What Has Worked In Stagflation?​​​​​

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Long-term U.S. Treasury Bond performance is measured by the IA SBBI US LT Govt TR USD Index. Medium-term U.S. Treasury note performance is measured by the IA SBBI US IT Govt TR USD Index. Large cap U.S. equity performance is measured by the S&P 500 Index. The total U.S. market is measured by the Wilshire 5000 Total Market Index. International developed market equities are measured by the MSCI EAFE Index and U.S. small cap stocks are measured by the Ibbotson U.S. Small Stock Total Return Index.

​ The IA SBBI US LT Govt TR USD Index measures the performance of twenty-year maturity U.S. Treasury bonds. The IA SBBI US IT Govt TR USD Index measures the perfor-mance of a single issue of outstanding US Treasury note with a maturity term of around 5.5 years. The S&P 500 Index is an index of large company stocks considered to be representative of the U.S. stock market. The Wilshire 5000 Total Market Index seeks to capture the performance of 100% of the investible U.S. equity market. The MSCI EAFE Index is designed to represent the performance of large- and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, but excluding the U.S. and Canada. The Ibbotson Small Company Stocks Index represents the performance of the fifth capitalization quintile of stocks on the NYSE from 1926 to 1981 and the performance of the Dimensional Fund Advisors (DFA) Micro Cap Fund thereafter.

​ The views expressed are the views of Fred Alger Management, LLC as of April 2022. These views are subject to change at any time and may not represent the views of all port-folio management teams. These views should not be interpreted as a guarantee of the future performance of the markets, any security or any funds managed by Fred Alger Management, LLC. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities.

​ Risk Disclosure: Investing in the stock market involves certain risks including the loss of principal.​​​ Growth stocks tend to be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public health issues, recessions, or other events could have a significant impact on investments.

​ Fred Alger & Company, LLC 100 Pearl Street, New York, NY 10004 / www.alger.com
​ 800.305.8547 (Retail) / 800.223.3810 (Institutional)