tech projects grew.
• Detractors included Sea Limited, which chose a larger reinvestment push over near‑term profit expansion, and MongoDB, which issued initial full‑year revenue guidance below forecasts even as Alger reiterated its long‑term growth view.
• Insider Monkey reported fresh market snapshots and ownership interest as of April 17, noting rising hedge‑fund holders in the highlighted names and providing prices that showed FTAI at $259 and FIX at $1,650, with Sea and MongoDB also widely held.