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Overview

  • Alma Zazove Global Convertible Fund invests in convertible bonds globally.
  • Management of the fund is delegated to Zazove Associates, LLC (US), an SEC-regulated asset management firm founded in 1971, with $2.5bn AUM from institutional and private wealth clients.

Share Class

NAV

Cumulative Performance (%)

Fund Inception 30 November 2016

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 investment objective of the Fund is to provide global equity-like returns with significantly less risk

  • The objective is achieved by seeking to capture the majority of stock market advances while simultaneously providing downside protection during market declines
  • Statistical focus on convertible structure is used to create a balanced, diversified portfolio that optimizes the asymmetrical risk/reward characteristics of convertibles
  • The investment approach is not reliant on forecasting or market timing
  • The Fund targets a consistent risk/reward profile at all times


Investment Manager

Zazove Associates, LLC (U.S.A.) is an SEC regulated investment advisor that has specialized in the management of convertible securities since 1971

  • The firm manages US$2.5bn for global institutional investors
  • The firm is independent and 100%employee owned
  • Zazove has expertise across all segments of the market: US, global, and high yield (“busted”) convertibles
  • 24-year track record managing global convertibles

Key Persons

Gregory D. Shorin, JD, CFA Portfolio Manager -Global

Prior to joining Zazove in 1997, Greg was a Senior Associate with the law firm of Baker & Botts where he specialized in the analysis of pricing practices by foreign corporations. He served as Senior Counsel in advising the US Department of Commerce on international trade.

Greg earned his JD from the Georgetown University Law and his BA in Economics and Political Science from SUNY Binghamton.

 

Gene T. Pretti, Chief Executive Officer & Chief Investment Officer

Prior to acquiring Zazove Associates in 1989, Gene worked for First Boston Corporation where he specialized in institutional equity sales. He also has served as an analyst with CUNA Mutual Insurance Co. and Robert W. Baird &Co. He earned his MBA from the University of Wisconsin where he was selected for the Applied Program, an honors program emphasizing Security Analysis and Portfolio Management.


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 30/08/2019

as a % of AUM

as of 30/08/2019

Portfolio Characteristics

as of 30/08/2019
Main indicators Fund Index
No. of securities 54 201
Investment Premium (%) 22.2 13.4
Conversion Premium (%) 26.1 43.1
Delta (%) 49.0 38.0
Yield to Maturity (%) -2.6 -0.5
Current yield (%) 1.3 0.9
Convertible Duration 2.0 2.2

Top 10 Position Details

as of 30/08/2019
Security name Sector % AUM
LIBERTY MEDIA CORP Communication Services 6.71
SONY CORPORATION Consumer Discretionary 3.53
STMICROELECTRONICS NV Information Technology 3.47
QIAGEN NV Health Care 3.16
LIBERTY INTERACTIVE LLC Consumer Discretionary 3.12
TOTAL SA Energy 3.07
TORAY INDUSTRIES INC Materials 3.03
CHINA RAILWAY CONSTRUCT Industrials 2.94
BP CAPITAL MARKETS PLC Energy 2.77
PALO ALTO NETWORKS Information Technology 2.76

Investment Manager's Commentary

as of 30/08/2019

Market Review and Outlook

Global equities fell and volatility spiked in August, as markets were impacted by growing concerns of a recession, political uncertainty in Hong Kong and Britain, and escalating US/China trade tensions. US small cap, Asia, and Japan led declines, with Energy and Financials particularly weak. Interest rates fell significantly, with sovereign and investment grade bonds as top performers. Convertibles declined as the impact of weak equity markets offset modest fixed income gains. Despite the seasonal slowdown in European markets, US issuance was robust, with $9.1 Bn coming to market, primarily in the Technology sector.

Fund

The Fund declined, driven by weak underlying equity returns in the Americas and Asia Ex-Japan. Nevertheless, holdings in these regions exhibited very strong downside protection supported by highly convex risk/return profiles. Positions in Europe and Japan did not significantly impact returns. Technology and Energy were the top detractors, while Basic Materials and Industrials positively contributed to returns. The Fund modestly underperformed the benchmark largely due to differences in holdings in the US Technology sector. Trading activity focused on exiting positions that had become bond-like on underlying equity declines and replacing them with attractive balanced convertibles in the primary and secondary markets.


Facts & Documents

Facts

Fund Domicile: Luxembourg

Management Fee: 0.80% p.a. for I shares

Fund Type: UCITS SICAV

Fund Launch: 30 November 2016

Base Currency: USD

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

Dealing: Each day with a 1-day notice

Cut-off time: 12pm CET

Management Company: Alma Capital Investment Management SA (LU)

Investment Manager: Zazove Associates, LLC (USA)

Fund Managers: Greg Shorin, JD, CFA

Countries where the fund is registered:
Luxembourg, France, UK

Identifiers:

Institutional USD Capitalisation Share Class
ISIN: LU1494400200   Ticker: ALZICUS LX    Launch: 30 Nov 2016

Documents

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