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Alger’s Q2 2026 investor letter highlights Forte Biosciences slump
Forte Biosciences shares closed at $47.49 on July 20, 2026, but the fund said the stock detracted during the quarter.
Fred Alger Management said U.S. equities rebounded strongly in Q2 2026, with the S&P 500 Index up 15.2%, its best quarter since 2020, according to Yahoo Finance’s summary of the firm’s Alger Mid Cap Focus Fund Q2 2026 investor letter.
The letter pointed to a U.S. and Iran ceasefire and accelerated AI investment as tailwinds for market optimism, with Information Technology and Industrials advancing while Energy and Utilities lagged as oil and gas prices fell.
In its discussion of the Alger Small Cap Focus Fund, the firm said Class A shares outperformed the Russell 2000 Growth Index in the quarter, helped by Industrials and Health Care, while Financials and Consumer Discretionary detracted.
Yahoo Finance reported that the investor update cited Forte Biosciences, Inc., ticker FBRX, as detracting from performance. The company closed at $47.49 per share on July 20, 2026, the letter noted a one-month return of 161.65% and a 52-week gain of 355.32%, and it described Forte as developing FB102, an anti-CD122 monoclonal antibody being studied across autoimmune indications including celiac disease, vitiligo, and alopecia areata.
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