FRED ALGER MANAGEMENT, LLC

NEW YORK, NY · CIK 3520 · 13F filing filed 2025-05-16

SEC-registered investment adviser since 1970 · limited liability company

Assets managed$26.1bn
Staff98 · 40 in investment roles
Main clients (by assets)Mutual funds and ETFs 79%, Pension plans 6%, Individuals 6%
Private funds2 (2 hedge) · $86.2m gross assets
Websitealger.com
Form ADV · 2026-09-17SEC adviser record

Legal entityFRED ALGER MANAGEMENT, LLC (US)
Part of ALGER ASSOCIATES, INC. (US)

$17.6bn reported value -16.3% vs Q4 2024

416positions

50.5%in top 10

75 new 146 added 173 reduced 64 sold out vs Q4 2024

Options: 0 call positions (— notional), 2 put positions ($1.6m notional) – listed below, not included above.

This report includes the holdings of 2 other managers that share the investment decisions:

ALPS ADVISORS INC – files its own report too; $9.3m of shares are in both
WEATHERBIE CAPITAL, LLC – reports through this filing

Also in the report of:

Keebeck Wealth Management – $7.5m of shares are in both reports
PERSONAL CFO SOLUTIONS, LLC – $2.6m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICROSOFT CORP COM MSFT	MSFT	4,530,409	$1.7bn9.69%	9.69%	Reduced -138.4k	-138,356 -3.0%
2	NVIDIA CORPORATION COM NVDA	NVDA	14,370,033	$1.6bn8.87%	8.87%	Reduced -504.4k	-504,416 -3.4%
3	AMAZON COM INC COM AMZN	AMZN	6,354,668	$1.2bn6.89%	6.89%	Reduced -159.8k	-159,798 -2.5%
4	META PLATFORMS INC CL A META	META	1,859,094	$1.1bn6.10%	6.10%	Reduced -5.8k	-5,790 -0.3%
5	APPLE INC COM AAPL	AAPL	3,993,658	$887.1m5.05%	5.05%	Reduced -494.1k	-494,092 -11.0%
6	APPLOVIN CORP COM CL A APP	APP	2,833,792	$750.9m4.28%	4.28%	Added +303.1k	+303,063 12.0%
7	GFL ENVIRONMENTAL INC SUB VTG SHS GFL	GFL	9,455,847	$456.8m2.60%	2.60%	Reduced -955.3k	-955,301 -9.2%
8	NETFLIX INC COM NFLX	NFLX	484,409	$451.7m2.57%	2.57%	Added +26.8k	+26,773 5.8%
9	BROADCOM INC COM AVGO	AVGO	2,457,742	$411.5m2.34%	2.34%	Reduced -398.0k	-397,999 -13.9%
10	NATERA INC COM NTRA	NTRA	2,604,160	$368.3m2.10%	2.10%	Reduced -413.7k	-413,656 -13.7%
11	SEA LTD SPONSORD ADS SE	SE	2,585,179	$337.3m1.92%	1.92%	Added +1.5m	+1,528,301 144.6%
12	VISA INC COM CL A V	V	935,750	$327.9m1.87%	1.87%	Reduced -112.2k	-112,171 -10.7%
13	TESLA INC COM TSLA	TSLA	1,195,545	$309.8m1.76%	1.76%	Added +16.3k	+16,252 1.4%
14	TALEN ENERGY CORP COM TLN	TLN	1,492,145	$297.9m1.70%	1.70%	Added +537.4k	+537,398 56.3%
15	ALPHABET INC CAP STK CL C GOOG	GOOG	1,782,785	$278.5m1.59%	1.59%	Reduced -187.4k	-187,430 -9.5%
16	VERTIV HOLDINGS CO COM CL A VRT	VRT	3,496,060	$252.4m1.44%	1.44%	Added +572.5k	+572,545 19.6%
17	HEICO CORP NEW CL A HEI.A	HEI.A	945,954	$199.6m1.14%	1.14%	Added +12.0k	+12,036 1.3%
18	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	358,284	$197.1m1.12%	1.12%	Reduced -66.2k	-66,241 -15.6%
19	MERCADOLIBRE INC COM MELI	MELI	86,366	$168.5m0.96%	0.96%	Reduced -5.9k	-5,923 -6.4%
20	ELI LILLY & CO COM LLY	LLY	203,029	$167.7m0.96%	0.96%	Added +30.8k	+30,778 17.9%
21	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	332,883	$164.9m0.94%	0.94%	Reduced -17.6k	-17,567 -5.0%
22	S&P GLOBAL INC COM SPGI	SPGI	321,528	$163.4m0.93%	0.93%	Reduced -81.7k	-81,729 -20.3%
23	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	3,680,960	$153.2m0.87%	0.87%	Added +2.3m	+2,286,645 164.0%
24	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	1,359,443	$122.4m0.70%	0.70%	Reduced -164.6k	-164,555 -10.8%
25	VISTRA CORP COM VST	VST	973,339	$114.3m0.65%	0.65%	Added +492.8k	+492,765 102.5%
26	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	428,420	$109.0m0.62%	0.62%	Added +993	+993 0.2%
27	NRG ENERGY INC COM NEW NRG	NRG	1,124,529	$107.3m0.61%	0.61%	Added +316.1k	+316,075 39.1%
28	BOSTON SCIENTIFIC CORP COM BSX	BSX	975,603	$98.4m0.56%	0.56%	Reduced -397.4k	-397,418 -28.9%
29	FIRSTSERVICE CORP NEW COM FSV	FSV	574,500	$95.5m0.54%	0.54%	Reduced -40.9k	-40,857 -6.6%
30	HAMILTON LANE INC CL A HLNE	HLNE	624,844	$93.2m0.53%	0.53%	Added +13.3k	+13,319 2.2%
31	ASTERA LABS INC COM ALAB	ALAB	1,560,033	$93.1m0.53%	0.53%	Added +179.6k	+179,638 13.0%
32	ABBVIE INC COM ABBV	ABBV	423,540	$88.7m0.51%	0.51%	Added +337.9k	+337,893 394.5%
33	CASELLA WASTE SYS INC CL A CWST	CWST	793,585	$88.5m0.50%	0.50%	Reduced -19.8k	-19,818 -2.4%
34	CLOUDFLARE INC CL A COM NET	NET	765,857	$86.3m0.49%	0.49%	Reduced -168.4k	-168,429 -18.0%
35	STEPSTONE GROUP INC COM CL A STEP	STEP	1,555,936	$81.3m0.46%	0.46%	Reduced -63.4k	-63,425 -3.9%
36	UPSTART HLDGS INC COM UPST	UPST	1,764,136	$81.2m0.46%	0.46%	Reduced -151.0k	-150,985 -7.9%
37	TRANSDIGM GROUP INC COM TDG	TDG	49,837	$68.9m0.39%	0.39%	Reduced -59.0k	-58,954 -54.2%
38	PINTEREST INC CL A PINS	PINS	2,197,335	$68.1m0.39%	0.39%	Reduced -87.3k	-87,265 -3.8%
39	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	3,194,250	$67.4m0.38%	0.38%	Reduced -2.4m	-2,394,735 -42.9%
40	RBC BEARINGS INC COM RBC	RBC	206,341	$66.4m0.38%	0.38%	Reduced -12.6k	-12,596 -5.8%
41	HEICO CORP NEW COM HEI	HEI	247,136	$66.0m0.38%	0.38%	Reduced -39.0k	-39,044 -13.6%
42	FTAI AVIATION LTD SHS FTAI	FTAI	546,765	$60.7m0.35%	0.35%	Added +251.2k	+251,161 85.0%
43	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	520,166	$60.5m0.34%	0.34%	Reduced -19.4k	-19,390 -3.6%
44	GLOBAL E ONLINE LTD SHS GLBE	GLBE	1,695,655	$60.5m0.34%	0.34%	Reduced -2.5m	-2,543,815 -60.0%
45	GLAUKOS CORP COM GKOS	GKOS	605,690	$59.6m0.34%	0.34%	Reduced -159.3k	-159,268 -20.8%
46	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	314,071	$58.8m0.34%	0.34%	Reduced -29.2k	-29,211 -8.5%
47	VERTEX INC CL A VERX	VERX	1,672,623	$58.6m0.33%	0.33%	Reduced -387.7k	-387,661 -18.8%
48	REPLIGEN CORP COM RGEN	RGEN	437,037	$55.6m0.32%	0.32%	Added +77.5k	+77,530 21.6%
49	MARTIN MARIETTA MATLS INC COM MLM	MLM	110,522	$52.8m0.30%	0.30%	Added +21.2k	+21,241 23.8%
50	PLANET FITNESS INC CL A PLNT	PLNT	546,200	$52.8m0.30%	0.30%	Added +108.0k	+108,024 24.6%
51	SPS COMM INC COM SPSC	SPSC	395,890	$52.5m0.30%	0.30%	Reduced -85.4k	-85,427 -17.8%
52	GENEDX HOLDINGS CORP COM CL A WGS	WGS	557,018	$49.3m0.28%	0.28%	Added +11.0k	+10,964 2.0%
53	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	399,585	$48.5m0.28%	0.28%	Added +58.1k	+58,129 17.0%
54	AGILYSYS INC COM AGYS	AGYS	665,792	$48.3m0.28%	0.28%	Reduced -34.2k	-34,227 -4.9%
55	CONSTELLATION ENERGY CORP COM CEG	CEG	234,499	$47.3m0.27%	0.27%	Reduced -129.7k	-129,732 -35.6%
56	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	6,473,552	$46.9m0.27%	0.27%	Added +2.1m	+2,059,985 46.7%
57	TKO GROUP HOLDINGS INC CL A TKO	TKO	305,260	$46.6m0.27%	0.27%	New
58	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	2,769,828	$46.0m0.26%	0.26%	Added +54.9k	+54,899 2.0%
59	CLEARWATER ANALYTICS HLDGS I CL A CL A		1,677,636	$45.0m0.26%	0.26%	Reduced -791.6k	-791,592 -32.1%
60	GATES INDL CORP PLC ORD SHS 9666678D	9666678D	2,427,137	$44.7m0.25%	0.25%	Reduced -23.4k	-23,423 -1.0%
61	EQUIFAX INC COM EFX	EFX	180,733	$44.0m0.25%	0.25%	Added +100.1k	+100,098 124.1%
62	VSE CORP COM VSEC	VSEC	361,648	$43.4m0.25%	0.25%	Added +103.7k	+103,712 40.2%
63	Q2 HLDGS INC COM QTWO	QTWO	534,723	$42.8m0.24%	0.24%	Reduced -171.4k	-171,403 -24.3%
64	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	506,819	$42.8m0.24%	0.24%	Added +24.1k	+24,119 5.0%
65	UNITED AIRLS HLDGS INC COM UAL	UAL	609,348	$42.1m0.24%	0.24%	Reduced -995.8k	-995,797 -62.0%
66	BURLINGTON STORES INC COM BURL	BURL	171,585	$40.9m0.23%	0.23%	Added +47.1k	+47,097 37.8%
67	RXO INC COMMON STOCK RXO	RXO	2,104,842	$40.2m0.23%	0.23%	Added +371.5k	+371,511 21.4%
68	COHERENT CORP COM COHR	COHR	607,492	$39.5m0.22%	0.22%	New
69	DRAFTKINGS INC NEW COM CL A DKNG	DKNG	1,151,787	$38.3m0.22%	0.22%	Reduced -631.9k	-631,911 -35.4%
70	CARDINAL HEALTH INC COM CAH	CAH	267,231	$36.8m0.21%	0.21%	Added +220.5k	+220,488 471.7%
71	SNOWFLAKE INC CL A SNOW	SNOW	241,038	$35.2m0.20%	0.20%	Added +182.7k	+182,654 312.9%
72	WINGSTOP INC COM WING	WING	156,134	$35.2m0.20%	0.20%	Reduced -78.4k	-78,412 -33.4%
73	BIOLIFE SOLUTIONS INC COM NEW BLFS	BLFS	1,533,122	$35.0m0.20%	0.20%	Reduced -61.1k	-61,099 -3.8%
74	LOAR HOLDINGS INC COM SHS LOAR	LOAR	495,015	$35.0m0.20%	0.20%	Reduced -60.4k	-60,351 -10.9%
75	NEOGEN CORP COM NEOG	NEOG	4,012,350	$34.8m0.20%	0.20%	Reduced -207.5k	-207,484 -4.9%
76	JPMORGAN CHASE & CO COM JPM	JPM	134,874	$33.1m0.19%	0.19%	Added +20.2k	+20,241 17.7%
77	PROS HOLDINGS INC COM PRO	PRO	1,706,846	$32.5m0.18%	0.18%	Reduced -500.9k	-500,938 -22.7%
78	MICRON TECHNOLOGY INC COM MU	MU	352,124	$30.6m0.17%	0.17%	New
79	FAIR ISAAC CORP COM FICO	FICO	16,560	$30.5m0.17%	0.17%	Added +12.0k	+12,027 265.3%
80	NCINO INC COM NCNO	NCNO	1,097,959	$30.2m0.17%	0.17%	Reduced -139.0k	-138,981 -11.2%
81	AAR CORP COM AIR	AIR	533,770	$29.9m0.17%	0.17%	Added +131.1k	+131,092 32.6%
82	BIO-TECHNE CORP COM TECH	TECH	503,108	$29.5m0.17%	0.17%	Reduced -69.0k	-69,044 -12.1%
83	AUTODESK INC COM ADSK	ADSK	110,944	$29.0m0.17%	0.17%	Reduced -93.4k	-93,351 -45.7%
84	PALOMAR HLDGS INC COM PLMR	PLMR	210,765	$28.9m0.16%	0.16%	Reduced -45.7k	-45,731 -17.8%
85	INSMED INC COM PAR $.01 INSM	INSM	378,331	$28.9m0.16%	0.16%	Reduced -7.1k	-7,129 -1.9%
86	PROGYNY INC COM PGNY	PGNY	1,266,104	$28.3m0.16%	0.16%	Reduced -381.3k	-381,304 -23.1%
87	EQUINIX INC COM EQIX	EQIX	34,582	$28.2m0.16%	0.16%	Reduced -32.3k	-32,268 -48.3%
88	TANDEM DIABETES CARE INC COM NEW TNDM	TNDM	1,454,239	$27.9m0.16%	0.16%	Reduced -489.1k	-489,117 -25.2%
89	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	78,684	$27.7m0.16%	0.16%	Reduced -17.0k	-16,988 -17.8%
90	XOMETRY INC CLASS A COM XMTR	XMTR	1,098,035	$27.4m0.16%	0.16%	Reduced -575.6k	-575,586 -34.4%
91	ROBLOX CORP CL A RBLX	RBLX	462,867	$27.0m0.15%	0.15%	Added +113.9k	+113,901 32.6%
92	FEDERAL SIGNAL CORP COM FSS	FSS	362,996	$26.7m0.15%	0.15%	Reduced -8.7k	-8,743 -2.4%
93	WELLS FARGO CO NEW COM WFC	WFC	370,744	$26.6m0.15%	0.15%	Reduced -62.6k	-62,617 -14.4%
94	WALMART INC COM WMT	WMT	300,680	$26.5m0.15%	0.15%	Reduced -26.8k	-26,821 -8.2%
95	IRHYTHM TECHNOLOGIES INC COM IRTC	IRTC	249,714	$26.1m0.15%	0.15%	Reduced -23.1k	-23,059 -8.4%
96	TUTOR PERINI CORP COM TPC	TPC	1,117,915	$25.9m0.15%	0.15%	Reduced -15.1k	-15,099 -1.3%
97	MCKESSON CORP COM MCK	MCK	38,072	$25.6m0.15%	0.15%	Added +35.0k	+34,981 1131.7%
98	CAREDX INC COM CDNA	CDNA	1,434,607	$25.5m0.15%	0.15%	Reduced -179.4k	-179,385 -11.1%
99	ALPHABET INC CAP STK CL A GOOGL	GOOGL	163,720	$25.3m0.14%	0.14%	Added +2.5k	+2,489 1.5%
100	MOONLAKE IMMUNOTHERAPEUTICS CLASS A ORD MLTX	MLTX	642,881	$25.1m0.14%	0.14%	Reduced -30.9k	-30,892 -4.6%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
QUANTA SVCS INC PWR	PWR	218,695	$69.1m218.7k shares
ADVANCED MICRO DEVICES INC AMD	AMD	443,911	$53.6m443.9k shares
ON HLDG AG ONON	ONON	616,905	$33.8m616.9k shares
SAREPTA THERAPEUTICS INC SRPT	SRPT	269,112	$32.7m269.1k shares
GOLDMAN SACHS GROUP INC GS	GS	57,043	$32.7m57.0k shares
AAON INC AAON	AAON	179,383	$21.1m179.4k shares
INARI MED INC NARI	NARI	352,201	$18.0m352.2k shares
CITIGROUP INC C	C	219,331	$15.4m219.3k shares
BITDEER TECHNOLOGIES GROUP BTDR	BTDR	453,322	$9.8m453.3k shares
DATADOG INC DDOG	DDOG	66,542	$9.5m66.5k shares
CORPAY INC CPAY	CPAY	20,947	$7.1m20.9k shares
ISHARES TR IWF	IWF	16,486	$6.6m16.5k shares
TYLER TECHNOLOGIES INC TYL	TYL	11,336	$6.5m11.3k shares
DECKERS OUTDOOR CORP DECK	DECK	32,172	$6.5m32.2k shares
CAVA GROUP INC CAVA	CAVA	56,671	$6.4m56.7k shares
BLOOM ENERGY CORP BE	BE	286,233	$6.4m286.2k shares
INOGEN INC INGN	INGN	600,995	$5.5m601.0k shares
DOMINOS PIZZA INC DPZ	DPZ	12,784	$5.4m12.8k shares
ISHARES TR IWO	IWO	18,410	$5.3m18.4k shares
PALO ALTO NETWORKS INC PANW	PANW	28,780	$5.2m28.8k shares
ILLUMINA INC ILMN	ILMN	39,027	$5.2m39.0k shares
EVERCORE INC EVR	EVR	18,090	$5.0m18.1k shares
JEFFERIES FINL GROUP INC JEF	JEF	52,876	$4.1m52.9k shares
ISHARES TR IWP	IWP	31,385	$4.0m31.4k shares
AMERIPRISE FINL INC AMP	AMP	6,977	$3.7m7.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Put	QQQ	Put	70,400	$1.4m70.4k shares	Added
TRUMP MEDIA & TECHNOLOGY GRO DJT · Put	DJT	Put	7,700	$242.2k7.7k shares	New