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).


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 Selingman (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 Selingman as a global industrial analyst and for the Capital Group, as a Research Associate. Eric is Adjunct Professor of Applied Value Investing at Columbia Business School since 2013. He is a CFA, has a BS in Accounting and Fincnace from NY Univerity 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.

Sector Breakdown as a % of AUM

as of 31/05/2019

Geographical Exposure as a % of AUM

as of 31/05/2019

Portfolio Characteristics

as of 31/05/2019
Main indicators Fund
Number of securities - long book 41
Number of securities - short book 54
Weighted Average Market Cap ($ bn) 6.5
Median Market Cap ($ bn) 2.0
Long Equity Exposure (% of NAV) 77.1
Short Equity exposure (% of NAV) 45.7
Gross Exposure (Long + Short) (% of NAV) 122.8
Net Exposure (Long - Short ) (% of NAV) 31.4

Top 10 Position Details

as of 31/05/2019
Sector % AUM
Health Care - Ireland 8.75
Information Technology - USA 3.94
Consumer Discretionary - South Korea 3.86
Consumer Discretionary - Sweden 3.57
Health Care - USA 3.15
Index - USA -1.64
Health Care - USA -1.61
Communication services - UK -1.44
Consumer Staples - USA -1.36
Index - USA -1.34

Investment Manager's Commentary

as of 31/05/2019

Market Review and Outlook

May was a good month for the Fund relative to the broader decline in global equity markets. As is often the case, if we are largely getting the business fundamentals right, a period of underperformance (such as April) is recaptured in future periods. Last month, “Medicare for All” hit our healthcare names while in May, the market’s focus returned to trade and weakening global growth, which helped our more defensive and idiosyncratic healthcare positions. May was an excellent month for our shorts, with positive contributions coming from all sectors, highlighted specifically by the Consumer sector where nearly all our names fell significantly during the month.

One top healthcare name in May was Array Pharmaceuticals. Array rose about 18% last month on good trial data for their colorectal cancer (CRC) drug. Array has a differentiated approach in fighting cancers where specific genetic characteristics accompany the disease. Currently, they are successfully marketing their treatment in Melanoma and CRC will be next. On the short side, we had success with a specialty “hamburger” based restaurant which badly missed earnings. The burger business is intensively competitive, and this restaurant’s labor-intensive, sit-down format will have a hard time keeping pace with growing fast-casual rivals.

 

Fund

 

 


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

Institutional EUR Hedged Capitalisation Share Class
ISIN: LU1321566975   Ticker: ALCIEHC LX    Launch: 11 Jun 2018

Documents

SICAV ALMA CAPITAL INVESTMENT FUNDS
  1. ACIF Prospectus
KIIDS Other sub-funds and other languages
available upon request