Ankur Crawford Call Transcript


Ankur Crawford (continued): If you look at the large cap space, I think you will see more growth in large cap into absolute growth than we’ve seen historically in some of those high growers in part because these are now platforms for the change. These are the businesses that are driving the change and have the ability; these are global companies. They’re global retailers. They’re global tech companies, which is really a different paradigm than we have seen historically. I mean when we used to look at retail and consumer discretionary, there was no global retailer. Amazon is a global retailer effectively. I would say why large cap? It’s because so much of that dynamic change is actually being led by these large caps. Why Alger? For all the reasons that I have been talking about on this call. We have been steeped in looking for change for 55 years. If you go back to the magazine articles that feature interviews of David and Fred in the ‘70s, the ‘80s, the ‘90s, they say the same thing. Look for Positive Dynamic Change. Look for high unit volume growth. Look for change. Where there is change, there is opportunity. The market often underestimates change. And why Alger? It’s because that is how we think about the market. We are not changing ourselves to suit the market. This is what we have been built for. This is what we have been trained to do. This is our core competency: looking for change. What we see over the next 10 years is so much change in the market that you want to be relying on people who can recognize that change. That is why I think the time for Alger is now. Why Spectra and Alger 25? We have a team that is of one mind. We filter the market. We are a cohesive team that is looking for driving performance. And we do great fundamental research. I know that a lot of people probably say they do great fundamental research. I wish that all of you could come into our offices and really experience a day at Alger and what it is that we do and how we do it because I do think it’s different. I do think that the thoughtfulness, the effort that goes into

the research and to the numbers illustrates a lot of effort and a lot of thoughtfulness.

Spectra, Alger 25, our large cap portfolios — they express all of our investment talents in one place. In Spectra, we have the ability to go down market. We’re able to do large, mid and small cap investing. We are able to short, which is an exciting nuance to the strategy. In Alger 25, it is just about owning great businesses that we love and great businesses that we think will compound greater than market returns over the next five years. What I want to leave you with is that we are a pretty competitive team that likes to win. We like to win for our clients. It’s really important to us. We always know who it is that we’re investing for. We don’t take it lightly. You have to have that fire. I think you want to be invested with people who have the desire to win and a process to win. That’s why large cap, that’s why Alger and that’s why Spectra, Alger 25 and our other large cap strategies. Dennis Hearns: Ankur, thank you so much for providing this insightful and actionable information today. More importantly, to our audience, all of us at Alger want to thank you for taking the time to join us.

Conference Call 10/11

Made with FlippingBook - Online magazine maker