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


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


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 29/05/2020


During the month of June 2020, the Alma Recurrent Global Natural Resources Fund rose by 3.65%, outpacing the S&P Global Natural Resources’ 1.99% return. Early cycle resources holdings, such as Freeport McMoran and Alcoa, performed strongly, rising 27.6% and 22% respectively, as improved global demand and supply discipline made markets much healthier. Energy companies underperformed, particularly in the US, as the re-acceleration of COVID cases muted demand prospects in highly populated Southern states.

Portfolio discussion

Since the beginning of COVID in 1Q, global economic growth has fallen into negative territory. Excess capacity in many industries has weakened pricing power, and global inflation has turned negative. As a beneficiary of inflation, the natural resources sectors have been among the market’s worst performers. Many people are aware of the strong relationship between CPI and natural resources, as seen in the chart on the right.
(Source: Bloomberg, Recurrent research).

While many are appropriately focused on continued weak demand as a result of COVID, one other interesting conclusion stands out from the data since 2003. The CPI has only been this low 3 times since 2003, and in the other two cases, within a 15 month period (the chart shows rolling 12 month returns, on a 3 month lag), performance increases by 30% or more. Given reduced prices causing reduced supply in many resources industries, small increases in demand are likely to have an outsized impact on profitability, which is generally reflected in stock performance.

With that in mind, using the 2015/2016 experience as an example to identify potential industries which would outperform in an economic recovery…

While to many, the industries that lead the sector in a recovery probably are not all that surprising, the strength of the recovery may be more surprising. Economically sensitive industries such as metals, steel, copper, and energy are most likely to benefit from a slack economy tightening, since increased volume is associated with pricing improvement, greatly improving profitability. More so, during times of economic weakness, it is natural to forecast continued weakness, or at best a muted recovery. Instead, this analysis shows that the recovery may in fact be more immediate and impactful than most realize.

Since the April trough, global manufacturing has since recovered to close to 2019 levels, as seen in the chart below. However, as we highlighted in our April monthly, many early beneficiaries of economic improvement – most notably aluminum and steel – still reflect bottom quartile valuations relative to historical levels. As such, the negative expectations embedded in current valuations is too pessimistic, and the portfolio is overweight these sectors in expectation of economic recovery.

Facts & Documents


Fund Domicile: Luxembourg


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


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


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