285,304 Shares (5.5%) Reported by Alger Associates in Mid Cap 40 ETF
Rhea-AI Filing Summary
Alger Associates, Inc. reported beneficial ownership of 285,304 shares of Alger Mid Cap 40 ETF (CUSIP 015564107), representing 5.5% of the class. The filing states Alger Associates has sole voting and dispositive power over all 285,304 shares. The securities are held by one or more open-end investment companies or managed accounts that are clients of Fred Alger Management, LLC (a registered investment adviser). The filing notes the ownership is held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The signature indicates the statement was certified by Hal Liebes, Secretary.
Positive
- Material disclosure of ownership: Reporting a 5.5% stake provides transparency to the market.
- Clear control statement: The filer certifies holdings are passive and not intended to influence control.
- Ownership chain disclosed: Identifies holdings as client accounts of Fred Alger Management, LLC and parent company relationships.
Negative
- None.
Insights
TL;DR: Alger Associates disclosed a passive >5% position of 285,304 shares (5.5%), held for advisory clients.
The filing reports a non-control, passive position equal to 5.5% of the beneficial interests in the ETF, with full sole voting and dispositive power recorded by Alger Associates. Because the securities are held on behalf of investment company and managed account clients of the registered adviser Fred Alger Management, LLC, this appears to reflect portfolio allocations rather than an activist intent. For investors, a >5% disclosure signals meaningful scale but not necessarily a change in governance or strategy.
TL;DR: Disclosure is routine for a significant passive stake; no control intent declared.
The filer explicitly certifies the position is held in the ordinary course of business and not to influence control, which aligns with Schedule 13G treatment for passive investors. The clear statement that holdings sit in client accounts managed by Fred Alger Management, LLC clarifies beneficial ownership chains through the adviser and its parent entities. No indications of coordinated group action or governance changes are present in this filing.