Fund Evaluator:
Alger Dynamic Opportunities Z (ADOZX)
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Best Performing in Long-Short Equity Over the Last Year
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| 16.6% | ABR 75/25 Volatility Investor (VOLJX) |
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Fund Details
Alger Dynamic Opportunities Z Overview
Alger Dynamic Opportunities Z (ADOZX) is an actively managed Nontraditional Equity Long-Short Equity fund. Alger launched the fund in 2010.
The investment seeks long-term capital appreciation. The fund invests in a portfolio of U.S. and foreign equity securities (common stocks, preferred stocks and convertible securities). In addition to purchasing securities (i.e., taking long positions), the Manager will identify securities that the advisor believes will underperform on an absolute or relative basis and will sell these securities short on behalf of the fund.
About Alger Dynamic Opportunities Z (ADOZX)
There are 6 members of the management team with an average tenure of 10.72 years: H. George Dai (2017), Joshua Bennett (2017), Mr. Brazeau (2017), George Ortega (2024), Gregory Adams (2009), Daniel Chung (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and HFRI Equity Hedge (Total) Index index with a weighting of 100%. Alger Dynamic Opportunities Z has 233 securities in its portfolio. The top 10 holdings constitute 28.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Alger Dynamic Opportunities Z is part of the Equity global asset class and is within the Nontraditional Equity fund group. Alger Dynamic Opportunities Z has 7.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 39.6%. There is 7.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -0.9% (-0.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Alger Dynamic Opportunities Z has 50.0% of the portfolio in cash.
Assets Under Management
The fund has $184 million in total assets, which is below the $352 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ADOZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Alger Dynamic Opportunities Z expense ratio is high compared to funds in the Long-Short Equity category. Alger Dynamic Opportunities Z has an expense ratio of 1.69%, which is 23% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Alger Dynamic Opportunities Z has a portfolio turnover rate of 376%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, Alger Dynamic Opportunities Z returned -5.8%, which earned it a grade of F, as the Long-Short Equity category had an average return of 2.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Alger Dynamic Opportunities Z has a trailing yield of 0.43%, which is below the 1.15% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Alger Dynamic Opportunities Z Grades
Year to date, the fund has returned 3.6%, 3.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.8% over the past year (grade of F), 12.6% over the past three years (grade of B) and 3.4% per year over the past five years (grade of F) and 9.5% per year over the past 10 years (grade of B).
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ADOZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ADOZX Return (NAV) | -5.8% | 2.7% | 2.8% | 12.6% | 3.4% | 9.5% |
| ADOZX Grade | F | C | F | B | F | B |
| +/- Category | -8.4% | -0.9% | -11.3% | 0.7% | -5.4% | 1.7% |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| ADOZX Tax Cost Ratio | na | na | 0.2% | 0.1% | 0.3% | 0.6% |
ADOZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ADOZX Return (NAV) | 3.6% | 6.6% | 23.4% | 4.5% | -13.6% | 4.2% | 47.6% | 13.2% | -2.1% | 17.3% | -0.0% |
| ADOZX Grade | F | D | A | F | D | F | A | B | A | A | F |
| +/- Category | -3.9% | -4.9% | 10.0% | -8.5% | -9.8% | -17.0% | 41.8% | -0.1% | 5.9% | 5.6% | -7.3% |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 12.3% |
| Total Risk Index: | 1.01 - Average |
| Category Risk Index: | 1.16 - High |
| Category Risk Grade: | F (83% Rank) |
| Beta: | 0.76 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $224 Mil |
| Fund Total Assets: | $ 184 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 377% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 16.8 years | |||
| Average Tenure: 10.7 years | |||
| Managers (Year): Adams Gregory (2009), Chung Daniel (2009), Dai H. George (2017), Bennett Joshua (2017), Brazeau Mr. (2017), Ortega George (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 233 |
| % in Top 10 Holdings: | 28.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.5% |
Portfolio Allocation |
|
| Domestic Stock: | 39.6% |
| Foreign Stock: | 7.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -0.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.9% |
| Cash: | 50.0% |
Purchase Information
| Fund Family: | Alger |
| Phone Number: | 800-992-3863 |
| Website: | www.alger.com |
| Status: | Open |
| Inception Date: | December 29, 2010 |
| Min. Initial Purchase: | $500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.69% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Alger Dynamic Opportunities A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
