# Alger SICAV – Alger Dynamic Opportunities Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their 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.
Cash positions may underperform relative to equity and fixed-income securities. Options and short exposure, gained through Total Return S wap s (T RS), could inc r ea se m arket exposur e, m agnifying losses and increasing volatility. Issuers of convertible securities may be more sensitive to economic changes. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Leverage increases volatility in both up and down markets and its costs may exceed the returns of borrowed securities. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.

Translation (ENDE, 2021-12-31):
# ALGER SICAV
Aufstellung des Nettovermögens zum 31. Dezember 2021
(Angaben in US-Dollar)
|  | Konsolidiert | Alger American Asset Growth Fund | Alger Dynamic Opportunities Fund | Alger Emerging Markets Fund |
| --- | --- | --- | --- | --- |
| AKTIVA |  |  |  |  |
| Wertpapieranlagen zu Anschaffungskosten | 1.250.684.409 | 380.431.225 | 213.714.833 | 10.079.684 |
| Unrealisierte Wertsteigerung/(-minderung) aus Anlagen in Wertpapieren | 283.921.094 | 147.761.602 | (461.007) | 1.737.226 |
| Wertpapieranlagen zum Marktwert (Erläuterung 2b) |   1.534.605.503	 | 528.192.827	 | 213.253.826  | 11.816.910 |
| Bankguthaben (a) (Erläuterung 2b) | 71.075.971 | 337.658 | 47.787.701 | 424.080 |
| Unrealisierte Wertsteigerung aus Devisenterminkontrakten (Erläuterung 2b) | 1.329.921 | 318.797 | 117.727 | — |
| Unrealisierte Wertsteigerung aus Differenzkontrakten (Erläuterung 2b) | 11.936.125 | — | 11.936.125 | — |
| Forderungen aus verkauften Wertpapieranlagen | 12.950.035 | 2.829.006 | 29.141 | — |
| Forderungen aus ausgegebenen Aktien | 994.481 | 524.779 | 265.440 | — |
| Forderungen aus Aufwandsentschädigungen (Erläuterung 7) | 1.034.520 | 46.270 | 156.765 | — |
| Forderungen aus Dividenden und Zinsen, netto | 136.067 | 61.450 | 45.104 | 4.607 |
| Sonstige Forderungen | 71.634 | — | 6.086 | 227 |
| Summe Aktiva |   1.634.134.257	 | 532.310.787	 | 273.597.915  | 12.245.824 |
| PASSIVA |  |  |  |  |
| Rückstellungen | 3.256.752 | 1.112.468 | 538.888 | 116.347 |
| Unrealisierte Wertminderung aus Devisenterminkontrakten (Erläuterung 2b) | 177.597 | 21.049 | 19.136 | — |
| Unrealisierte Wertminderung aus Differenzkontrakten (Erläuterung 2b) | 2.909.083 | — | 2.909.083 | — |
| Verbindlichkeiten aus zurückgenommenen Aktien | 10.113.157 | 288.709 | 81.441 | 7.026 |
| Verbindlichkeiten aus erworbenen Wertpapieranlagen | 7.043.883 | 2.902.270 | 373.753 | 26.836 |
| Rückstellungen für Steuern aus Veräußerungsgewinnen | 36.819 | — | — | 36.819 |
| Abgegrenzte Verwaltungsgebühren | 520.130 | 144.502 | 60.471 | 34.011 |
| Dividenden auf Differenzkontrakte | 54.532 | — | 54.532 | — |
| Summe Passiva | 24.111.953 | 4.468.998 | 4.037.304 | 221.039 |
|  |  |  |  |  |
| Summe Nettovermögen | 1.610.022.304 | 527.841.789 | 269.560.611 | 12.024.785 |
| (a) Einschließlich verfügungsbeschränkter liquider Mittel, die als Sicherheiten für Differenzkontrakte gehalten werden | 17.825.777 | — | 17.825.777 | — |