`

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 $3.1bn1AUM 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$3bn 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
  • 22-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 30/04/2019

as a % of AUM

as of 30/04/2019

Portfolio Characteristics

as of 30/04/2019
Main indicators Fund Index
No. of securities 57 208
Investment Premium (%) 26.0 21.1
Conversion Premium (%) 23.5 31.8
Delta (%) 54.0 46.0
Yield to Maturity (%) -2.9 -2.1
Current yield (%) 1.6 0.8
Convertible Duration 1.9 1.9

Top 10 Position Details

as of 30/04/2019
Security name Sector % AUM
Liberty Media Corp Communication Services 5.59
Siemens Financieringsmat Industrials 4.15
Glencore Funding LLC Materials 3.42
Total SA Energy 3.27
Liberty Interactive LLC Communication Services 3.15
Stmicroelectronics Nv Information Technology 2.82
Airbus Se Industrials 2.73
Qiagen NV Health Care 2.71
Toray Industries Inc Materials 2.70
BP Capital Markets PLC Energy 2.59

Investment Manager's Commentary

as of 30/04/2019

Market Review and Outlook

After a strong first quarter, equity markets continued to rally in April, propelled by a combination of dovish signaling from the Federal Reserve, solid US earnings results, a Brexit extension, and improving economic data from China. All regions advanced, with European blue chips as the top performers, while returns in Japan lagged other equity markets. Credit spreads tightened and sovereign rates rose modestly. Convertibles advanced, driven by gains in equity and credit. Earnings blackouts led to fairly modest issuance, with $2.7m coming to market, split roughly evenly between the US and the rest of the world.

The Fund demonstrated substantial participation in equity market gains, with holdings advancing across virtually all regions and sectors. The few names that declined had a minimal impact on returns. The Americas and Europe were the top contributors, with Japan also performing well as Sony rallied after strong earnings. Asia Ex-Japan lagged, but still contributed positively to performance. By sector, Technology was the top contributor, driven by semiconductor convertibles across the US, Asia, and Europe. Industrials and Consumer Cyclicals were the other top performers, while Healthcare and Basic Materials posted marginally negative returns. The Fund outperformed the Thomson Reuters Global Focus Index significantly, with superior security selection across all regions, particularly in the Technology, Industrials, and Consumer Cyclicals sectors. Trading was relatively light during the month, as activity during Q1 maximized convexity and left the Fund well positioned with an attractive risk/return profile. Up-the-curve positions in Consumer Cyclicals, Energy, and Technology were trimmed, while balanced positions in Industrials, Basic Materials, and Technology were added.


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