citywire bangkok oct 10 11 2013

Citywire BangkokDan Chung, CFA Chief Investment Officer, Chief Executive OfficerFred Alger Management, Inc.October 10‐11, 2013

Inspired by Change, Driven by Growth.

A dAgenda

1. An Introduction to Alger

2. Consistent, Proven, Repeatable Process

3. American Asset Growth Fund

4. Why Algery g

5. Exhibits

For Institutional Presentation Purposes Only. Not for Distribution to the Public.1

For Institutional Presentation Purposes Only. Not for Distribution to the Public.

• Growth investors since 1964

• Singular focus on growth investment management

• Independent, privately held firm

• Original, proprietary analyst-driven research

• More than 40 experienced investment professionals

• Currently manages more than $18 billion in assets

Introduction to Alger

Who We Are

2


Total Assets Under Management

Strategy Assets ($ millions)

As of 6/30/13

Alger Category Strategy Institutional/Offshore Intermediary Total

Large Cap

• Capital Appreciation • Capital Appreciation Focus • Growth & Income • Large Cap Growth • Spectra

$7,932 $4,512 $12,444

Mid Cap • Analyst • Mid Cap Growth $358 $272 $630

Small Cap

• Growth Opportunities • Small Cap Growth • SMid Cap Growth

$2,442 $2,106 $4,548

International

• Emerging Markets • Global Growth • International Growth • China-U.S.

$13 $277 $290

Alternatives • Dynamic (Long/Short) $8 $48 $56

Specialty

• Balanced • Green • Health Sciences • Other

$92 $254 $346

$10,845 $7,469 $18,314

3


Capabilities

As of 6/30/13 Creation

Date

Average Performance

Since Creation

(Gross)

Average Performance

Since Creation

(Net)

Value Added

Alger Spectra Composite Russell 3000 Growth

10/1/2008

16.2%

10.9%

15.2%

4.3%

Alger Capital Appreciation Composite* S&P 500*

1/1/1976

15.2%

11.3%

14.5%

3.2%

Alger Large Cap Growth Composite Russell 1000 Growth

1/1/1987

10.9%

9.3%

10.2%

0.9%

Alger Mid Cap Growth Composite Russell MidCap Growth

7/1/1993

11.3%

9.2%

10.4%

1.2%

Alger SMid Cap Growth Composite Russell 2500 Growth

6/1/2002

9.9%

8.7%

9.1%

0.4%

Alger Small Cap Growth Composite Russell 2000 Growth

1/1/1987

10.7%

7.5%

9.9%

2.4%

Alger Dynamic Return Composite S&P 500

6/1/2008

8.5%

5.1%

7.3%

2.2%

Alger International Growth Composite MSCI ACWI ex USA

10/1/2009

7.7%

4.6%

7.4%

2.8%

*The Composite’s benchmark, the Russell 1000 Growth Index, was created on 12/31/1978, which is after the Composite’s creation date of 1/1/1976. Therefore, the S&P 500 Index has been used as the comparative benchmark. Past performance is not an indication or a guarantee of future results. A complete list and description of Fred Alger Management, Inc. composites and performance results is available upon request: 800.223.3810 or www.alger.com.

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Representative Clients Public Funds

• Cambridge Retirement System • City of Lake Worth Employees’ Retirement System • City of Taylor (MI) Police and Fire Retirement System • City of Wichita Retirement Systems • Dallas/Fort Worth International Airport Board • Greater Orlando Aviation Authority Defined Benefit Pension Plan • Kansas City Public School Retirement System • Los Angeles Department of Water & Power • Oklahoma Firefighters Pension & Retirement Fund • Philadelphia Gas Works • Schuylkill County Employees Retirement Fund • The Retirement Plan of the Transportation District Commission of

Hampton Roads

Foundation/Endowment • Kern Family Foundation • Knott Scholarship • Navajo Nation • Pitt County Memorial Hospital • Purdue University • Saint Thomas Church • Sheppard Pratt Health System • The Lutheran Foundation

Socially Responsible

• Catholic Diocese of Arlington • Detroit Province of the Society of Jesus • Diocese of Palm Beach • Presentation Capital Asset Management • Sisters of the Holy Cross Augusta Fund • Wisdom Charitable Trust

Corporate • Kaiser Permanente • Morganite Industries • Navistar, Inc. • NORCAL Mutual Insurance Co.

Taft-Hartley

• Equity League Pension Trust Fund • Hollow Metal Pension Fund • IBEW Local 351 Pension Fund • IBEW Local 861 Pension Fund • Iron Workers Mid-South Pension Fund • Laborers' District Council Construction Industry Pension Plan • Laborers’ Local 57 Industrial Pension Fund of Philadelphia, PA • Maritime Association - ILA Pension & Welfare Funds • Milk Drivers & Dairy Employees Local 264 Pension Fund • New Orleans Employers ILA, AFL-CIO Pension Fund • Plumbers and Steamfitters Local 486 Pension Fund • San Francisco Bricklayers Local No. 7 Pension Plan • Sheet Metal Workers Local No. 85 Pension Fund • Teamsters Local 639 – Employers Pension Trust Fund • Teamsters Pension Trust Fund of Philadelphia & Vicinity • UA Local 322 Plumbers & Pipefitters Pension Plan • UFCW Local One Pension Fund • UFCW Local 1500 Pension Fund • United Independent Union – Newspaper Guild of Greater

Philadelphia Pension Plan • Waterfront Employers - ILA Pension Fund

Sub-Advisory • ABN AMRO Multi-Manager Funds

Entities listed above were selected on the basis of being well known to the public and not on any performance based criteria. Inclusion on this list should not be viewed as an endorsement of Alger’s strategies.

5


The Alger Philosophy

Companies Undergoing Positive Dynamic Change Offer the Best

Investment Opportunities

6


Portfolio Managers

*Portfolio manager of the Large Cap, Dynamic, and Global Growth strategies.

Chief Investment Officer

Daniel C. Chung, CFA*

CEO, CIO 19 Years of Experience

Domestic Portfolio Managers

Patrick Kelly, CFA

Capital Appreciation, Capital Appreciation Focus, Spectra, and Dynamic 16 Years of Experience

Gregory S. Adams, CFA

Growth & Income, Dynamic, and Risk Management 26 Years of Experience

Client Portfolio Managers

William Rechter, CFA

42 Years of Experience

Kevin D. Collins, CFA


Pedro Marcal International Growth and Global Growth


Jill Greenwald, CFA

Small Cap, Smid Cap, and Growth Opportunities 27 Years of Experience

International Portfolio Managers

Deborah A. Vélez Medenica, CFA

Emerging Markets and Global Growth 17 Years of Experience

7


Robert Kerr

Investment Team

Ankur Crawford, Ph.D.* John P. McPeake* J.P. Gravitt Ben Reynolds Tariq Chaudhri*

Technology/ Telecom Consumer

Maria C. Liotta, O.D.* Joel Emery, CFA Soon Hyouk Lee Karen Jay, Ph.D.*

Healthcare

Michael Young Andrew Merrill, CFA Eric Richards, CFA

Energy/Materials/ Utilities

Alex Goldman Jayme Lisiewski Steven Yang* Peter Chang, CFA

Industrials Financials

Ajoy Reddi Warren Zhang, CFA

International Markets

Carla Cantreva-Baessler David B. Molnar, CFA Siang Meng Tan, CFA*

Emerging Markets

*These analysts also have relevant industry experience. Analysts whose names are in bold are also Co-Portfolio Managers.

Steven Thumm Dan Kilpatrick Brian Costello

Analysts

Trading

Research Associate Generalists

Evan Feagans Leo Hei Brendan Rice Jason Ng George Ortega

Christopher R. Walsh, CFA Michael J. Melnyk, CFA Darryl Ah Now, CFA Peter Kahng Anna Gurvich

Brian Schulz, CFA

Gregory S. Adams, CFA David Lewis Larry Vigus

Risk Management and Portfolio Management Support

8


Alger Analysts

Analysts are the foundation of our process

15 ANALYST

15 Years*

ASSOCIATE ANALYST

12 Years*

RESEARCH ASSOCIATE

7 Years*

17 SENIOR ANALYST

17 Years*

12

7 * Average investment and industry experience of Alger investment professionals

• Sector experts

– Follow industry as a whole and cover all market caps

– “One Team” working on every Alger portfolio

– Academic, financial, and industry backgrounds

• We are different: an Analyst-driven culture and process

– Renowned Alger Training Program

– Continuous collaboration with Portfolio Managers

– Passionate, disciplined, and creative

– Career position: compensation and responsibility equal in level to portfolio managers

9


Investment Process

10


• In-depth knowledge of the sector

• Comprehensive understanding of a company

• Detailed external evaluation

Thorough Bottom-up Fundamental Analysis

Our Analysts provide:

11


• Assess company fundamentals using detailed, proprietary financial models

– Detailed five-year P&L, balance sheet, and cash flow models

– Discounted cash flow analysis

– P/E ratio analysis vs. industry and historical ranges

• Evaluate potential risk/reward using multi-scenario growth analysis

• Provide Bull, Bear, and Base case

• Alger rating system

• Qualitative inputs

Developing a Differentiated View

Our Analysts:

Our Analysts apply proprietary methodology using:

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Multi-Scenario Analysis

• Revenue • Earnings • Free cash flow • Sector and company-specific inputs

Alger Analysts develop

Bull, Bear, and Base

case models for all

companies they follow

Includes full five-year models for:

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Analyst & Portfolio Manager Dialogue

• Portfolio Managers challenge Analysts, test conviction

• Together they:

– Prioritize sector selections

– Normalize information across sectors

– Apply risk management oversight

Analyst-Driven Culture

“At Alger, our Portfolio Managers and

Analysts work in close collaboration to drive

performance for our clients.”

Dan Chung, CEO

14


Portfolio Construction & Risk Management

• Best ideas: Strongest Positive Dynamic Change companies

• Highest conviction: Differentiated view supported by proprietary research

• Driven by Analysts and Portfolio Managers

Sell decisions

• Achieved target price

• Fundamentals deteriorate

• New idea with greater risk/reward potential

Buy decisions

15


Portfolio Construction & Risk Management

• In-depth knowledge of companies

• Broadly diversified holdings

• Sector, industry, and security limits

• Dedicated risk manager

• Portfolio optimization

We manage portfolio risk through:

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Investment Process

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Alger SICAVTh Al A i A t G th F dThe Alger American Asset Growth Fund

Seeks long term capital appreciationStrategy:

• Seeks long-term capital appreciation• Anchored in large cap, may seek growth potential in all market caps

Primary Benchmark: • Russell 1000 Growth Index

Number of Holdings: • Typically 90-120

Source of • Research-driven stock selectionExpected Return: Research driven stock selection

Weightings: • Broadly diversified across sectors

40% maximum in any sector

Portfolio Limits:

• 40% maximum in any sector• 20% maximum in any industry• 10% maximum in any position• Cash is frictional; typically <5%

For Institutional Presentation Purposes Only. Not for Distribution to the Public.For Institutional Presentation Purposes Only. Not for Distribution to the Public.18

P fPerformanceAs of August 31, 2013

Rolling-Period Returns (%)

YTD 1 Year 3 Years* 5 Years* SinceInception**

Alger SICAV American Asset Growth I 15.2 16.7 18.7 7.9 5.8

Russell 1000 Growth 15.7 16.4 19.2 8.4 5.5

Value Added -0.5% +0.3% -0.5% -0.5% +0.3%

*Periods greater than one year are annualized **Since Inception: 5/18/07


Periods greater than one year are annualized. Since Inception: 5/18/07Past performance is not an indication of future results. The performance figures given are a measure of the change in net asset value (NAV) of the Fund and do not take into account taxesand sales charges. Performance figures are not based on audited financial statements and assume reinvestment of distributions, if any.

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P tf li S t W i htPortfolio Sector Weights

Alger American Asset Growth As of 6/30/13g

Difference (%)

Information Technology 28.2 -0.8

Portfolio (%) Russell 1000 Growth (%)

27.4

Consumer Discretionary 17.7 4.0

Health Care 13.1 0.4

Industrials 13.0 -1.2

21.7

13.5

11.8

Consumer Staples 12.6 -4.4

Financials 4.9 2.7

Energy 4 1 1 85 9

8.2

7.6

Energy 4.1 1.8

Materials 3.9 -0.8

Telecommunication Services 2.3 -1.5

5.9

3.1

0.8

Utilities 0.2 -0.20.0

Information shown are for The Alger American Asset Growth Fund and is subject to change. Data included as supplemental information. Alger uses The Global Industry ClassificationStandard (GICS®) for categorizing companies into sectors and industries GICS is designed to meet the needs of the investment community for a classification system that reflects a company’s


Standard (GICS ) for categorizing companies into sectors and industries. GICS is designed to meet the needs of the investment community for a classification system that reflects a company sprimary business model as determined by its financial performance.Source: Factset

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P tf li H ldiPortfolio Holdings

Alger American Asset Growth 6/30/2013

Apple Inc.

G l I Cl A

Portfolio (%)

4.9

3 6

Top 10 Holdings

Google Inc. Cl A

Amazon.com Inc.

2.4

3.6

2.7

International Business Machines Corp.

Viacom Inc. Cl B

Citigroup Inc

2.1

2.0

2 0

CVS Caremark Corp.

Citigroup Inc.

Morgan Stanley

Home Depot Inc.

2.0

1.7

1.7

Gilead Sciences Inc. 1.7


Information shown are for The Alger American Asset Growth Fund and is subject to change. Data included as supplemental information.Source: Factset

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5 Y P f St ti ti5 Year Performance Statistics

6/30/2013

Characteristic Portfolio Russell 1000 Growth Portfolio Morningstar Ranking (%)*

Return 6.39% 7.50% 25

Alger American Asset Growth

Alpha -1.41 N/A 34

Information Ratio -0.21 N/A 28

Sharpe Ratio 0.39 0.47 25p

Batting Average 55.00 N/A 2

*Morningstar European Open End US Large Cap Growth Equity Universe / Alger American Asset Growth (Class I Shares)


Morningstar European Open End US Large Cap Growth Equity Universe / Alger American Asset Growth (Class I Shares)Morningstar percentile rankings are based on the total return percentile rank (excluding sales charge) within the Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest(or least favorable) percentile rank is 100.

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• Experienced growth investors since 1964

• Independent, proprietary, fundamental research

• Vibrant, research intensive culture

• Consistent, proven and repeatable process

• Focused on our clients’ best interests

• Dedicated to helping our clients achieve their investment goals

Why Alger

Why Alger?

23

Inspired by Change, Driven by Growth.

Alger SICAV - The Alger American Asset Growth Fund

Portfolio ManagerPatrick Kelly, CFA

ISINClass A LU0070176184Class I LU0295112097

Class I-2 LU0844526029

Best Equity US Fund over 10 Years:Alger SICAV - The Alger American Asset Growth Fund (A) ranked #1 out of 107 eligible funds.

Classification averages are calculated with all eligible share classes for each eligible classification, the calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (effective Return) value within each eligible classification determines the fund classificiation winner over three, five, or ten years. Lipper is a Thomas Reuters company that provides mutual fund information, analytical tools and commentary.




NETHERLANDS





Alger SICAV - The Alger American Asset Growth Fund seeks long-term capital appreciation by investing in equities or equity related securities of companies of any size which demonstrate promising growth potential and whose securities are listed or traded on a U.S. stock exchange. Investing in companies of all capitalizations involves a risk that smaller, newer issuers in which the Fund invests may have limited product lines or financial resources, or lack of management depth.

Investment Goal

The following commentary discusses the Alger SICAV - The Alger American Asset Growth Fund(Class A, I, and I-2 Shares)

YTD Not Annualized 1 Year 3 Year 5 Year 10 Year

SinceInception

Class A (Incept. 8/19/1996)Class I (Incept. 5/18/2007)Class I-2 (Incept. 11/1/2012)

Russell 1000 Growth Index

Total Annual Fund Operating Expenses Class A Class I-2 Class I

Class I-2

Average Annual Returns

The annual expenses of I-2 Shares are capped at an annual rate of 0.80% of the class’ average daily net assets. Past performance is not an indication of future results. The performance figures given are a measure of the change in net asset value (NAV) of the Fund and do not take into account taxes and sales charges. Performance figures are not based on audited financial statements and assume reinvestment of distributions, if any. For performance current to the most recent month-end, visit www.alger.com.This fact sheet is furnished to you by Fred Alger & Company, Incorporated, the distributor of Alger SICAV. This fact sheet is authorized for distribution only when accompanied or preceded by a current prospectus of the Fund, which contains more information about investment objective, risks, charges, and expenses. Please read the prospectus carefully before investing. Sales of shares in the Fund, the subject of this fact sheet, are made on the basis of the prospectus only and this fact sheet does not constitute an offer of shares in the Fund. An investment in the Fund entails risks, which are described in the prospectus. Investors may not get back the full amount invested and the net asset value of the Fund will fluctuate with market conditions. Exchange rate fluctuations and Fund charges also affect the return to the investor. The holdings are subject to change. There is no assurance that the Fund’s objectives will be achieved.

Classification averages are calculated with all eligible share classes for each eligible classification. the calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (effective Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. Lipper is a Thomson Reuters company that provides mutual fund information, analytical tools and commentary.

Since 8/19/96Since 5/18/07Since 11/1/12

With Expense Cap

2nd Quarter 2013

(Prospectus Dated December 2012) 2.09% 1.16%1.08%

0.80%

9.37% 15.52% 16.13% 5.25% 8.32% 7.74%9.95% 16.72% 17.30% 6.39% — 5.13%

11.80% 17.07% 18.68% 7.47% 7.40%6.23%

as of June 30, 2013.

(as of 6/30/2013)

4.97%

10.10% — — — — 16.82%

13.64%

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Market Environment Corporate fundamentals, housing market gains, and encoura-ging employment trends supported equity investors’ enthusiasm during the second quarter, with the S&P 500 Index climbing 2.91%. In mid April, news of disappointing economic growth in China and weaker-than-expected U.S. manufacturing acti-vity caused the S&P 500 to drop 2.3%—its largest daily decline since early November. Yet, news that domestic unemployment for April had declined to 7.5%—a four-year low—and that job creation exceeded expectations was a welcome development. Also during the quarter, the release of minutes from the Federal Reserve’s March meeting and comments by Fed Chairman Ben Bernanke appeared to imply that the central bank may curtail stimulus in the coming months if economic growth continues. A downward revision of first-quarter GDP growth and additional comments from Fed officials, however, alleviated investors’ fears of a potential reduction in stimulus.

Strategy ReviewClass A, I, and I-2 shares of the Alger SICAV American Asset Growth Fund generated 0.60%, 0.91% and 0.98% returns, res-pectively, for the second quarter of 2013, compared to the 2.06 % return of the Russell 1000 Growth Index. During the period, the largest sector weightings were in Information Technology and Consumer Discretionary. The largest sector overweight was Financials and the largest sector underweight was Consumer Staples. Relative outperformance in the Financials and Health Care sectors was the most important contributor to performance, while Industrials and Consumer Discretionary detracted from results. Google Inc. and Morgan Stanley were among top contri-butors to absolute performance. Shares of well-known search engine provider Google performed strongly after the company said first quarter earnings and revenues exceeded consensus expectations, with global search activity increasing at an accele-rated rate. In addition, hours of viewing time with the company’s YouTube increased 50%. Shares of global financial services firm Morgan Stanley also performed strongly. We believe investors responded favorably to Morgan Stanley’s efforts to emphasize wealth management and reduce exposure to risky fixed income trading. In addition, the company continued with plans to ac-quire an additional portion of its joint venture with Smith Barney. Also contributing to performance was Actavis Inc. The company develops and distributes pharmaceutical treatments for urology, nephrology, and women’s health. Its shares performed strongly after the company said it would merge with Ireland-domiciled Warner Chilcott, which develops and distributes products for gastroenterology, urology, dermatology, and women’s health. We believe investors responded favorably to the merger creating a company with an attractive balance of branded and generic drugs. In addition, the merger is expected to result in favorable

tax rates for Actavis, improved depth of the combined compa-nies’ development pipeline, and manufacturing synergies. Ver-tex Pharmaceuticals Inc. also contributed to performance. The company provides treatments for hepatitis, cystic fibrosis, and other diseases. We believe its leadership role in treatment for cystic fibrosis and a lack of competing products supported per-formance of Vertex stock during the second quarter.

Technology companies Apple Inc. and International Business Machines Corp., however, were among top performance detrac-tors. Performance of Apple shares was hurt by expectations that the company’s gross margins and earnings will decline because of a loss of leverage on revenue, anticipation of a change in pro-duct mix sales for iPhones in Brazil and China, a lack of new pro-duct introductions, and ongoing market share losses. IBM stock, meanwhile, performed poorly after the company reported first-quarter results that were below consensus expectations. It said end-of-quarter execution issues with its mainframe and software businesses hurt results. Also detracting from performance was F5 Networks Inc. The company provides networking techno-logy that secures and optimizes the delivery of network-based applications and the performance of servers and other network resources. Shares of F5 declined sharply during the second quar-ter after the company reported first quarter results that were substantially below management’s guidance. The company also reduced guidance for the coming year. It said reduced telecom carrier capital expenditures, the impact of sequestration on Fe-deral Government spending, and delays in the introduction of several new products were hurting results.

Texas based petroleum refiner and marketing company Valero Energy Corp. was another detractor from performance. Valero refines domestic oil and sells it on the global market with prices influenced by prices of Brent Crude oil. The company’s profits, therefore, increase as the spread between domestic oil, or West Texas Intermediate Crude, and Brent Crude widens. During the second quarter, investors grew concerned that narrowing spreads between domestic oil and Brent would have a negative impact on profits, which hurt performance of the company’s stock.

Going ForwardWe believe U.S. equities have potential for generating attractive gains during the remainder of this year and into 2014. Impro-vements in the housing market, gains in consumer sentiment, and job creation are likely to support investor enthusiasm and equities are attractively valued. At the end of the second quarter, the S&P 500 Index had a forward price-to-earnings ratio of only 13.9 compared to the 25-year average of 17.2. Corporations’ his-torically high level of cash holdings, meanwhile, suggests that many companies will continue or increase their dividends. Cor-porations are also generating attractive levels of free cash flow.

Commentary as of June 30, 20132nd Quarter 2013

25

Alger SICAV - The Alger American Asset Growth Fund

Alger SICAV Recognition

Alger SICAV - The Alger American Asset Growth A

u Lipper Fund Awards 2011 Best Equity North America Fund Over Five Years: Austria • Germany • Spain • Switzerland

u Lipper Fund Awards 2010 Best Equity North America Fund Over Five Years: Spain • France • Netherlands

u Lipper Fund Awards 2008 Best Equity North America Fund Over Three Years: Austria • France • Hong Kong • Germany • Spain

Top 10 Holdings Sector Allocations

Contribution to Return and Attribution Analysis

Source: Factset

Top Contributors & Detractors Contributors Detractors

Source: FactSet

Google Inc. Cl A Apple Inc.Actavis Inc. International Business Machines Corp.Vertex Pharmaceuticals Inc. F5 Networks Inc.Morgan Stanley Valero Energy Corp.Vistaprint N.V. salesforce.com inc.

(for the Quarter ended 6/30/13)

(as of 6/30/2013) (as of 6/30/2013)

Apple Inc. Information Technology4.92% 27.38%3.60% 21.67%2.66% 13.47%

2.36% 11.77%

2.13% 8.22%2.01% 7.62%1.97% 5.90%

1.74% 3.12%1.70% 0.84%

1.67% 0.00%

Google Inc. Cl A Consumer DiscretionaryAmazon.com Inc. Health Care

International Business Machines Corp. Industrials

CVS Caremark Corp. Consumer StaplesViacom Inc. Cl B FinancialsCitigroup Inc. Energy

Morgan Stanley MaterialsHome Depot Inc. Telecommunication ServicesGilead Sciences Inc. Utilities

(for the 1-Year Period as of 6/30/13)

Commentary as of June 30, 20132nd Quarter 2013

Alger SICAV - The Alger American Asset Growth Fund Russell 1000 Growth Index Attribution AnalysisAverage Weight (%) Contribution to Return (%) Average Weight (%) Contribution to Return (%) Total Effect (%)

Information Technology 27.64 1.67 30.48 1.03 0.85Financials 8.95 2.35 4.61 0.96 0.73Materials 3.68 1.30 3.88 0.69 0.48Consumer Staples 8.21 1.39 12.86 1.79 0.13Industrials 12.20 3.06 12.55 2.99 -0.02Utilities 0.00 0.00 0.20 0.03 -0.06Health Care 11.71 3.25 12.32 3.38 -0.08Energy 5.03 1.10 4.08 1.06 -0.19Telecommunication Services 1.65 0.23 2.29 0.43 -0.24Consumer Discretionary 17.70 4.11 16.71 4.69 -0.75

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Fred Alger Management, Inc. is widely recognized as a pioneer of growth-style investment management. We have been an independent, privately owned firm since our inception in 1964. For nearly 50 years, we have had three leaders with one vision: maintaining the legacy and continuity of the Alger Investment Philosophy. We strive to deliver consistently superior investment results for our clients. Investment management is our only business. We believe our independence enables us to remain true to our investment beliefs.

About Our Firm

Class A shares are subject to a maximum front-end sales charge of up to 6.00%. Class I shares do not have sales charges.

No shares in this Fund may be offered or sold to U.S. persons or in jurisdictions where such offe-ringor sale is prohibited. U.S. persons include citizens or residents of the United States of America. For a proper definition of U.S. Person, see the Fund’s prospectus. Investment in the Fund may not be suitable for all investors. Investors with any doubts with regard to suitability should contact their independent investment advisors. Nothing in this fact sheet should be construed as advice.

This fact sheet does not form part of the prospectus of the Fund and is not, and should not be construed as, an offer, invitation or solicitation to subscribe for the shares in the Fund. The Fund is authorised by the Luxembourg Supervisory Authority as a UCITS and has only been authorised for public distribution in certain jurisdictions. It is the responsibility of any person in possession of this fact sheet to observe all applicable laws and regulations of any relevant jurisdiction with regard to sales and investment in the Fund.

Important information for UK investors: Fred Alger & Company, Incorporated is not an authorised person for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) and this fact sheet has not been approved by an authorised person for the purposes of Section 21(2)(b) of the FSMA. The distribution of this fact sheet in the United Kingdom is res-tricted by law. Accordingly, this fact sheet is provided only for and is directed only at persons in the United Kingdom reasonably believed to be of a kind to whom such promotions may be communicated by an unauthorised person pursuant to an exemption under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”). Such persons include: (a) persons having professional experience in matters relating to investments and (b) high net worth bodies corporate, partnerships, unincorporated associations, trusts, etc. falling within Article 49 of the FPO. The services provided by Fred Alger & Company, Incorporated and the investment opportunities to which this fact sheet relates are available only to such persons, and persons of any other description may not rely on the information in this fact sheet. Most of the rules made under the FSMA for the protection of retail clients do not apply, and compensation under the United Kingdom Financial Services Compensation Scheme will not be available.

Investing in the stock market involves gains and losses and may not be suitable for all investors.

The S&P 500 Index is an unmanaged index generally representative of the U.S. stock market without regard to company size. The Russell 1000® Growth Index is an unmanaged index designed to measure the performance of the largest 1,000 companies in the Russell 3000® Index

with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on the total market capi-talization, which represents 99% of the U.S. equity market. Index performance does not reflect deduction for fees, expenses, or taxes. Investors cannot invest directly in any index. Investors should not consider references to individual securities, if any, as an endorsement or recommenda-tion to purchase or sell such security. Transactions in such securities may be made that seemingly contradict the references to them for a variety of reasons, including, but not limited to, liquidity to meet redemptions or overall portfolio rebalancing.

Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Fred Alger Management, Inc. The presentation may contain confidential information and unautho-rized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inac-curacy in Fred Alger Management, Inc.’s presentation thereof.

Fred Alger Management, Inc. uses The Global Industry Classification Standard (GICS®) for catego-rizing companies into sectors and industries. GICS is designed to meet the needs of the investment community for a classification system that reflects a company’s primary business model as determi-ned by its financial performance. GICS was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Fred Alger Management, Inc. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of origi-nality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

As of 6/30/2013, the following stocks represented the noted percentages of Alger American Asset Growth Fund assets: Warner Chilcott, 0.00%; CVS Caremark Corp., 2.17%; Honeywell Internatio-nal Inc., 1.90%; International Business Machines Corp., 2.86%; HCA Holdings Inc., 1.39%; Ana-darko Petroleum Corp., 1.74%; Apple Inc., 4.76%; Time Warner Cable Inc., 0.00%; Caterpillar Inc., 0.61%; SINA Corp., 0.74%; and F5 Networks Inc., 0.65%.

Fred Alger & Company, Incorporated • 360 Park Avenue South, New York, NY 10010 800.992.3863 (Retail) • 800.223.3810 (Institutional) • www.alger.com7.11.13 AASICAV2Q2013

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Portfolio Management

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

Investment experience: 19 years Daniel C. Chung is Chief Executive Officer, Chief Investment Officer and Portfolio Manager of several Alger strategies. Dan joined Alger in 1994 and has 19 years of investment experience. He was named Chief Investment Officer in September 2001, President in 2003, and CEO in 2006. Dan graduated from Stanford University with B.A. and B.S. degrees, with Distinction and Phi Beta Kappa, in 1984. He earned his J.D. magna cum laude from Harvard Law School in 1987, where he was an editor of the Harvard Law Review. After law school, he served as law clerk for the Honorable Justice Anthony M. Kennedy, United States Supreme Court. He joined Simpson Thacher & Bartlett LLP in New York City in 1989 and earned an L.L.M. from New York University. Dan is a CFA charterholder and a member of the CFA Institute. Throughout his tenure at Alger, Dan has made numerous TV appearances, including CNBC’s “The Wall Street Journal with Maria Bartiromo” and Bloomberg’s “Street Fighters.” Dan has also been featured and quoted frequently in Barron’s, Financial Advisor, Forbes, Fortune, Investment News, Smart Money, USA Today, and the Wall Street Journal.

Jill Greenwald, CFA Executive Vice President, Portfolio Manager

Investment experience: 27 years Jill Greenwald is Executive Vice President and Portfolio Manager specializing in small capitalization stocks. She currently manages Alger’s Small Cap and SMid Cap Growth portfolios, including the Alger Growth Opportunities Fund and the Alger Small and SMid Cap Growth Funds. She first joined Alger in 1986 and has 27 years of investment experience. Jill, who returned to Alger in 2001, began her career in Alger's analyst program, rising from Research Associate to Senior Analyst. She joined Prudential Equity Investors in 1992 where she was a Director. In 1993, she joined Chase Asset Management where she rose from Analyst to Managing Director and Senior Portfolio Manager of Chase Vista Small Cap Equity Fund and Co-Manager of Chase Vista Small Cap Opportunities Fund. She joined J&W Seligman & Co. as a Senior Vice President, Investment Officer and Co-Manager of Seligman Emerging Growth in 1999. Jill graduated with a B.A. from Yale University and earned her M.B.A. at New York University. Jill is a CFA charterholder and a member of the CFA Institute.

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Patrick Kelly, CFA Executive Vice President, Portfolio Manager

Investment experience: 16 years Patrick Kelly is Executive Vice President and Portfolio Manager of the Alger Capital Appreciation, Alger Capital Appreciation Focus, Alger Spectra and Dynamic strategies. He joined Alger in 1999 and has 16 years of investment experience. Previously, Patrick was an investment banking analyst with SG Cowen. He began his career at Alger as a Research Associate and completed Alger’s in-house analyst training program. In early 2001, Patrick was promoted to Associate Analyst and Assistant Vice President, and in September of 2001 he was promoted to Senior Analyst. As a Senior Analyst, he was responsible for the Technology sector. Patrick was named Manager of Alger’s multi-cap portfolios in September 2004. He graduated with honors from Georgetown University. Patrick is a CFA charterholder and a member of the CFA Institute.

Gregory S. Adams, CFA Senior Vice President, Portfolio Manager, Director of Quantitative & Risk Management

Investment experience: 26 years Gregory Adams is a Senior Vice President, Portfolio Manager of the Alger Dynamic strategies, the Alger Growth and Income Funds, and Director of Quantitative & Risk Management. Greg joined Alger in 2006 and has 26 years of experience. Previously, he was Director of Quantitative Research at Lord Abbett & Co., and was responsible for portfolio construction simulation and quantitative stock selection. Over the course of his career, Greg was Managing Director and Portfolio Manager at Deutsche Asset Management and The Chase Manhattan Bank. At Deutsche, where he managed over $10 billion in assets, he was the lead Portfolio Manager for the U.S. Large Cap Core Funds, including Scudder’s flagship Growth & Income Fund. Greg began his tenure at Chase in 1987 as an equity analyst and was promoted to Co‐Manager of the Chase Vista Balanced Fund and the Chase Vista Growth & Income Fund, managing over $2 billion during his tenure. In 1994, Greg was named Manager of the Chase Vista Large Cap Equity Fund. Greg earned a B.A. in American History from the University of Pennsylvania’s School of Arts & Sciences. He graduated from The Wharton School with a B.S. in Economics and Finance. Greg is a CFA charterholder and a member of the CFA Institute.

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Steven Thumm Senior Vice President, Portfolio Manager, Head of Equity Trading

Investment experience: 26 years Steve Thumm is Senior Vice President and Head of Equity Trading. He is also Portfolio Manager of the fixed-income portion of Alger’s Balanced Portfolio. Steve joined Alger in 1991 and has 26 years of investment experience. Previously, he worked at Marine Midland Bank as a Vice President in the domestic treasury division and managed the Bank’s domestic funding operations. Steve graduated from Hofstra University.


Deborah Vélez Medenica, CFA Senior Vice President, Portfolio Manager

Investment Experience: 17 years Deborah Vélez Medenica is Senior Vice President, Portfolio Manager of the Alger Emerging Markets Strategy, and Co-Portfolio Manager of the Alger Global Growth Strategy, for which she will manage the emerging markets portion of the portfolio. She joined Alger in December 2010 and has 17 years of experience in emerging markets. Prior to joining Alger, Deborah worked at PineBridge Investments (formerly AIG Investments), where she rose from investment analyst to portfolio manager to the head of emerging market equities. Prior to PineBridge, she worked as an analyst for Baring Asset Management, Toronto Dominion Bank, and Cambridge Associates. Deborah graduated with an A.B. from Harvard-Radcliffe College, earned her M.A. in International Economics and Latin American Studies from Johns Hopkins School of Advanced International Studies, and earned her M.B.A. at The Wharton School. In addition, Deborah is a CFA charterholder and a member of the CFA Institute.

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Pedro Marcal Senior Vice President, Portfolio Manager

Investment Experience: 24 years Pedro Marcal is Senior Vice President, Portfolio Manager of the Alger International Growth Strategy, and Co-Portfolio Manager of the Alger Global Growth Strategy, for which he will manage the international developed portion of the portfolio. He joined Alger in February 2013 and has 24 years of investment experience. Prior to joining Alger, Pedro worked at Allianz Global Investors (formerly Nicholas-Applegate Capital Management), where he focused on international equities including developed and emerging markets. During his tenure there, he helped develop the firm’s emerging markets products before moving on to manage global and developed international equity portfolios. Pedro earned his B.A. from the University of California at San Diego and his M.B.A. from the UCLA Anderson School of Management.

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Client Portfolio Management

William Rechter, CFA Senior Vice President, Client Portfolio Manager

Investment experience: 42 years Bill Rechter is a Senior Vice President and Client Portfolio Manager. He joined Alger in 2005 and has 42 years of investment experience. Prior to joining Alger, Bill worked at ING Investment Management as a Senior Vice President and Senior Portfolio Specialist representing the Value, Growth, and International investment teams. Over the course of his career, Bill has been the Chief Investment Officer of Hillview Capital Advisors, Managing Director and Senior Portfolio Manager at SG Cowen Asset Management, and President of Sperry Capital Management Corp. He has also held analytical and portfolio management positions at Value Line, Lehman Brothers, U.S. Trust Company and Manufacturers Hanover Trust Company. Bill graduated with a B.B.A. in finance from the University of Massachusetts and earned his M.B.A. in finance and investments from the New York University Graduate School of Business. He is a CFA charterholder and a member of the CFA Institute.

Kevin D. Collins, CFA Senior Vice President, Client Portfolio Manager

Investment experience: 21 years Kevin D. Collins is Senior Vice President and Client Portfolio Manager. Prior to his role as Client Portfolio Manager, he was Portfolio Manager of the Income and Growth portfolios and the equity portion of Alger's Balanced portfolios. Kevin joined Alger in 1996 as an analyst covering industrials and business services. He has 21 years of investment experience. Prior to joining Alger, Kevin was an equity analyst at The Bank of New York. He received his B.A. degree from the University of Pennsylvania and earned his M.B.A. from Northwestern University. Kevin is a CFA charterholder and a member of both the CFA Institute and the New York Society of Security Analysts.

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Analyst Biographies Darryl Ah Now, CFA

Vice President, Analyst

Sector: Consumer

Investment Experience: 13 years

Alger Tenure: Since 2005

Education: B.Com., Queens University, M.B.A., University of Chicago

Carla Cantreva-Baessler


Sector: Emerging Markets



Education: B.A., Faculdade de Tecnologia de São Paulo; B.A., Fundacao Getulo Vargas; M.B.A., New York University Stern School of Business

Peter Chang, CFA

Associate Analyst

Sector: Industrials



Education: B.B.A., University of Michigan Business School

Tariq Chaudhri

Associate Analyst

Sector: Technology/Telecom


Industry Experience: 2 years


Education: B.S., University of California at Los Angeles; M.B.A., Columbia Business School

Ankur Crawford, Ph.D.

Senior Vice President, Senior Analyst,

Co-Portfolio Manager



Industry Experience: 1 year (engineer with Intel Corp.)


Education: B.S. , University of California, Berkley; Ph.D., Stanford University

Joel Emery, CFA


Sector: Healthcare



Education: B.S., State University of New York at Plattsburgh; M.B.A., Fordham University

Alex Goldman



Sector: Industrials



Education: B.S., Columbia University School of Engineering and Applied Science; M.B.A., Columbia University School of Business

J.P. Gravitt


Sector: Technology



Education: B.S., Vanderbilt University; M.B.A., University of Chicago Anna Gurvich

Research Associate

Sector: Consumer



Education: B.S., Cornell University School of Hotel Administration

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Analyst Biographies Karen Jay, Ph.D.

Associate Analyst

Sector: Health Care


Industry Experience: 6 years (research assistant, Robarts Research Institute, Krembil Center for Stem Cell Biology, Canada)


Education: B.Sc., University of Toronto; Ph.D., University of Western Ontario Peter Kahng

Associate Analyst

Sector: Consumer



Education: A.B., Harvard University; M.B.A., Stanford Graduate School of Business

Soon Hyouk Lee


Sector: Health Care



Education: A.B., Dartmouth College; M.B.A., Harvard Business School

David Lewis


Sector: Portfolio Support



Education: B.A. and B.S, Georgetown University; M.B.A., New York University Stern School of Business

Maria C. Liotta, O.D.

Senior Vice President, Portfolio Manager,

Senior Analyst

Sector: Health Care

Investment Experience: 15 years Industry Experience: 4 years (partner in an optometry practice)


Education: B.S., University of Pittsburgh; B.S. and Doctor of Optometry, Pennsylvania College of Optometry; M.B.A., Joseph M. Katz Graduate School of Business Jayme Lisiewski


Sector: Industrials



Education: B.S. and M.B.A., Fairleigh Dickinson University

John P. McPeake

Vice President, Senior Analyst



Industry Experience: 6 years (including 5 years as COO, Equity Intelligence at Thomson Financial)


Education: B.A., Hamilton College; M.B.A., New York University Stern School of Business

Michael J. Melnyk, CFA



Sector: Consumer


Alger Tenure: 2001-2005, and since 2007

Education: B.B.A., University of Notre Dame Andrew Merrill, CFA


Sector: Energy/Materials/Utilities



Education: B.S., Boston College Wallace E. Carroll School of Management

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Analyst Biographies David B. Molnar, CFA





Education: B.A., Haverford College; Diploma, Economics, London School of Economics and Political Science; M.A., Fletcher School of Law and Diplomacy, Tufts University Ajoy Reddi


Sector: International Markets



Education: B.A., Johns Hopkins University; M.B.A., University of Chicago Graduate School of Business

Ben Reynolds





Education: B.S., University of Virginia McIntire School of Commerce; M.B.A., New York University Stern School of Business

Eric Richards, CFA





Education: B.A., Saint Olaf College; M.B.A., Georgetown Brian Schulz, CFA



Sector: Financials



Education: A.B., Harvard University Siang Meng Tan, CFA




Industry Experience: 3 years (relationship manager, offshore/onshore business at Citibank)


Education: B.S., Indiana University; M.B.A., University of North Carolina

Larry Vigus

Associate Analyst

Sector: Risk Management



Education: B.A., Moravian College

Christopher R. Walsh, CFA

Senior Vice President, Portfolio Manager,

Senior Analyst

Sector: Consumer



Education: B.S., University of Vermont Steven Yang


Sector: Industrials


Industry Experience: 7 years (senior auditor, KPMG LLP, healthcare and life sciences sector, and analyst and strategic planning specialist at Stanford University Medical Center)


Education: B.A., Yale University; M.B.A., New York University Stern School of Business

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Analyst Biographies Michael Young






Education: B.A., Dartmouth College

Warren Zhang, CFA


Sector: International Markets



Education: B.S., Tongji University; M. A., University of California at Riverside; M.A., Yale University School of Management

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