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 |
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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 29/08/2025Market Review and Outlook
Global equity markets continued to advance for the fifth consecutive month in August. In the U.S., second quarter corporate earnings strength continued during the month,
with small cap equities partially closing the year to date performance gap. Although some signs of economic sluggishness have appeared in consumer sentiment and jobs
reports, this has led to dovish commentary by Federal Reserve officials, fueling optimism of a potential interest rate cut as early as September. European markets rose
modestly in August, with positive PMI and other economic data helping to offset more uncertainty in the French government outlook. Japanese and mainland Chinese
equities performed the best in Asia as speculation of a more dovish government and a falling U.S. dollar helped equity valuations in each country, respectively. Global
bond markets were positive during the month.
There was $11.9 billion of global convertible issuance in August and $96.1 billion of issuance year-to-date, which is a 27% increase from the strong pace of calendar year
2024.
Fund
The fund lagged the index return during the month. The fund benefited from relative outperformance in Financials and Technology as a result of positive security selection
within these sectors. Materials and Telecommunications sectors detracted most from relative performance as our underweight allocations and selection within the sectors
were headwinds. One issuer in the Telecommunications sector that was in the benchmark but not the portfolio rallied on the announcement of asset sales, having
discussed filing for bankruptcy as recently as June. This company comprised over one-third of the SAA return in the month. Regional performance was mixed on a relative
basis, with the Asia ex-Japan and EMEA regions detractors from performance.
During the month, we participated in several new issuances. We sourced opportunities in multiple sectors across the Americas and Asia and with many coming from the
Technology and Financials sectors. The fund exited certain positions where appreciation potential had become more muted and were less attractive than new issuances.
The Fund remains overweight in the EMEA and Asia ex-Japan regions given more potential equity-related upside in regions with lower valuations benefiting from fiscal
catalysts and friendly monetary policies.
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, Germany, Austria, Italy, Switzerland, Ireland
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 USD Capitalisation Share Class
ISIN: LU2763531360
Ticker: ALZCONI LX
Launch: 30 Sep 2025
Documents
Subscribe to the Fund Monthly Newsletteravailable upon request