Morningstar - Q4 2021 - 24

A
Revolution
What dynamics are changing to make robots
exciting today?
We are beginning to see the intersection between the
physical and digital worlds. Human and artificial intelligence
are col lab orating to drive safety and efficiencies, while
pushing boundaries on innovation to accomplish previously
unthinkable possibilities. We believe we are at the precipice
of a robot revolution.
Do you see a shift in companies and industries
using robots?
Yes, with changes in innovation, the end markets and
applications are accelerating from manufacturing to
services, and from working autonomously to working in
collaboration with humans.
Can you provide an example?
Agriculture is an emerging example, utilizing robotic applications
in vertical farming, harvesting and even crop protection.
This is an example where innovation in artificial intelligence is
bridging the gap between the mechanical and biological
environments.
What about outside of industrial applications?
Some of the more unique applications of robots were recently
on display at the Tokyo Summer Olympics, with robots used
to meet, greet, and direct athletes as well as using robots to
retrieve javelins and other equipment for athletes.
Are there implications for investors?
Not surprisingly, historical penetration in robots has been
geographically focused on countries with sizeable automotive
supply chains, such as Japan, China, Korea, Germany
and the US. As end market applications and productivity
gains from automation expand, we could anticipate more
widespread adoption of robots across many more international
markets. With the addressable market in the early
stages of revolutionary growth, the investment implications
are far reaching in our opinion. While we believe numerous
end markets and countries will benefit from these advancements,
investors' focus will likely remain on the key robotic
manufacturers in Japan and Europe.
LEARN MORE AT ALGER.COM
The views expressed are the views of Fred Alger Management, LLC ( " FAM " ) and its affiliates as of September 2021. These views are subject to change at any time and may
not represent the views of all portfolio 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 FAM. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities.
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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. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political,
or market events and conditions and may be more vulnerable to unfavorable sector developments. Foreign securities, Frontier Markets, and Emerging Markets involve
special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Assets may be focused in a small number of
holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Investing in companies of
small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active
trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
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summary prospectus containing this and other information or for a Fund's most recent month-end performance data, visit
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Fred Alger Management, LLC 360 Park Ave South, New York, NY 10010 / www.alger.com
Robot
Q&A WITH PRAGNA SHERE, CFA
Portfolio Manager of the Alger Emerging Markets (AZEMX)
and Alger International Focus (ALCZX) Funds
http://www.ALGER.COM http://www.alger.com http://www.alger.com

Morningstar - Q4 2021

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Contents
Morningstar - Q4 2021 - Cover1
Morningstar - Q4 2021 - Cover2
Morningstar - Q4 2021 - 1
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Morningstar - Q4 2021 - Contents
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