Forte Biosciences underperformed in Q2 2026, detracting from Alger Small Cap Focus Fund’s gains amid a broader market rally.
Forte Biosciences Inc. (NASDAQ:FBRX) closed at $47.49 on July 20, 2026, weighing on the Alger Small Cap Focus Fund’s performance for Q2 2026. The fund’s Class A shares outperformed the Russell 2000 Growth Index but were dragged by underperformance in FBRX and other holdings.
The S&P 500 surged 15.2% in Q2 2026, its strongest quarter since 2020, driven by a U.S.-Iran ceasefire and AI-driven optimism. Industrials and Health Care led gains, while Energy and Utilities lagged due to falling oil and gas prices. The Federal Reserve held rates steady but maintained a hawkish tone.
Alger’s fund benefited from strong Industrials and Health Care picks but faced headwinds from Financials and Consumer Discretionary. Forte Biosciences, a clinical-stage biopharmaceutical firm, was among the detractors despite broader sector strength.