www.alger.com
Open in
urlscan Pro
38.76.33.240
Public Scan
URL:
https://www.alger.com/Pages/OnTheMoney.aspx?pageLabel=AOM290
Submission: On August 22 via api from CH — Scanned from DE
Submission: On August 22 via api from CH — Scanned from DE
Form analysis 1 forms found in the DOM
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<div class="a21-page-content">
<h1 class="a21-page-title">
<div class="ExternalClass1C237E3B220F4BBA9A35F2BEAD5D7D99">
<p>Look Beyond Dividends for Income<br></p>
</div>
</h1>
<p class="InsightsBlurbText">Many investors who are concerned about the economic impact of higher interest rates and inflation have flocked to stocks with high-yielding dividends. Some of these investors, however, may only be
enjoying the appetizer of a more filling income meal.</p>
<div class="a21-featured-item">
<div class="ExternalClassCB4A7FB9F1334A69A80C5590DEBA619E">
<p>Many investors who are concerned about the economic impact of higher interest rates and inflation have flocked to stocks with high-yielding dividends. Some of these investors, however, may only be enjoying the appetizer of
a potentially more filling income meal.<br></p>
</div>
</div>
<div class="a21-featured-item">
<div class="ExternalClass080E6D94C1684E608277890DA2AAE467">
<center> <img src="/AlgerImages/AOM290-Chart.jpg" border="0" class="ms-rte-paste-setimagesize" alt="Buyback: An Overlooked Source of Capital Return?" style="margin:5px;width:750px;"> </center><br>
</div>
</div>
<ul>
<li>Many investors seeking to protect their portfolios from the corrosive impact of higher interest rates and inflation have been flocking to income generating equities. The result: one of the best performing characteristics or
factors in equity investing has been dividend yield during the 12-month period ended June 30, 2022.<br></li>
<li>Dividends, however, are just an appetizer in our opinion. Perhaps the most filling course is share buybacks, which reached $985 billion in the 12-month period ended March 31, 2022, compared to only $525 billion for
dividends.<br></li>
<li>Buybacks reduce the number of shares outstanding of companies, thereby increasing shareholders’ ownership. Investors have discretion over when to realize the effective return of capital as capital gains because they can
choose when to sell their shares. This can potentially make share repurchases a more tax efficient return of capital than dividends.<br></li>
<li>Innovative companies with strong balance sheets that are growing by capturing market share, we believe, may be candidates for share buyback programs. As they grow their sales and earnings, they may accumulate cash war chests
for buying back their shares.<br></li>
</ul>
</div>
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<a href="/Pages/OnTheMoney.aspx?pageLabel=AOM289" aria-label="Periods of Pain: Shorter Than You Think"><div class="a21-insight-image-wrapper"><img src="https://www.alger.com/AlgerImages/AOM289-Insights.jpg" alt="Periods of Pain: Shorter Than You Think"></div><div class="a21-insight-text"><h3>Periods of Pain: Shorter Than You Think</h3><p>Corporations’ capacity for preserving earnings may help shorten future recessions. So, while it may make sense to plan for a potential recession, one may also want to prepare for potential subsequent recovery because periods of pain may be short lived.</p></div></a>
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<h3 id="recommended-viewAll" class="a21-view-all"><a href="/Pages/Search.aspx">Explore All Insights</a></h3>
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<hr>The views expressed are the views of Fred Alger Management, LLC (“FAM”) and its affiliates as of August 2022. 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.<br><br> <strong>Risk Disclosures: Investing in the stock market involves certain risks, including the potential loss of principal.</strong> 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. Foreign securities and Emerging Markets
involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. <br><br><strong>Past performance is not indicative of future performance.</strong>
Investors whose reference currency differs from that in which the underlying assets are invested may be subject to exchange rate movements that alter the value of their investments. <br><br><strong>Important Information for
US Investors:</strong> This material must be accompanied by the most recent fund fact sheet(s) if used in connection with the sale of mutual fund and ETF shares. Fred Alger & Company, LLC serves as distributor of the
Alger mutual funds <br><br><strong>Important Information for UK and EU Investors:</strong> This material is directed at investment professionals and qualified investors (as defined by MiFID/FCA regulations). It is for
information purposes only and has been prepared and is made available for the benefit investors. This material does not constitute an offer or solicitation to any person in any jurisdiction in which it is not authorised or
permitted, or to anyone who would be an unlawful recipient, and is only intended for use by original recipients and addressees. The original recipient is solely responsible for any actions in further distributing this material
and should be satisfied in doing so that there is no breach of local legislation or regulation. <br>
<br>Certain products may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to such persons or countries. <br>
<br>Alger Management, Ltd. (company house number 8634056, domiciled at 78 Brook Street, London W1K 5EF, UK) is authorised and regulated by the Financial Conduct Authority, for the distribution of regulated financial products
and services. FAM and/or Weatherbie Capital, LLC, U.S. registered investment advisors, serve as sub-portfolio manager to financial products distributed by Alger Management, Ltd. <br><br>Alger Group Holdings, LLC (parent
company of FAM and Alger Management, Ltd.), FAM, and Fred Alger & Company, LLC are not authorized persons for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) and this material has
not been approved by an authorized person for the purposes of Section 21(2)(b) of the FSMA. <br> <br>
<strong>Important information for Investors in Israel:</strong> This material is provided in Israel only to investors of the type listed in the first schedule of the Securities Law, 1968 (the “Securities Law”) and the
Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995. The Fund units will not be sold to investors who are not of the type listed in the first schedule of the Securities Law.
<br><br> <strong>Fred Alger & Company, LLC</strong> 100 Pearl Street, New York, NY 10004 / www.alger.com<br> 800.305.8547 (Retail) / 800.223.3810 (Institutional)<br>
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LOOK BEYOND DIVIDENDS FOR INCOME
Many investors who are concerned about the economic impact of higher interest
rates and inflation have flocked to stocks with high-yielding dividends. Some of
these investors, however, may only be enjoying the appetizer of a more filling
income meal.
Many investors who are concerned about the economic impact of higher interest
rates and inflation have flocked to stocks with high-yielding dividends. Some of
these investors, however, may only be enjoying the appetizer of a potentially
more filling income meal.
* Many investors seeking to protect their portfolios from the corrosive impact
of higher interest rates and inflation have been flocking to income
generating equities. The result: one of the best performing characteristics
or factors in equity investing has been dividend yield during the 12-month
period ended June 30, 2022.
* Dividends, however, are just an appetizer in our opinion. Perhaps the most
filling course is share buybacks, which reached $985 billion in the 12-month
period ended March 31, 2022, compared to only $525 billion for dividends.
* Buybacks reduce the number of shares outstanding of companies, thereby
increasing shareholders’ ownership. Investors have discretion over when to
realize the effective return of capital as capital gains because they can
choose when to sell their shares. This can potentially make share repurchases
a more tax efficient return of capital than dividends.
* Innovative companies with strong balance sheets that are growing by capturing
market share, we believe, may be candidates for share buyback programs. As
they grow their sales and earnings, they may accumulate cash war chests for
buying back their shares.
RECOMMENDED INSIGHTS FOR YOU:
HOW CHEAP IS SMALL GROWTH?
Growth stock valuations have declined considerably over the past year, with
small growth stocks in particular seeing significant multiple compression. How
do these valuations compare to history and what might they imply going forward?
PODCAST: THE KINGS OF CASH FLOW
Alger Growth & Income Strategy Portfolio Manager Greg Adams explains why
companies with a focus on free cash flow may outperform in a difficult economy.
INNOVATION SOARS THROUGH THE CLOUD
Cloud computing has been disrupting the on-premises technology market for years
now. We believe this trend will strengthen and has important implications for
investors.
PERIODS OF PAIN: SHORTER THAN YOU THINK
Corporations’ capacity for preserving earnings may help shorten future
recessions. So, while it may make sense to plan for a potential recession, one
may also want to prepare for potential subsequent recovery because periods of
pain may be short lived.
EXPLORE ALL INSIGHTS
--------------------------------------------------------------------------------
The views expressed are the views of Fred Alger Management, LLC (“FAM”) and its
affiliates as of August 2022. 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.
Risk Disclosures: Investing in the stock market involves certain 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.
Foreign securities and Emerging Markets involve special risks including currency
fluctuations, inefficient trading, political and economic instability, and
increased volatility.
Past performance is not indicative of future performance. Investors whose
reference currency differs from that in which the underlying assets are invested
may be subject to exchange rate movements that alter the value of their
investments.
Important Information for US Investors: This material must be accompanied by the
most recent fund fact sheet(s) if used in connection with the sale of mutual
fund and ETF shares. Fred Alger & Company, LLC serves as distributor of the
Alger mutual funds
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investment professionals and qualified investors (as defined by MiFID/FCA
regulations). It is for information purposes only and has been prepared and is
made available for the benefit investors. This material does not constitute an
offer or solicitation to any person in any jurisdiction in which it is not
authorised or permitted, or to anyone who would be an unlawful recipient, and is
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Alger Management, Ltd. (company house number 8634056, domiciled at 78 Brook
Street, London W1K 5EF, UK) is authorised and regulated by the Financial Conduct
Authority, for the distribution of regulated financial products and services.
FAM and/or Weatherbie Capital, LLC, U.S. registered investment advisors, serve
as sub-portfolio manager to financial products distributed by Alger Management,
Ltd.
Alger Group Holdings, LLC (parent company of FAM and Alger Management, Ltd.),
FAM, and Fred Alger & Company, LLC are not authorized persons for the purposes
of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”)
and this material has not been approved by an authorized person for the purposes
of Section 21(2)(b) of the FSMA.
Important information for Investors in Israel: This material is provided in
Israel only to investors of the type listed in the first schedule of the
Securities Law, 1968 (the “Securities Law”) and the Regulation of Investment
Advice, Investment Marketing and Investment Portfolio Management Law, 1995. The
Fund units will not be sold to investors who are not of the type listed in the
first schedule of the Securities Law.
Fred Alger & Company, LLC 100 Pearl Street, New York, NY 10004 / www.alger.com
800.305.8547 (Retail) / 800.223.3810 (Institutional)
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ETF INVESTORS
This ETF is different from traditional ETFs.
Traditional ETFs tell the public what assets they hold each day. This ETF will
not. This may create additional risks for your investment. Specifically:
You may have to pay more money to trade the ETF’s shares. This ETF will provide
less information to traders, who tend to charge more for trades when they have
less information.
The price you pay to buy ETF shares on an exchange may not match the value of
the ETF’s portfolio. The same is true when you sell shares. These price
differences may be greater for this ETF compared to other ETFs because it
provides less information to traders.
These additional risks may be even greater in bad or uncertain market
conditions.
The differences between this ETF and other ETFs may also have advantages. By
keeping certain information about the ETF confidential, this ETF may face less
risk that other traders can predict or copy its investment strategy. This may
improve the ETF’s performance. If other traders are able to copy or predict the
ETF’s investment strategy, however, this may hurt the ETF’s performance. For
additional information regarding the unique attributes and risks of this ETF,
please refer to the prospectus.
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