FRED ALGER MANAGEMENT, LLC

NEW YORK, NY · CIK 3520 · 13F filing filed 2025-11-14

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)

$25.7bn reported value +15.0% vs Q2 2025

445positions

54.4%in top 10

81 new 123 added 210 reduced 66 sold out vs Q2 2025

Options: 0 call positions (— notional), 1 put positions ($304.2k notional) – listed below, not included above.

This report includes the holdings of 3 other managers that share the investment decisions:

ALPS ADVISORS INC – files its own report too; $7.6m of shares are in both
Redwood Investments, LLC – reports through this filing
WEATHERBIE CAPITAL, LLC – reports through this filing

Also in the report of:

PERSONAL CFO SOLUTIONS, LLC – $122.4m of shares are in both reports
Keebeck Wealth Management – $14.1m of shares are in both reports

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

Holdings, Q3 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	NVIDIA CORPORATION COM NVDA	NVDA	14,855,800	$2.8bn10.79%	10.79%	Reduced -81.8k	-81,752 -0.6%
2	MICROSOFT CORP COM MSFT	MSFT	4,709,800	$2.4bn9.49%	9.49%	Added +129.2k	+129,170 2.8%
3	META PLATFORMS INC CL A META	META	2,010,772	$1.5bn5.75%	5.75%	Added +177.3k	+177,258 9.7%
4	AMAZON COM INC COM AMZN	AMZN	6,481,633	$1.4bn5.54%	5.54%	Reduced -403.0k	-402,952 -5.8%
5	APPLOVIN CORP COM CL A APP	APP	1,891,942	$1.4bn5.29%	5.29%	Reduced -435.7k	-435,702 -18.7%
6	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	10,132,279	$1.1bn4.43%	4.43%	Added +2.5m	+2,536,832 33.4%
7	APPLE INC COM AAPL	AAPL	4,112,719	$1.0bn4.08%	4.08%	Added +370.1k	+370,053 9.9%
8	BROADCOM INC COM AVGO	AVGO	2,681,638	$884.7m3.44%	3.44%	Added +551.3k	+551,335 25.9%
9	ALPHABET INC CAP STK CL C GOOG	GOOG	3,029,811	$737.9m2.87%	2.87%	Added +420.7k	+420,725 16.1%
10	TALEN ENERGY CORP COM TLN	TLN	1,663,749	$707.7m2.75%	2.75%	Reduced -239.8k	-239,781 -12.6%
11	TESLA INC COM TSLA	TSLA	1,472,669	$654.9m2.55%	2.55%	Reduced -82.2k	-82,237 -5.3%
12	SEA LTD SPONSORD ADS SE	SE	2,886,441	$515.9m2.01%	2.01%	Added +521.8k	+521,782 22.1%
13	NETFLIX INC COM NFLX	NFLX	349,014	$418.4m1.63%	1.63%	Reduced -23.3k	-23,306 -6.3%
14	WESTERN DIGITAL CORP COM WDC	WDC	3,407,042	$409.0m1.59%	1.59%	Added +3.3m	+3,339,225 4923.9%
15	NATERA INC COM NTRA	NTRA	2,451,779	$394.7m1.54%	1.54%	Added +41.3k	+41,303 1.7%
16	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	500,201	$349.1m1.36%	1.36%	Added +116.0k	+115,991 30.2%
17	ROBLOX CORP CL A RBLX	RBLX	2,402,708	$332.8m1.30%	1.30%	Added +521.6k	+521,643 27.7%
18	ASTERA LABS INC COM ALAB	ALAB	1,541,438	$301.8m1.17%	1.17%	Reduced -242.9k	-242,898 -13.6%
19	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	2,107,724	$301.8m1.17%	1.17%	Reduced -1.3m	-1,314,524 -38.4%
20	VERTIV HOLDINGS CO COM CL A VRT	VRT	1,957,724	$295.3m1.15%	1.15%	Reduced -1.3m	-1,291,534 -39.8%
21	VISTRA CORP COM VST	VST	1,394,607	$273.2m1.06%	1.06%	Reduced -753.5k	-753,515 -35.1%
22	GFL ENVIRONMENTAL INC SUB VTG SHS GFL	GFL	5,628,744	$266.7m1.04%	1.04%	Reduced -2.5m	-2,493,514 -30.7%
23	HEICO CORP NEW CL A HEI.A	HEI.A	908,641	$230.9m0.90%	0.90%	Reduced -81.3k	-81,268 -8.2%
24	CONSTELLATION ENERGY CORP COM CEG	CEG	527,672	$173.6m0.68%	0.68%	Reduced -121.1k	-121,052 -18.7%
25	QXO INC COM NEW QXO	QXO	9,079,363	$173.1m0.67%	0.67%	New
26	MONGODB INC CL A MDB	MDB	523,389	$162.4m0.63%	0.63%	New
27	VISA INC COM CL A V	V	470,826	$160.7m0.63%	0.63%	Reduced -293.3k	-293,293 -38.4%
28	MERCADOLIBRE INC COM MELI	MELI	66,221	$154.8m0.60%	0.60%	Reduced -16.8k	-16,757 -20.2%
29	ORACLE CORP COM ORCL	ORCL	541,570	$152.3m0.59%	0.59%	Added +337.9k	+337,947 166.0%
30	S&P GLOBAL INC COM SPGI	SPGI	271,910	$132.3m0.52%	0.52%	Added +28.8k	+28,762 11.8%
31	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	1,188,815	$124.2m0.48%	0.48%	Reduced -209.4k	-209,436 -15.0%
32	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	269,910	$120.7m0.47%	0.47%	Reduced -53.2k	-53,200 -16.5%
33	ROCKET COS INC COM CL A RKT	RKT	6,078,800	$117.8m0.46%	0.46%	Added +6.0m	+5,997,885 7412.6%
34	MARTIN MARIETTA MATLS INC COM MLM	MLM	174,081	$109.7m0.43%	0.43%	Reduced -9.3k	-9,275 -5.1%
35	BOSTON SCIENTIFIC CORP COM BSX	BSX	985,947	$96.3m0.37%	0.37%	Reduced -2.0k	-2,022 -0.2%
36	CLOUDFLARE INC CL A COM NET	NET	436,635	$93.7m0.36%	0.36%	Reduced -429.2k	-429,162 -49.6%
37	FIRSTSERVICE CORP NEW COM FSV	FSV	431,659	$82.2m0.32%	0.32%	Reduced -51.1k	-51,052 -10.6%
38	NRG ENERGY INC COM NEW NRG	NRG	476,760	$77.2m0.30%	0.30%	Added +427.4k	+427,390 865.7%
39	UNITED RENTALS INC COM URI	URI	79,248	$75.7m0.29%	0.29%	Added +35.7k	+35,698 82.0%
40	UNIQURE NV SHS QURE	QURE	1,290,391	$75.3m0.29%	0.29%	New
41	CARDINAL HEALTH INC COM CAH	CAH	472,652	$74.2m0.29%	0.29%	Reduced -329.6k	-329,580 -41.1%
42	SNOWFLAKE INC CL A SNOW	SNOW	325,466	$73.4m0.29%	0.29%	Reduced -404.5k	-404,465 -55.4%
43	ELI LILLY & CO COM LLY	LLY	95,787	$73.1m0.28%	0.28%	Reduced -61.8k	-61,822 -39.2%
44	CARVANA CO CL A CVNA	CVNA	184,781	$69.7m0.27%	0.27%	Added +52.9k	+52,932 40.1%
45	RBC BEARINGS INC COM RBC	RBC	175,600	$68.5m0.27%	0.27%	Reduced -2.1k	-2,135 -1.2%
46	HEICO CORP NEW COM HEI	HEI	211,220	$68.2m0.27%	0.27%	Reduced -23.7k	-23,657 -10.1%
47	SOMNIGROUP INTERNATIONAL INC COM SGI	SGI	801,574	$67.6m0.26%	0.26%	New
48	VSE CORP COM VSEC	VSEC	394,499	$65.6m0.26%	0.26%	Added +81.8k	+81,788 26.1%
49	AAR CORP COM AIR	AIR	694,402	$62.3m0.24%	0.24%	Added +29.3k	+29,251 4.4%
50	UPSTART HLDGS INC COM UPST	UPST	1,127,568	$57.3m0.22%	0.22%	Reduced -92.1k	-92,132 -7.5%
51	STEPSTONE GROUP INC COM CL A STEP	STEP	860,405	$56.2m0.22%	0.22%	Added +1.6k	+1,582 0.2%
52	ARTIVION INC COM AORT	AORT	1,317,250	$55.8m0.22%	0.22%	Reduced -33.7k	-33,709 -2.5%
53	WINGSTOP INC COM WING	WING	219,316	$55.2m0.21%	0.21%	Reduced -94.9k	-94,878 -30.2%
54	IRHYTHM TECHNOLOGIES INC COM IRTC	IRTC	320,099	$55.1m0.21%	0.21%	Reduced -5.4k	-5,444 -1.7%
55	SEMTECH CORP COM SMTC	SMTC	767,459	$54.8m0.21%	0.21%	Added +241.8k	+241,768 46.0%
56	ALPHABET INC CAP STK CL A GOOGL	GOOGL	225,265	$54.8m0.21%	0.21%	Added +54.5k	+54,491 31.9%
57	FTAI AVIATION LTD SHS FTAI	FTAI	327,252	$54.6m0.21%	0.21%	Reduced -25.0k	-24,979 -7.1%
58	EATON CORP PLC SHS ETN	ETN	143,395	$53.7m0.21%	0.21%	Added +13.6k	+13,565 10.4%
59	TKO GROUP HOLDINGS INC CL A TKO	TKO	265,241	$53.6m0.21%	0.21%	Reduced -19.8k	-19,754 -6.9%
60	LOAR HOLDINGS INC COM SHS LOAR	LOAR	667,893	$53.4m0.21%	0.21%	Added +152.1k	+152,136 29.5%
61	CASELLA WASTE SYS INC CL A CWST	CWST	561,850	$53.3m0.21%	0.21%	Reduced -114.2k	-114,178 -16.9%
62	PLANET FITNESS INC CL A PLNT	PLNT	503,101	$52.2m0.20%	0.20%	Added +25.7k	+25,719 5.4%
63	TUTOR PERINI CORP COM TPC	TPC	752,104	$49.3m0.19%	0.19%	Reduced -196.4k	-196,363 -20.7%
64	CIDARA THERAPEUTICS INC COM NEW CDTX	CDTX	502,877	$48.2m0.19%	0.19%	New
65	REPLIGEN CORP COM RGEN	RGEN	358,422	$47.9m0.19%	0.19%	Added +58.9k	+58,866 19.6%
66	CATERPILLAR INC COM CAT	CAT	100,181	$47.8m0.19%	0.19%	New
67	UNITED AIRLS HLDGS INC COM UAL	UAL	478,370	$46.2m0.18%	0.18%	Added +52.9k	+52,861 12.4%
68	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	357,893	$46.1m0.18%	0.18%	Reduced -52.7k	-52,656 -12.8%
69	TWILIO INC CL A TWLO	TWLO	442,992	$44.3m0.17%	0.17%	Added +431.1k	+431,067 3614.8%
70	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	290,319	$43.1m0.17%	0.17%	Reduced -300.7k	-300,702 -50.9%
71	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	184,555	$42.4m0.17%	0.17%	Reduced -38.1k	-38,101 -17.1%
72	JPMORGAN CHASE & CO COM JPM	JPM	133,210	$42.0m0.16%	0.16%	Reduced -2.2k	-2,166 -1.6%
73	PINTEREST INC CL A PINS	PINS	1,302,470	$41.9m0.16%	0.16%	Reduced -1.4m	-1,394,611 -51.7%
74	GUARDANT HEALTH INC COM GH	GH	638,487	$39.9m0.16%	0.16%	Added +264.8k	+264,808 70.9%
75	XOMETRY INC CLASS A COM XMTR	XMTR	715,450	$39.0m0.15%	0.15%	Reduced -143.2k	-143,154 -16.7%
76	GENEDX HOLDINGS CORP COM CL A WGS	WGS	357,302	$38.5m0.15%	0.15%	Reduced -463.2k	-463,221 -56.5%
77	GATES INDL CORP PLC ORD SHS 9666678D	9666678D	1,528,147	$37.9m0.15%	0.15%	Added +36.4k	+36,367 2.4%
78	ADAPTIVE BIOTECHNOLOGIES COR COM ADPT	ADPT	2,514,234	$37.6m0.15%	0.15%	Added +158.8k	+158,807 6.7%
79	RADNET INC COM RDNT	RDNT	490,267	$37.4m0.15%	0.15%	Added +164.8k	+164,842 50.6%
80	AGILYSYS INC COM AGYS	AGYS	349,312	$36.8m0.14%	0.14%	Reduced -53.2k	-53,193 -13.2%
81	PROGYNY INC COM PGNY	PGNY	1,706,646	$36.7m0.14%	0.14%	Reduced -49.4k	-49,410 -2.8%
82	KLA CORP COM NEW KLAC	KLAC	33,501	$36.1m0.14%	0.14%	Reduced -64	-64 -0.2%
83	COMPASS INC CL A COMP	COMP	4,450,326	$35.7m0.14%	0.14%	New
84	WALMART INC COM WMT	WMT	344,507	$35.5m0.14%	0.14%	Reduced -55.2k	-55,209 -13.8%
85	ASCENDIS PHARMA A/S SPONSORED ADR SPONSORED ADR		170,701	$33.9m0.13%	0.13%	Added +166.9k	+166,906 4398.1%
86	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	189,024	$33.8m0.13%	0.13%	New
87	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,567,035	$33.4m0.13%	0.13%	Reduced -820.4k	-820,421 -34.4%
88	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	180,956	$33.0m0.13%	0.13%	Reduced -94.9k	-94,876 -34.4%
89	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	245,933	$31.6m0.12%	0.12%	Reduced -287.3k	-287,318 -53.9%
90	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	1,149,696	$31.6m0.12%	0.12%	Reduced -1.5k	-1,495 -0.1%
91	EXACT SCIENCES CORP COM EXAS	EXAS	563,292	$30.8m0.12%	0.12%	New
92	STERLING INFRASTRUCTURE INC COM STRL	STRL	89,801	$30.5m0.12%	0.12%	Reduced -2.4k	-2,363 -2.6%
93	Q2 HLDGS INC COM QTWO	QTWO	391,108	$28.3m0.11%	0.11%	Reduced -39.1k	-39,103 -9.1%
94	BIOLIFE SOLUTIONS INC COM NEW BLFS	BLFS	1,108,922	$28.3m0.11%	0.11%	Reduced -139.1k	-139,106 -11.2%
95	CONSTRUCTION PARTNERS INC COM CL A ROAD	ROAD	222,569	$28.3m0.11%	0.11%	Reduced -2.2k	-2,244 -1.0%
96	COMFORT SYS USA INC COM FIX	FIX	34,106	$28.1m0.11%	0.11%	Reduced -8.2k	-8,189 -19.4%
97	DOORDASH INC CL A DASH	DASH	102,970	$28.0m0.11%	0.11%	Reduced -31.6k	-31,648 -23.5%
98	HAMILTON LANE INC CL A HLNE	HLNE	201,549	$27.2m0.11%	0.11%	Added +94.8k	+94,823 88.8%
99	MORGAN STANLEY COM NEW MS	MS	170,684	$27.1m0.11%	0.11%	Reduced -5.6k	-5,639 -3.2%
100	NCINO INC COM NCNO	NCNO	995,693	$27.0m0.11%	0.11%	Reduced -193.9k	-193,923 -16.3%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
WELLS FARGO CO NEW WFC	WFC	284,074	$22.8m284.1k shares
PORTILLOS INC PTLO	PTLO	1,863,691	$21.7m1.9m shares
WABTEC WAB	WAB	101,968	$21.3m102.0k shares
GLOBANT S A GLOB	GLOB	182,713	$16.6m182.7k shares
EQUIFAX INC EFX	EFX	55,229	$14.3m55.2k shares
INTAPP INC INTA	INTA	275,753	$14.2m275.8k shares
MOONLAKE IMMUNOTHERAPEUTICS MLTX	MLTX	295,623	$14.0m295.6k shares
CORE SCIENTIFIC INC NEW CORZ	CORZ	739,131	$12.6m739.1k shares
TANDEM DIABETES CARE INC TNDM	TNDM	667,345	$12.4m667.3k shares
U S PHYSICAL THERAPY USPH	USPH	117,129	$9.2m117.1k shares
PROS HOLDINGS INC PRO	PRO	561,991	$8.8m562.0k shares
ADOBE INC ADBE	ADBE	17,276	$6.7m17.3k shares
CORE LABORATORIES INC CLB	CLB	544,408	$6.3m544.4k shares
NEOGENOMICS INC NEO	NEO	806,649	$5.9m806.6k shares
THE ALGER ETF TRUST CNEQ	CNEQ	174,563	$5.2m174.6k shares
OLD DOMINION FREIGHT LINE IN ODFL	ODFL	28,852	$4.7m28.9k shares
VERONA PHARMA PLC VRNA	VRNA	49,322	$4.7m49.3k shares
DUOLINGO INC DUOL	DUOL	11,083	$4.5m11.1k shares
DEXCOM INC DXCM	DXCM	51,644	$4.5m51.6k shares
DUTCH BROS INC BROS	BROS	59,160	$4.0m59.2k shares
ADVANCED MICRO DEVICES INC AMD	AMD	26,508	$3.8m26.5k shares
DIAMONDBACK ENERGY INC FANG	FANG	24,117	$3.3m24.1k shares
HEALTHEQUITY INC HQY	HQY	29,974	$2.9m30.0k shares
TG THERAPEUTICS INC TGTX	TGTX	88,198	$2.8m88.2k shares
DATADOG INC DDOG	DDOG	19,529	$2.6m19.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
TRUMP MEDIA & TECHNOLOGY GRO DJT · Put	DJT	Put	21,500	$304.2k21.5k shares	Added