Fred Alger Management, an investment management company, released its “Alger Capital Appreciation Fund” second-quarter 2026 investor letter. A copy of the letter can be downloaded here. US equities strongly rebounded in the second quarter, with the S&P 500 Index rising 15.2%. Easing geopolitical tensions and technological advancements fueled market optimism, propelling the Information Technology and Industrials sectors forward, while Energy and Utilities lagged due to falling oil and gas prices. Despite discussions on AI disruption, opportunities are identified within sectors adopting the technology as it enters its agentic phase. The Alger Capital Appreciation Fund’s Class A shares outperformed the Russell 1000 Growth Index in the quarter, driven by strong performances in Information Technology and Communication Services, while Industrials and Financials detracted from overall performance. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Alger Capital Appreciation Fund highlighted Nebius Group N.V. (NASDAQ:NBIS) as a notable contributor. Nebius Group N.V. (NASDAQ:NBIS) is a technology company that focuses on developing full-stack infrastructure to service the global AI industry. On July 15, 2026, Nebius Group N.V. (NASDAQ:NBIS) closed at $199.51 per share. One-month return of Nebius Group N.V. (NASDAQ:NBIS) was -30.41%, and its shares gained 271.60% over the past 52 weeks. Nebius Group N.V. (NASDAQ:NBIS) has a market capitalization of $50.65 billion.
Alger Capital Appreciation Fund stated the following regarding Nebius Group N.V. (NASDAQ:NBIS) in its Q2 2026 investor update:
“Nebius Group N.V. (NASDAQ:NBIS) is a specialized AI infrastructure company that provides a full-stack platform, including GPU-accelerated cloud computing, to help enterprises build, train, and deploy large-scale artificial intelligence models. The company has positioned itself as a leading next-generation cloud provider purpose-built for machine learning and high-performance computing workloads. We believe the company’s appeal is anchored by its vertically integrated approach, which combines proprietary data center design with in-house software to deliver superior performance and lower operating costs compared to traditional GPU cloud providers. Shares contributed positively to performance after the company reported better-than-expected revenues, driven by surging demand for AI computing power. Nebius also announced a 1.2 gigawatt data center campus and closed a strategic acquisition that strengthened its model optimization capabilities.”
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