Alma Apis Global Long / Short Equity Fund

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Overview

  • 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.

Share Class

NAV

Cumulative Performance (%)

Fund Inception 17 January 2018

Daily Monthly Ytd 1Yr 3Yr 5Yr Incept. Incept.Date

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

Funds Strategy

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).


Investment Manager

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

Key Persons

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

Performance

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.

Portfolio Characteristics

Top 10 Position Details

Investment Manager's Commentary

as of 30/11/2019

Market Review and Outlook

 

 

Fund

While it continues to be a challenge to run anything “hedged” and keep pace with the strong general trend in global equities, the Fund was able to nip the indexes in November through broad stock-picking success and lack of any significant detractors. All major sectors and regions contributed positively with Healthcare a standout performer, while losses on the short side were modest and mostly contained to commodity cyclical areas and biotechs which caught a strong bid in the month.

Leading the Healthcare gainers was Amarin which contributed about 90 basis points in the month. The always volatile, but mostly upward journey for Amarin continued as the stock jumped on a positive 16-0 FDA advisory committee vote. Days later, the stock fell back when a Wall Street analyst started coverage with a “sell” on arguments that we find absurd. Still, formal FDA approval (expected around Christmas) should finally move the focus to sales and eventually profits which we expect to exceed even bullish analyst estimates. Another winner in the month was Kemet, a holdover from our work last year in the multi-layer ceramic capacitors (MLCC) area. As the cheapest name globally, we weren’t surprised to see it bought out. While we’re pleased with the outcome the premium paid was still short of expectations, highlighted by Yageo (the acquirer) rallying on the deal announcement.

 


Facts & Documents

Facts

Fund Domicile: Luxembourg

Management Fee: 1.25% p.a. for I shares

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

Identifiers:

Institutional USD Capitalisation Share Class
ISIN: LU1321566892   Ticker: ALCGIUC LX    Launch: 17 Jan 2018

Documents

PROSPECTUS
  1. ACIF Prospectus
KIIDS Other sub-funds and other languages
available upon request