Alma Zazove Global Convertible Fund
- 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 $1.9bn AUM from institutional and private wealth clients.
Cumulative Performance (%)
Fund Inception 30 November 2016
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
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
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$1.9bn 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
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
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 a % of AUM
Geographical Exposure as a % of AUM
as a % of AUM
Top 10 Position Details
Investment Manager's Commentaryas of 29/05/2020
Market Review and Outlook
Global equity markets continued to recover in June as COVID-related restrictions relaxed around the world. All regions advanced with the majority of gains coming from the Technology and Consumer Discretionary sectors. Credit also rallied and interest rates remained near historic lows. Convertibles performed particularly well relative to other asset classes, as strong underlying equities, tightening credit spreads, and improving valuations all served as tailwinds. The record pace of convertible issuance continued with $25.9 Bln of new paper coming in June. The majority of deals came in the US and featured issuers in the Technology, Healthcare, and Travel sectors.
Fund returns exceeded those of global equities, driven by particularly strong performance in Asia Ex-Japan and the Americas. Regionally, only Japan declined, detracting modestly from returns. Technology, Financials, and Healthcare names were the top contributors, while Utilities and Consumer Non-Cyclicals lagged. Returns exceeded those of the Benchmark, driven by superior security selection in Financials and Healthcare.
Activity primarily focused on locking in gains on positions that had moved too far up-the-curve and redeploying capital into balanced issues with attractive profiles sourced from both the primary and secondary markets. The backdrop for the asset class remains favorable with valuations well below historic norms and surging issuance expanding the size and breadth of the opportunity set.
Facts & Documents
Fund Domicile: Luxembourg
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
Institutional USD Capitalisation Share Class
ISIN: LU1494400200 Ticker: ALZICUS LX Launch: 30 Nov 2016
Institutional EUR-Hedged Capitalisation Share Class
ISIN: LU1538866879 Ticker: ALZIECH LX Launch: 18 Jun 2019
available upon request