Alma Apis Global Long / Short Equity Fund
- Alma Apis Global Long / Short Equity Fund invests in small and middle cap equities, mainly in North America, Asia and Europe.
- Management of the fund is delegated to Apis Capital Advisors, a company regulated by the SEC, based in New York, and run by its founders since its creation in 2004.
Cumulative Performance (%)
Fund Inception 17 January 2018
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Strategy & Manager
The Fund strategy is a Global long/short equity strategy.
Geographic focus is in North America, Asia, and Europe, with some emerging markets exposure, and a sector focus in Technology, Consumer, Healthcare, Industrials and Cyclicals/Materials.
Emphasis on small to medium capitalisation securities. The portfolio holdings count typically around 80 to 100 names (40/50 longs + 40/50 shorts).
Apis Capital Advisors, LLC (“Apis”), is an SEC registered, New York-based, fund management firm founded in 2004
- Borderless approach to stock selection: Apis seek investments wherever their research achieves the most leverage, inefficiencies are greatest, and analytical competition is weakest – across countries, sectors, and market capitalisations
- Management owned
- Team leverages on global relationships built over 25 years of global investing
Daniel J. Barker, Portfolio Manager and Managing Partner
Dan Barker has more than 25 years of Global Investment experience. He has worked abroad in London (UK) for 5 years, held thousands of meetings with company managers in over 40 countries and invested through Asian Crisis, Russian Crisis, Lehman Crisis, PIGS Crisis, several Latin Crises, and multiple Federal Reserve Rate Cycles.
Dan Barker joined Apis Capital Advisors in 2004. Before then, he was a portfolio manager at J&W Seligman (NY) for 3 years and worked at GE Asset Management for 6 years in Stamford and London. He is a CFA and holds a BBA in Finance, Investments and Banking from University of Wisconsin at Madison.
Eric Almeraz, Director of Research and Managing Partner
Eric Almeraz has more than 19 years of Global Investment experience. He oversees the research process – developing various research approaches, methods for sourcing ideas and documentation of all internal research work for Apis Capital Advisors.
Before joining Apis, Eric worked for J&W Seligman as a global industrial analyst and for the Capital Group, as a Research Associate. Eric has been an Adjunct Professor of Applied Value Investing at Columbia Business School since 2013. He is a CFA, has a BS in Accounting and Finance from NY University and an MBA in Finance from Columbia Business School.
Statistics & Commentary
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
as a % of AUM
Sector Breakdown as a % of AUM
as a % of AUM
Geographical Exposure as a % of AUM
Main Long and Short Positions Detail
Investment Manager's Commentaryas of 31/01/2020
Market Review and Outlook
As we write these observations on March 9, 2020, the stock market is experiencing its 7th worst one-day performance since WWII and CNBC said it was “the worst day ever” for oil. Obviously, there are several potential outcomes that range from severe to mild recession and slow to fast recovery. As we have no crystal ball or macro edge, it’s especially important to keep a flexible mindset. In times of uncertainty, our approach is to get “gross” down – in other words, be liquid. While you shouldn’t expect any radical swings in portfolio exposures, the overall portfolio gross exposures have been brought down to the lower-end of our 16-year range. When markets are volatile, mistakes are often made. Lowering exposures dampens that volatility and affords us with the dry powder necessary to take advantage of dislocations as they arise. We are also sharpening our pencils on potential bargains and will watch carefully as our global strategy should afford us some leading indication of how markets react as the outbreak recedes. This may already be the case in China and possibly Korea.
The Fund held up well in the context of difficult markets. By controlling position sizes on the short side, we were able to stay with several “unicorn,” high momentum names which proved beneficial during the sharp sell-off at the end of the month. Not surprisingly, our returns in all regions were consistent with the “risk-off” environment as long positions across regions declined and shorts gained.
On a sector basis, the one positive outlier was the Consumer industry where our longs were supported by a few names in the online gaming area that are benefiting from “social distancing” trends related to the coronavirus outbreak.
Facts & Documents
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 17 January 2018
Base Currency: USD
Depositary, Administrator, Transfert Agent: BNP Paribas Securities
Dealing: Each day with a 1-day notice
Cut-off time: 12pm CET
Management Company: Alma Capital Investment Management
Investment Manager: Apis Capital Advisors LLC (New York, US)
Fund Managers: Daniel L. Barker
Countries where the fund is registered:
Luxembourg, United Kingdom, Germany, Singapore
Institutional USD Capitalisation Share Class
ISIN: LU1321566892 Ticker: ALCGIUC LX Launch: 17 Jan 2018
available upon request