Alma Advent Global Convertible Fund
Overview
Alma Advent Global Convertible Fund invests in convertible bonds globally.
The fund’s management is delegated to Advent Capital Management.
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
Fund Strategy
Long only global convertibles strategy seeking attractive returns from “theoretically cheap”, positively asymmetric balanced convertible securities with attractive risk/reward profiles offering 75% – 85% of the underlying equity upside, while limiting downside risk.
Investment Manager
Advent Capital Management is a US headquartered manager with an office in London and resources dedicated to Asia, with over $8.5bn AUM, founded in 1995. Advent has one of the largest platforms in the world emphasizing convertibles as an asset class.
Key Persons
David Hulme,
Portfolio Manager
Prior to joining Advent in 2002, David worked at Van Eck Global Asset Management as an Investment Director and Portfolio Manager. David has more than 20 years involvment as a Portfolio Manager on Advent Balanced Strategies. David is a graduate of Cambridge University and is an Associate of the UK Society of Investment Professionals (ASIP). He is also a member of the Association of Chartered Accountants, which is the U.K. equivalent of a Certified Public Accountant.
Tony Huang,
Associate Portfolio Manager
Prior to joining Advent in 2007, Tony was at Essex Investment Management in Boston where he headed the Technology sector research coverage and managed Essex’s diversified Research Fund. Tony has more than 14 years involvement as an Associate Portfolio Manager on Advent’s closed end funds. Tony is a graduate of the University of Pennsylvania’s Wharton School of business. He has received the Chartered Financial Analyst (CFA) designation.
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.
Investment Manager's Commentary
as of 28/03/2024Market Review and Outlook
Global equity markets advanced for the fifth consecutive month in March, with the MSCI ACWI (USD Hedged) returning +3.40% and closing out a strong first quarter. In the U.S., rebounding retail sales, positive year-over-year housing data, and improved durable goods orders helped to improve market sentiment and support expectations of accelerating corporate earnings and a robust economy. In Europe, equity markets rose as purchasing manager indices accelerated and inflation slowed, which raised the likelihood of central banks reducing rates. Switzerland became the first country in Europe to reduce rates during March. In China, equity market performance continued to rebound as the government continued its support for struggling economic sectors. This helped to bolster broader emerging markets with the MSCI Emerging Markets Index returning +2.98% (USD Hedged). Global bond markets advanced, as the ICE BofA Global Broad Market Index (GBMI) returned +0.92% (USD Hedged) and the ICE BofA Global High Yield Index (HW00) returned +1.13% (USD Hedged). Global convertibles, represented by the Refinitiv Global Focus Index (USD Hedged, “RGF”), increased by +1.84% in March. There was $11.9 billion of convertible issuance in March, bringing year-to-date global issuance to $26.9 billion, which is a 12% increase versus first quarter issuance in 2023.
Fund
The fund outperformed the benchmark during the month. All regions except Japan outperformed on a relative basis. The Americas was the largest source of relative performance, benefiting from MicroStrategy and off-benchmark positions in Chart Industries and Albemarle. Sector performance was mostly positive on a relative basis. Energy was the top performing sector driven by Saipem. The Utilities sector detracted the most on a relative basis as the fund did not own benchmark constituent NRG Energy.
Facts & Documents
Facts
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 30 November 2016
Base Currency: USD
Depositary, Administrator, Transfert Agent: BNP Paribas SA
Dealing: Each day with a 1-day notice
Cut-off time: 12pm CET
Management Company: Alma Capital Investment Management SA (LU)
Investment Manager: Advent Capital Management, LLC (US)
Fund Managers: David Hulme and Tony Huang
Countries where the fund is registered:
Luxembourg, France, UK
Sustainability-related disclosures:
The information related to the integration of sustainability risks and to the potential adverse sustainability impacts at the sub-fund level can be found in the prospectus of the Fund.
Identifiers:
Institutional EUR Capitalisation Share Class
ISIN: LU2763531444
Ticker: ALMCNVI LX
Launch: 20 Apr 2024
Institutional USD Capitalisation Share Class
ISIN: LU2763531360
Ticker: ALZCONI LX
Launch: 20 Apr 2024
Documents
Subscribe to the Fund Monthly Newsletteravailable upon request