Alma Recurrent Global Natural Resources Fund

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Overview

Alma Recurrent Global Natural Resources Fund invests primarily in publicly traded equity and debt securities of global natural resource-related companies, operating in a capacity related to the supply, production, distribution, refining, transportation and consumption of natural resources.

The fund’s management is delegated to Recurrent Investment Advisors LLC.

Share Class

NAV

Cumulative Performance (%)

Fund Inception 29 June 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: the fund seeks total return by investing in global natural resource-related companies.

  • Typical industries in which the fund invests: energy, basic materials, infrastructure, transportation and logistics
  • The fund may invest in companies of any market size capitalization, including IPOs
  • The investment process incorporates macroeconomic and commodity supply/demand factors with fundamental company analysis


Investment Manager

Recurrent Investment Advisors is focused on understanding and profiting from commodity cycles to make differentiated natural resource investments

  • Formed in April 2017. Registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC)
  • Primarily owned by its co-founders Mark Laskin and Bradley Olsen, who both have extensive experience in energy investing
  • Based in Houston, Texas (US)

Key Persons

Mark Laskin, Co-founder and Managing Director

Before founding Recurrent Investment Advisors, Mark was the lead energy portfolio manager and Chief Investment Officer at BP Capital Fund Advisors (BPCFA), an energy-focused long-only investment management firm.

Under Mark’s leadership, BPCFA grew from $50mm to nearly $400mm in assets under management in less than 3 years. BPCFA’s energy strategy was the #1 performing energy open-end mutual fund, as ranked by Morningstar, from 12/31/13 to 12/31/16, and its MLP strategy was in the top decile in its Morningstar category over that same time period.

Mark has 13 years of additional portfolio manager experience at Van Kampen, Morgan Stanley and Invesco. As part of a diversified large cap value strategy, Mark managed more than $10 billion and has managed energy portfolios for more than 12 years. While at Morgan Stanley Investment Management, Mark served as the internal head of equity investment research.

Mark earned an MBA/MA in Finance from the Wharton School of Business at the University of Pennsylvania and a BA in History from Swarthmore College

 

Brad Olsen, Co-founder and Managing Director

Before founding Recurrent Investment Advisors LLC, Brad was the lead MLP portfolio manager for BP Capital Fund Advisors (BPCFA). Under Brad’s leadership, MLP AUM more than doubled (excluding the impact of appreciation).

From 2011 to 2015, Brad led Midstream Research for Tudor, Pickering, Holt & Co. (TPH & Co.), where he was recognized as the top all-around stock picker in the US by the Financial Times in 2013, and the top energy stock picker in the US by Starmine in 2014.

Brad also has experience as an investment analyst at Eagle Global Advisors in Houston, where he was part of a 3-person team that grew midstream/MLP AUM from $300mm to over $1bn from 2008 through 2011. He has also worked in investment roles at Millennium International and Strome Investment Management. He began his career in the UBS Investment Banking Global Energy Group in Houston.

Brad earned a BA in Philosophy, Political Science, and Slavic Studies from Rice University in Houston.


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 31/10/2019

Geographical exposure as a % of AUM

as of 31/10/2019

Portfolio Characteristics

as of 31/10/2019
Main indicators Fund Index
No. of securities 43 90
Estimated Price/Earnings (x) 13.4 14.7
Estimated Long Term Growth (%) 4.9 4.5
Price to Book Ratio (x) 1.4x 1.3x
Price to Sales Ratio (x) 0.7x 0.9x
Weighted Market Cap ($bn) 51.3 63.0
Median Market Cap ($bn) 17.6 17.4
Active Share (%) 61.5 -

Top 10 Position Details

as of 31/10/2019
Security name Sector % AUM
TOTAL SA-SPON ADR Oil, Gas & Consumable Fuels 4.74
BHP GROUP LTD-SPON ADR Metals & Mining 4.60
ANGLO AMERICAN PLC Metals & Mining 4.12
UPM-KYMMENE OYJ Paper & Forest Products 4.12
BARRICK GOLD CORP Metals & Mining 4.02
KINDER MORGAN INC Oil, Gas & Consumable Fuels 3.83
NUTRIEN LTD Chemicals 3.61
FREEPORT-MCMORAN INC Metals & Mining 3.49
RIO TINTO PLC-SPON ADR Metals & Mining 3.48
MARATHON PETROLEUM CORP-W/I Oil, Gas & Consumable Fuels 3.07

Investment Manager's Commentary

as of 31/10/2019

Fund

In the month of October, the Alma Recurrent Global Natural Resources portfolio rose by 0.78%, underperforming with the S&P Global Natural Resources Index’s 1.76% return.  The portfolio’s holdings in steel and copper each rose by 4.5%, benefiting the portfolio, while the portfolio overweights in energy midstream negatively impacted relative performance.


Facts & Documents

Facts

Fund Domicile: Luxembourg

Management Fee: 0.95% p.a. for I shares

Fund Type: UCITS SICAV

Fund Launch: 29 June 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 (LU)

Investment Manager: Recurrent Investment Management (LU)

Fund Managers: Mark Laskin & Bradley Olsen

Countries where the fund is registered:
Luxembourg, France

Identifiers:

Institutional USD Capitalisation share class
ISIN: LU1823602369   Ticker: ARGNIUC LX    Launch: 29 Jun 2018

Institutional EUR Capitalisation share class
ISIN: LU1845388146   Ticker: ARGNIEC LX    Launch: 29 Jun 2018

Documents

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