Fund Evaluator:
Alger International Small Cap A (AFAIX)
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Best Performing in Foreign Small/Mid Growth Over the Last Year
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Fund Details
Alger International Small Cap A Overview
Alger International Small Cap A (AFAIX) is an actively managed International Equity Foreign Small/Mid Growth fund. Alger launched the fund in 2025.
The investment seeks long-term capital appreciation. 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.
About Alger International Small Cap A (AFAIX)
There are 3 members of the management team with an average tenure of 1.08 years: Donald Smith (2025), Ezra Samet (2025), Michael Mufson (2025). Management tenure is more important for actively managed funds than passive index funds.
Alger International Small Cap A has 49 securities in its portfolio. The top 10 holdings constitute 29.2% 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 International Small Cap A is part of the Equity global asset class and is within the International Equity fund group. Alger International Small Cap A has 92.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.1%. There is 92.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Alger International Small Cap A has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $385 million in total assets, which is below the $319 million average for the Foreign Small/Mid Growth 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.
AFAIX 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 International Small Cap A expense ratio is high compared to funds in the Foreign Small/Mid Growth category. Alger International Small Cap A has an expense ratio of 1.20%, which is 2% lower than its category average, making the fund expense ratio grade a C. 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 International Small Cap A has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Foreign Small/Mid Growth category.
Recently, in the month of July 2026, Alger International Small Cap A returned -2.9%, which earned it a grade of D, as the Foreign Small/Mid Growth category had an average return of -1.5%. 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 International Small Cap A has a trailing yield of 0.00%, which is below the 1.43% 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 International Small Cap A Grades
Year to date, the fund has returned 6.1%, 0.6 percentage points worse than the category, which translates into a grade of C. The fund has returned 3.3% over the past year (grade of F).
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AFAIX 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 |
|
| AFAIX Return (NAV) | -2.9% | -4.1% | 3.3% | na | na | na |
| AFAIX Grade | D | D | F | na | na | na |
| +/- Category | -1.3% | -2.9% | -6.9% | na | na | na |
| Foreign Small/Mid Growth Avg | -1.5% | -1.2% | 10.3% | 10.1% | 0.4% | 6.8% |
| AFAIX Tax Cost Ratio | na | na | 0.0% | na | na | na |
AFAIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AFAIX Return (NAV) | 6.1% | na | na | na | na | na | na | na | na | na | na |
| AFAIX Grade | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.6% | na | na | na | na | na | na | na | na | na | na |
| Foreign Small/Mid Growth Avg | 6.7% | 20.8% | 0.9% | 13.4% | -28.6% | 9.9% | 25.4% | 27.8% | -16.2% | 35.3% | -0.7% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Smith Donald (2025), Samet Ezra (2025), Mufson Michael (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 49 |
| % in Top 10 Holdings: | 29.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 92.8% |
Portfolio Allocation |
|
| Domestic Stock: | 6.1% |
| Foreign Stock: | 92.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Alger |
| Phone Number: | 800-992-3863 |
| Website: | www.alger.com |
| Status: | Open |
| Inception Date: | June 30, 2025 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 5.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Alger International Small Cap Z |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
