Alger Weatherbie Specialized Growth Fund Holds StepStone Group (STEP) Despite Challenges
Fred Alger Management’s Alger Weatherbie Specialized Growth Fund Q1 2026 letter says its Class A shares lagged the Russell 2500 Growth Index amid US volatility; IT and Consumer Staples helped while Health Care and Financials hurt. The fund highlighted StepStone Group (STEP), which closed at $53.74 on May 22, 2026; shares were up 7.65% (1 month) but down 8.48% (52 weeks). The letter cited record fee revenues but said STEP detracted due to lower performance-related earnings from transaction timing