Alma Apis Global Long / Short Equity Fund

`

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 is an SEC registered, New York-based, fund management firm founded in 2004. It has a 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 capitalizations

Apis Capital Advisors is a management owned company, and its 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 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 28/02/2019

Geographical Exposure as a % of AUM

as of 28/02/2019

Portfolio Characteristics

as of 28/02/2019
Main indicators Fund
Number of securities - long book 36
Number of securities - short book 48
Weighted Average Market Cap ($ bn) 8.9
Median Market Cap ($ bn) 3.2
Long Equity Exposure (% of NAV) 78.4
Short Equity exposure (% of NAV) 46.1
Gross Exposure (Long + Short) (% of NAV) 124.5
Net Exposure (Long - Short ) (% of NAV) 32.2

Top 10 Position Details

as of 28/02/2019
Sector % AUM
Health Care - Ireland 9.50
Consumer Discretionary - South Korea 5.95
Health Care - USA 4.63
Consumer Staples - Japan 3.82
Health Care - USA 3.41
Information Technology - USA -2.12
Industrials - USA -1.63
Consumer Staples - France -1.53
Consumer Staples - USA -1.50
Communication Services - UK -1.35

Investment Manager's Commentary

as of 28/02/2019

Market Review and Outlook

February results were driven by excellent stock-picking as the portfolio remains conservatively positioned. Highlights include: (1) broad geographical contributions led by a continuing bounce back in Asia ex-Japan, (2) good short performance in the face of an otherwise strong market and (3) the standout performance in Healthcare.

We are rewarded for « sticking to our guns » on Amarin as it fell last year, being now the largest contributor in the month and year so far. Early prescription trends support our view that Street sales expectations are way too low. On the short side, it was more a story of high « batting average » as we had several small contributors offset the strong general market environment. Our top gainer here was Inogen, which fell on weak guidance and a growing realization that 50x earnings is a lot to pay for dull end-markets and increasing competition.

 


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