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Overview

Alma Recurrent Global Natural Resources Fund invests primarily in publicly traded equity of global natural resource-related companies, operating in a capacity related to the supply, production, distribution, refining, transportation and consumption.
The fund’s management is delegated to Recurrent Investment Advisors LLC.

Share Class

NAV

Cumulative Performance (%)

Fund Inception 29 June 2018

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

The Strategy seeks total return by investing in global natural resources companies within the following industries: chemicals, construction materials, containers & packaging, energy equipment & services, metals & mining, oil, gas & consumable fuels, and paper & forest products. The investment process is strongly focused on company-level valuation analysis by using detailed financial models of the companies and is designed to deliver superior buy/sell indicators throughout the cycle.


Investment Manager

Recurrent Investment Advisors is an energy specialist investment firm founded in 2017 and based in Houston, Texas. The firm is registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) and is primarily owned by its co-founders Mark Laskin and Bradley Olsen, who both have extensive experience in energy investing. Recurrent Investment Advisors focus on public investments in natural resources and energy infrastructure.


Key Persons

Mark Laskin
Co-founder and Portfolio Manager
Before founding Recurrent Investment Advisors, Mark was the lead energy portfolio manager and Chief Investment Officer at BP Capital Fund Advisors (BPCFA), an energy-focused long-only investment management firm. Under Mark’s leadership, BPCFA grew from $50mm to nearly $400mm in assets under management in less than 3 years. BPCFA’s energy strategy was the #1 performing energy open-end mutual fund, as ranked by Morningstar, from 2013 to 2016, and its MLP strategy was in the top decile in its Morningstar category over that same time period. Mark has 23 years of additional portfolio manager experience at Van Kampen, Morgan Stanley and Invesco. As part of a diversified large cap value strategy, Mark managed more than $10 billion and has managed energy portfolios for more than 12 years. While at Morgan Stanley Investment Management, Mark served as the internal head of equity investment research.
Mark earned an MBA/MA in Finance from the Wharton School of Business at the University of Pennsylvania and a BA in History from Swarthmore College

Brad Olsen
Co-founder and Portfolio Manager
Before founding Recurrent Investment Advisors LLC, Brad was the lead MLP portfolio manager for BP Capital Fund Advisors (BPCFA). Under Brad’s leadership, MLP AUM more than doubled (excluding the impact of appreciation). From 2011 to 2015, Brad led Midstream Research for Tudor, Pickering, Holt & Co. (TPH & Co.), where he was recognized as the top all-around stock picker in the US by the Financial Times in 2013, and the top energy stock picker in the US by Starmine in 2014. Brad also has experience as an investment analyst at Eagle Global Advisors in Houston, where he was part of a 3-person team that grew midstream/MLP AUM from $300mm to over $1bn from 2008 through 2011. He has also worked in investment roles at Millennium International and Strome Investment Management. He began his career in the UBS Investment Banking Global Energy Group in Houston. Brad earned a BA in Philosophy, Political Science, and Slavic Studies from Rice University in Houston.

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 30/09/2025

Market Review and Outlook

In recent client discussions, one of the most widely cited rationales for investor optimism is the “drill baby drill” mantra cited by the current Presidential administration. While the common impression of energy companies is rapidly increasing drilling activity to increase production, the reality is simply different.

In fact, the industry’s US activity has actually declined in the last 12 months. While oil prices have fallen slightly, the number of active horizontal drilling rigs has fallen 8% in the 12 month period ending September 2025. The particularly interesting element to this data is the idea that horizontal drilling represents drilling in shale, which generally is a shorter investment cycle. Given the Administration’s consistent comments, the 12 month period represents ample time to accelerate drilling. However, the economic conditions have not been deemed as sufficiently attractive to increase spending.

While activity has fallen, US oil production remains relatively flat. So drilling productivity continues to improve, with more production per unit of drilling activity.

While oil production remains flat on a YTD basis, natural gas production data shows noteworthy growth. In the 12 month period ending July 2025 (the latest data), US natural gas production has increased 3.7%, despite natural gas prices which remain below $4/mmcf.

Lastly, in a pre-election speech, Treasury Secretary Bessent outlined what became known as the 3/3/3 plan, which called for oil production growth (actually oil barrel equivalent growth) of 3 million barrels per day during President Trump’s 4 year term. As we mentioned earlier, oil production is flat since the beginning of the year. However, through the end of July 2025, natural gas production has grown 2.3% year to date, or nearly 400,000 barrels of oil equivalent. Given the only 7 month time period, the increase in natural gas production is generally on pace to grow the 3 million oil equivalent barrels announced in the 3/3/3 plan. Importantly, the natural gas price remains at relatively low levels, below $4/mcf for much of the period.

In sum, despite the narrative of “drill baby drill”, the energy industry has shown capital discipline. Despite commodity price levels which have moderated capital spending, the combination of oil and natural gas production has incrementally grown, highlighting the industry’s maturation to a more returns based financial reality.

Fund

During the month of September 2025, the Recurrent Global Natural Resources Strategy rose +3.07% net of fees, outpacing the S&P Global Natural Resources Index’s +1.93% return. The portfolio’s underweight and stock selection in the paper and plastic packaging sector added nearly 100 basis points of value relative to the benchmark. Additionally, stock selection in the integrated oil sector significantly benefited relative performance. On the other hand, continued strong performance in the gold sector detracted from relative performance, due to the portfolio’s underweight positioning.

Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 29 June 2018

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas SA

Dealing: Each day with a 1-day notice

Cut-off time: 12 pm CET

Management Company: Alma Capital Investment Management (LU)

Investment Manager: Recurrent Investment Management (LU)

Fund Managers: Mark Laskin & Bradley Olsen

Countries where the fund is registered:
Luxembourg, Austria, Germany, France, UK, Italy, Switzerland, Ireland

Sustainability-related disclosures:
Sustainability factors are integrated into the investment decision-making process. The Investment Manager incorporates several environmental, social and governance (“ESG”) metrics as a quantitative overlay on the selection of investments. He intends to exclude companies engaged in certain activities which are deemed as harmful from an environmental or social perspective. The Investment Manager will generally exclude companies from its investible universe if those metrics reveal systemic poor environmental, social or governance practices, as reflected in third-party environmental, social or governance rankings falling below the 25th percentile. No index has been designated as a reference benchmark for this sub-fund. Further information can be found in the prospectus of the sub-fund. The extent to which the above-mentioned characteristics are met will be included in the annual report of the fund, as from the first report issued after 1 January 2022.

Identifiers:

Institutional USD Capitalisation share class
ISIN: LU1823602369   Ticker: ARGNIUC LX    Launch: 29 Jun 2018

Institutional EUR Capitalisation share class
ISIN: LU1845388146   Ticker: ARGNIEC LX    Launch: 29 Jun 2018

Documents

Subscribe to the Fund Monthly Newsletter
MONTHLY REPORT
PROSPECTUS
  1. ACIF Prospectus
KID Other sub-funds and other languages
available upon request