Innovation in China
Despite concerns about the Chinese economy and trade war with the U.S., we see significant long-term opportunity in China for one major reason: innovation. About a decade ago, Chinese internet companies were copycats of U.S. firms. Now we see Chinese innovations copied by U.S. counterparts. China also has a host of new innovations with no U.S. equivalents.



The following positions represented the noted percentages of Alger’s assets under management as of February 28, 2019: Baidu, no holdings; Google (owned by Alphabet Inc.), 4.1%; eBay, 0.0%; Ctrip, no holdings; Expedia, no holdings; Weibo (owned by Sina Corp), no holdings; Twitter, no holdings; Facebook, 2.0%; Amazon, 6.4%; Alibaba Group, 0.9%; Walmart, 0.1%; Wayfair, 0.4%; Meituan, no holdings; Grubhub, 0.0%; Yelp, no holdings; Opentable (owned by Booking Holdings), 0.1%; Fandango, no holdings; and WeChat (owned by Tencent), no holdings. Taobao is owned by Alibaba. WhatsApp is owned by Facebook. Lyft, Lime Instacart and Fandango are private companies.​

The views expressed are the views of Fred Alger Management, Inc. and Fred Alger & Company, Incorporated (“Alger”) as of April 2019. Alger has used sources of information which it believes to be reliable; however, this publication is not intended to be and does not constitute investment advice. These views are subject to change at any time and they do not guarantee the future performance of the markets, any security, or any funds managed by Alger.

​This presentation is provided in Israel only to investors of the type listed in the first schedule of the Securities Law, 1968 (the "Securities Law") and the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995. The fund units will not be sold to investors who are not of the type listed in the first schedule of the Securities Law.

Risk Disclosures: Investing in the stock market involves gains and losses and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks as the prices of growth stocks tend to be higher in relation to their companies’ earnings and may be more se​nsitive to market, political and economic developments. Past performance is no guarantee of future results. Please visit www.alger.com for additional risk disclosures.  

Fred Alger & Company, Incorporated 360 Park Avenue South, New York, NY 10010 / www.alger.com





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BEN REYNOLDS, CFA
Vice President
Analyst 


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