AFAIX — Alger International Small Cap Fund, Class A
Data updated: 2026-09-25
AFAIX — Alger International Small Cap Fund, Class A. 1.20% expense ratio · 5.25% max sales load · since 2025. Holdings, fees, performance and SEC filings.
AFAIX Fund Overview
AFAIX — Alger International Small Cap Fund, Class A is a US mutual fund managed by Alger Funds, categorised as Developed ex-US Mid Cap Growth Information Technology Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Alger Funds
- Category: Developed ex-US Mid Cap Growth Information Technology Equity
- Assets under management: $4.46M
- 1-year return: 3.3%
- Ticker: AFAIX
- SEC CIK: 0000003521
- SEC series ID: S000093455
- Share class ID: C000261739
AFAIX Investment Objective and Strategy
Alger International Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Alger Funds.
Investment objective
Alger International Small Cap Fund seeks long-term capital appreciation.
Principal investment strategy
The Fund is sub-advised by Redwood Investments, LLC (Redwood or the Sub-Adviser), an affiliate of the Manager (Redwood and the Manager are collectively referred to as the Manager, where applicable). Subject to the general supervision by the Funds Board of Trustees, the Manager oversees Redwood and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Redwood. Redwood is primarily responsible for the day-to-day management of the Funds portfolio, including purchases and sales of individual securities. Redwood employs a fundamental investment process that seeks companies it believes are: (1) high quality, (2) attractively valued, and (3) where Redwood believes that future earnings and free cash flow growth will be meaningfully above market expectations.
High quality companies are those companies that Redwood believes offer durable competitive advantages, capable management teams, and prudent financial management. Redwood focuses on understanding industry and company dynamics to assess company quality, and on identifying and forecasting critical drivers to reach a differentiated view of future growth. The Fund invests primarily in equity securities of international small cap companies. Additionally, under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of small cap companies. International companies are companies generally defined by a third party, or in certain circumstances by the Manager, (i) that are organized under the laws of a foreign country; (ii) whose securities are primarily listed in a foreign country; (iii) that have a majority of their assets, or derive more than 50% of their revenue or profits from businesses, investments, or sales, outside the United States; or (iv) that are included in the MSCI World ex-USA Small Cap Index.
The Fund normally focuses its international investments in developed countries, but may also invest in emerging market countries. The Fund always invests in at least three non-U.S. countries. Small cap companies are companies that, at the time of purchase of the securities, have a total market capitalization in the range of (i) companies included in the MSCI World ex-USA Small Cap Index, or (ii) $500 million to $8 billion. Because small cap companies are defined, in part, by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. At December 31, 2025, the market capitalization of the companies in the MSCI World ex-USA Small Cap Index ranged from $348 million to $17.1 billion. The Fund generally holds approximately 50 holdings.
Fund holdings may differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding. The Fund may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Fund may engage in active trading of portfolio securities. The Fund may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the industrials, financials, consumer discretionary, and information technology sectors.
For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors. The Fund may invest in cash (and cash equivalents) when the Fund is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Funds net assets.
AFAIX Holdings
Top 10 holdings of Alger International Small Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Diploma PLC | 3.73% |
| Embraer - Empresa Brasileira De Aeronautica SA | 3.23% |
| 77 Bank Ltd. (the) | 3.16% |
| Mitie Group PLC | 3.03% |
| Greencore Group PLC | 2.95% |
| Tonies SE | 2.86% |
| Alk Abello A/s | 2.83% |
| Gaztransport Et Technigaz SA | 2.75% |
| Ryohin Keikaku Company Ltd. | 2.72% |
| Lottomatica Group Spa | 2.66% |
AFAIX Portfolio Allocation
Asset-class allocation of Alger International Small Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.4% |
| Cash & Equivalents | 2.0% |
AFAIX Performance
Total returns for AFAIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 6.13% |
| 1 year | 3.34% |
AFAIX Risk Information
Risk metrics for AFAIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 17.68%
AFAIX Costs and Fees
AFAIX costs about $120 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.20%
- Gross expense ratio: 16.20%
- Portfolio turnover: 26%
- Brokerage commissions: 22.26 bps of average net assets (SEC N-CEN)
AFAIX Cashflows
Over the 12 months to 2026-04, Alger International Small Cap Fund had net inflows of $3.73M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $52.90K |
| 2026-03 | −$95.93K |
| 2026-02 | $72.20K |
| 2026-01 | $530.04K |
| 2025-12 | $41.50K |
| 2025-11 | $922.86K |
AFAIX Debt Constituents
No individual debt constituents are reported in Alger International Small Cap Fund's latest SEC N-PORT filing.
AFAIX Prospectus and SEC Filings
Official Alger International Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Developed ex-US Mid Cap Growth Information Technology Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.