ASIRX Fees and Costs — Alger Small Cap Growth Institutional Fund, Class R
Data updated: 2026-09-25
The net expense ratio is 1.86%: a 0.81% management fee, a 0.50% 12b-1 fee plus 0.55% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $66K in broker commissions, 0.0824% of average net assets, and portfolio turnover was 39%.
ASIRX Fees and Expenses
Annual operating expenses and sales charges of ASIRX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.81% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.55% |
| Gross expense ratio | 1.86% |
| Fee waiver | — |
| Net expense ratio | 1.86% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ASIRX Costs Over Time
On $10,000 invested in ASIRX, assuming 5% a year before costs, total costs come to $1,192 over 5 years, cutting the return by 2.04% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.86%) | $195 | $603 | $1,036 |
| Trading costs (broker commissions) | $9 | $27 | $46 |
| Lost growth on money paid in costs | $0 | $31 | $110 |
| Total costs | $204 | $662 | $1,192 |
| Value after costs | $10,296 | $10,915 | $11,571 |
| Impact on return, per year | 2.04% | 2.04% | 2.04% |
ASIRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0824%
- Total broker commissions: $66K
- Bought from dealers (principal trades, not a cost): $3.7M
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
ASIRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch Pierce Fenner & Smith Inc | $15K | 26.40% |
| Pershing LLC | $13K | 21.61% |
| Fred Alger & Company, LLC | $11K | 18.18% |
| NATIONAL FINANCIAL SERVICES LLC | $7K | 11.41% |
| DINOSAUR FINANCIAL GROUP, L.L.C | $4K | 7.22% |
| GOLDMAN SACHS & CO. LLC | $3K | 4.32% |
| MORGAN STANLEY & CO. LLC | $2K | 3.60% |
| Raymond James & Associates, Inc. | $2K | 2.68% |
| STIFEL NICHOLAS & CO., INC. | $2K | 2.62% |
| RBC CAPITAL MARKETS, LLC | $1K | 1.96% |
ASIRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.8M | 49.48% |
| Goldman Sachs & Co. LLC | $628K | 16.91% |
| Jefferies & Co., Inc. | $612K | 16.48% |
| MORGAN STANLEY & CO. LLC | $301K | 8.09% |
| PERSHING LLC | $122K | 3.28% |
| BARCLAYS CAPITAL, INC. | $121K | 3.25% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $72K | 1.94% |
| CitiGroup Global Markets Inc. | $21K | 0.57% |
| Prosetta Biosciences, Inc. | $3 | 0.00% |
| BNY MELLON CAPITAL MARKETS, LLC | $0 | 0.00% |
Alger Small Cap Growth Institutional Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AISZX | Class Z-2 | 1.00% | — |
| ALSRX | Class I | 1.39% | — |
| ASIRX | Class R | 1.86% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.