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 31/03/2025Market Review and Outlook
Global equity markets declined in March. In the U.S., geopolitical and economic uncertainty were key themes, as the White House increased its focus on ending the Ukraine-Russia War and implementing the President’s tariff agenda. The implementation of tariff policy weighed on investor sentiment as conflicting headlines and quick pivots made the outcome of the announced “Liberation Day” regarding reciprocal tariffs on April 2nd increasingly unpredictable. In addition, the weakness in consumer sentiment and consumption during the month further contributed to the sell-off leading many investors to question prospects for continued economic growth. European markets fell less than U.S. markets during the month, as investors began to anticipate fiscal expansion and an end to the Ukraine-Russia war. Emerging markets also outperformed the U.S. during the month as more Chinese stimulus plans offset the impending tariff threat. Global bond markets declined, as did global convertibles.
Regional performance was a detractor on a relative basis. Selection in the Americas was a negative; while the fund is underweight the Americas which underperformed for the month, that underweight is largely in the Utilities sector which appreciated this month. The fund’s overweight in Asia ex-Japan contributed some allocation upside but suffered as holdings in the Technology and Consumer Discretionary sectors underperformed.
There was $15.4 billion of global convertible issuance in March and $25.8 billion of issuance year-to-date, which is on par with the strong issuance pace of the previous two calendar years, 2024 and 2023, and implies a run rate expected during a healthy calendar year of between $80-$100 billion.
Fund
The fund lagged the global convertibles market return during the month. The fund benefited from relative outperformance in the Industrials and Telecommunications sectors. The Consumer Discretionary and Technology sectors detracted most from relative performance.
During the month, we initiated new positions in both the primary and secondary markets. We sourced opportunities in multiple sectors primarily in North America and Asia but most commonly in the Technology and Consumer Discretionary sectors. As a result, the fund has moved from underweight these sectors to overweight during the month.
We exited certain positions across many sectors and regions where appreciation potential had become more muted due to strong gains in the underlying equities or declining delta in the convertibles. Through quarter-end the new issue environment had remained robust and provided ample opportunities to invest in asymmetric payout profiles.
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
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 EUR Capitalisation Share Class
ISIN: LU2763531444
Ticker: ALMCNVI LX
Launch: 29 Apr 2025
Institutional USD Capitalisation Share Class
ISIN: LU2763531360
Ticker: ALZCONI LX
Launch: 29 Apr 2025
Documents
Subscribe to the Fund Monthly Newsletteravailable upon request