The fitness chain’s reduced outlook weighed on Fred Alger’s Weatherbie Specialized Growth Fund performance for the quarter.
Planet Fitness (PLNT) declined after cutting its guidance, dragging on Fred Alger Management’s Weatherbie Specialized Growth Fund in Q2 2026. The fund’s Class A shares outperformed the Russell 2500 Growth Index but were pressured by underperformance in Consumer Discretionary holdings, including PLNT.
The S&P 500 surged 15.2% in Q2 2026, its strongest quarter since 2020, driven by AI investment and a U.S.-Iran ceasefire. Industrials and Information Technology led gains, while Energy and Utilities lagged amid falling oil and gas prices. The Fed held rates steady in June but maintained a hawkish tone.
PLNT’s guidance cut on July 20, 2026, marked a setback for the fund, which saw contributions from Industrials and IT offset by weakness in Financials and Consumer Discretionary.