Capital Markets Summer 2020

Lasting Change

At Alger, we believe in the world’s ability to increase productivity and wealth through innovation. Since 1964, we have been investing in companies that have introduced new products or services that have helped push society forward, making businesses more efficient and lives better. These successes are often the result of a combination of groundbreaking research & development and visionary corporate strategy that intersect with a changing world. The external environment is important because society needs to be ready to accept these new innovations, much like a puzzle piece fits into the larger picture. The coronavirus pandemic has accelerated the digital transformation of the economy—years of market share changes have been compressed into just a few months. We believe that many new behaviors that have contributed to this acceleration will stay with us for the foreseeable future. In the pages that follow we detail the lasting change that may arise from this crisis. We are excited about how our existing investments may potentially prosper in the evolving landscape, and as we have done for over 55 years, we are working hard to identify potential new winners and losers that will emerge.

Daniel C. Chung, CFA Chief Executive Officer Chief Investment Officer

Brad Neuman, CFA Senior Vice President Director of Market Strategy

1