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Overview

Share Class

NAV

Cumulative Performance (%)

Fund Inception 13 January 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

Alma Platinum MidOcean Absolute Return Credit is an open-ended UCITS compliant fund that seeks capital appreciation by generating stable, absolute returns with a relatively high Sharpe ratio and low drawdowns over the long term. The Investment Manager of the Fund is MidOcean Credit Fund Management, L.P.

To achieve this objective, the Investment Manager aims to follow an absolute return credit long/short trading strategy, the Fund intends to follow the MidOcean Absolute Return Credit strategy. The Strategy employs a long/short corporate credit approach focusing on US companies: the Fund primarily invests in liquid short-dated corporate bonds, with a core focus on callable securities and credit default swaps, the combination of relative value positions with outright long or short credit holdings will typically produce a low duration and diversified portfolio.

The Strategy utilises fundamental analysis to seek alpha opportunities primarily in short duration callable bonds,particularly in the ‘crossover seam’ between high yield and investment grade. Portfolio construction is performed with strict constraints on sector and industry exposure and the portfolio seeks to be as close to credit risk and market risk neutrality as possible. The gross leverage is not expected to exceed 750% of the value of the Fund.

 


Investment Manager

Established in 2003, MidOcean Partners is a New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. MidOcean Credit started in 2009 and manages over $8 billion across a series of alternative credit strategies, collateralized loan obligations (“CLOs”), and customized separately managed accounts.

Key Persons

Bryan Dunn
Head of Absolute Return Credit, Senior Portfolio Manager, Managing Director

Bryan serves as the Head of Absolute Return Credit and is the Senior Portfolio Manager of the MidOcean Absolute Return Credit Fund. In addition, Bryan is a Senior Portfolio Manager for certain liquid products. He is also a member of the Firm’s Investment Committee and Risk Committee.

Bryan has over 25 years of investment experience and has actively managed several multi-billion dollar corporate credit portfolios. He has broad product experience and has employed various investment strategies, including extensive experience executing long/short credit strategies. Prior to joining MidOcean Credit Partners in 2010, Mr. Dunn was a Senior Portfolio Manager at Primus Asset Management where he launched and managed the Primus Absolute Return Credit Fund. Prior to working at Primus, Mr. Dunn headed the Credit Portfolio Management Division at Bank of Tokyo-Mitsubishi where he was responsible for the Bank’s North American proprietary credit investment portfolio. Prior to that, Mr. Dunn founded Dresdner Bank’s credit asset management team and oversaw its investment portfolio. His additional experience includes portfolio management roles in CIBC’s Loan Portfolio Management Group and JPMorgan’s Cash Management Group.

Bryann holds a Bachelor in Economics from Ithaca College and a M.B.A from New York University Stern School of Business


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 30/04/2020

Fund

In April, the UCITS (share class: DMA1CU, the “Fund”) returned 4.72% compared to the High Yield (BBG: H0A0) that returned 3.80%. Subsequent to March’s technically-driven drawdown, the Fund entered April with increased overall market exposure primarily in defensive sectors. This positioning enabled the Fund to capture and outperform the HY market’s April rally and capture over ~120% of upside performance in HY. The investment team selectively added exposure in both the long and short portfolio throughout the month. On the long side, we benefited from strong credits, and the short portfolio benefited from index-oriented hedges, single-name shorts and certain relative value pairs. Looking ahead, we plan to continue to strategically increase long exposure in high-quality credits/ defensive sectors and simultaneously increase portfolio hedging, including opportunistic single-name shorts.


Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 13 January 2016

Base Currency: USD

Depositary, Administrator, Transfert Agent: RBC Investor Services Bank S.A.

Dealing: Weekly with a 3-day notice

Cut-off time: 3 pm CET

Management Company: Alma Capital Investment Management

Countries where the fund is registered:
Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Singapore, Switzerland, United Kingdom

Identifiers:

I1C-E
ISIN: LU1263149731   Ticker: DMAI1CE LX    Launch: 13 Jan 2016

I1C-G
ISIN: LU1862484901   Ticker: DMAI1CG LX    Launch: 31 Aug 2018

I1C-U
ISIN: LU1263149814   Ticker: DMAI1CU LX    Launch: 13 Jan 2016

I2C-E
ISIN: LU1263150077   Ticker: DMAI2CE LX    Launch: 13 Jan 2016

I3C-E
ISIN: LU1263149905   Ticker: DMAI3CE LX    Launch: 17 Aug 2016

I3D-U
ISIN: LU1263149657   Ticker: DMAI3DU LX    Launch: 17 Aug 2016

I5D-U
ISIN: LU1650471847   Ticker: DMAI5DU LX    Launch: 25 Oct 2017

Documents