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Overview

  • Alma Glenmede US Large Cap Growth Equity Fund aims to achieve above-benchmark long-term return through capital appreciation of US large cap growth stocks, and by limiting downside risk.
  • The fund’s management is delegated to Glenmede Investment Management LP

Share Class

NAV

Cumulative Performance (%)

Fund Inception 12 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

Investment objective: to achieve above-benchmark long-term return through capital appreciation of undervalued US large cap growth stocks, and by limiting downside risk

  • Investment strategy based on valuation, fundamental, earnings and technical characteristics
  • Quantitatively-based investment process with stringent risk controls
  • Focuses on underperformance risk as much as out performance opportunity
  • Portfolio of typically 60-90 names


Investment Manager

Portfolio managed by Glenmede Investment Management LP, a Philadelphia based SEC regulated investment manager with over $11bn AUM, part of the Glenmede group (approx. $34 bn in assets).

  • 48 employees, all located in Philadelphia, PA
  • 25 investment professionals; senior portfolio managers with an average 25 years of experience, including 15 years at Glenmede
  • Vladimir de Vassal, director of Quantitative Research for Glenmede Investment Management LP, leads the team managing Glenmede’s quantitatively based equity portfolios, including the Large Cap Growth strategy

Key Persons

Vladimir de Vassal, CFA Director of Quantitative Research

Mr. de Vassal leads the team managing Glenmede’s quantitatively based equity portfolios, including the Large Cap Core strategy, and provides proprietary research and analytical support to a range of domestic and International funds, private equity, the Pew Charitable Trusts, and high-net-worth clients of the Glenmede Trust Company.

Mr. de Vassal joined Glenmede in 1998, after serving in senior analytical positions with CoreStates Investment Advisors and CoreStates Financial. He received a B.S. with highest honors from Drexel University in 1982, majoring in both Finance and Accounting. He received his M.B.A., with concentration in Investment Management, from Drexel University in 1987, and earned his Chartered Financial Analyst® designation in 1992. Mr. de Vassal is a member of the CFA Institute.

 

Paul T. Sullivan, CFA Portfolio Manager

Mr. Sullivan manages the Glenmede Large Cap Core and Large Cap Growth mutual funds, as well as separate accounts for institutional clients. His responsibilities also include analysis utilizing Glenmede’s quantitative stock selection models, and their continuing enhancement.

Mr. Sullivan joined Glenmede from SEI Investments in 1994. He received his B.S. in Business Administration from Bloomsburg University, and his M.B.A. from St. Joseph’s University. He holds the Chartered Financial Analyst® designation, and is a member of the CFA Society of Philadelphia and the CFA Institute.

 

Alexander R. Atanasiu, CFA Portfolio Manager, Quantitative Equity Officer

Mr. Atanasiu’s responsibilities include Glenmede’s proprietary stock ranking screening tools, multifactor stock optimizations, leading indicator analysis, and development of quantitative analytical tools for analysts and portfolio managers. He also provides support for the management of several of Glenmede’s quantitatively-based equity strategies, including long/short funds.

Mr. Atanasiu joined Glenmede in 2005. He holds dual degrees in engineering and physics from Swarthmore College, and received his M.B.A. with distinction from New York University’s Stern School of Business, with concentrations in quantitative finance and business analytics. He received his Chartered Financial Analyst® designation in 2009.


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 31/03/2020

Market Review and Outlook

For June 2020, S&P 500 and Russell 1000 Growth Indexes had total returns of about +2.0% and +4.4%, respectively. Since March 31, the S&P 500 and Russell 1000 Growth Indexes have posted total returns of about +20.5% and +27.8% (highest quarterly return since index inception in 1979), respectively. Investor sentiment continued to improve in response to supportive fiscal/monetary policies, re-openings of businesses and medical advances against Covid-19. The best performing sectors in the Russell 1000 Growth Index were information technology (+7.9%) and consumer discretionary (+7.2%). Worst performing sectors were materials (-1.7%) and consumer staples (-0.7%). The strategy was negatively impacted from relative underexposures to Apple (AAPL, +14.7%), Amazon (AMZN, +13.0%) and Microsoft (MSFT, +11.1%). These three companies accounted for about 70% (303 bps) of the Russell 1000 Index performance in June. Underexposures to companies with negative earnings in the index (+12.1%) had an unfavorable impact on relative performance. The strategy had mixed contributions from multi-factor models, including biases towards lower relative valuations (unfavorable) and attractive fundamentals. Industry group targets had minor effects on performance. Stock selection was positive in 5 of 10 sectors versus Russell 1000 Growth Index. The most positive relative contributions were in the real estate and communication services sectors. The most negative relative contributions were in the information technology and consumer discretionary sectors. Targeted industry group biases had minor effects on performance.

The latest U.S. real GDP estimate for 1st Quarter was -5% versus 2.1% for 4th Qtr 2019. Relative to 4th Qtr, the 1st Qtr reflected slowdowns in personal consumption expenditures (-6.8% vs. +1.8% in 4Q) and nonresidential fixed investments (-6.4%). Higher federal spending (+2.0%) and residential fixed investments (+18.2%) provided positive contributions. The impacts from the pandemic are expected to result in the largest GDP contraction in the second quarter since 1947. Looking forward, as nations manage through the Covid-19 pandemic, we expect a rebound in economic growth and a normalization of market volatility. Currently, our leading industry group indicators reflect overweightings in financials/materials/energy/consumer discretionary and underweightings in health care/industrials/utilities/staples stocks. We believe this strategy will be well positioned with its multifactor approach favoring stocks with cheaper valuations, stronger fundamentals, positive earnings/revenue estimate trends and attractive technicals.


Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 12 January 2018

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas Securities Services (LU)

Dealing: Each day with a 1-day notice

Cut-off time: 12 pm CET

Management Company: Alma Capital Investment Management

Investment Manager: Glenmede Investment Management LP (US)

Fund Managers: Vladimir de Vassal , Paul T Sullivan Alexander R. Atanasiu

Countries where the fund is registered:
Luxembourg, France

Identifiers:

Institutional USD Capitalisation share class
ISIN: LU1687386091   Ticker: AGULCIA LX    Launch: 12 Jan 2018

Documents

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