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Overview

Share Class

NAV

Cumulative Performance (%)

Fund Inception 16 July 2021

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

DLD Asset Management LP (the “Investment Manager”) seeks to generate absolute returns by utilizing a spectrum of convertible arbitrage strategies, which are designed to profit from identifying mispriced or expected return differentials that exist between a convertible security and its underlying equity. These strategies are not designed to capture the returns of a rising market and conversely, being uncorrelated to the markets, are not expected to decline in value as the markets fall. The returns are realized as these positions move towards their fair valuation. The Investment Manager combines fundamental research and statistical screens to build a portfolio of primarily shorter-duration convertible securities, hedged using equities, options and other parts of the capital structure.


Trading Advisor

DLD Asset Management is a SEC registered investment advisor founded in July 2013 by Mark Friedman with 13 full time employees across strategies. DLD currently manages five distinct investment strategies: Non-Traditional Event-Driven, Classic Merger Arbitrage, Convertible Arbitrage, SPAC Trading and Equity Trading Strategies. The Firm and investors benefit from Mr. Friedman’s over twenty-nine years of trading and risk management experience, as well as all DLD professionals having extensive operating expertise in providing customized portfolio solutions.

Key Persons

Mark Friedman – Principal and Chief Investment Officer

Mark Friedman is recognized for his distinguished career of over twenty-nine years in the alternative investment industry. Mr. Friedman founded DLD Asset Management, LP, in May 2013, where he serves as Chief Investment Officer and Founder.  Prior to launching DLD, Mr. Friedman briefly served as the Director of Trading and Operations at Touradji Capital Management.  Before joining Touradji, Mr. Friedman co-founded AM Investment Partners, LLC, and co-ran the business from July 2001 through December 2011. AM was a multi-arbitrage strategy hedge fund operating in New York City and Hong Kong.  Mr. Friedman’s primary role was to serve as Chief Investment Officer for all investment strategies.  AM prided itself on slow and steady growth, providing outsized risk-adjusted returns and peaking in assets under management at just over $1 billion.  Prior to co-founding AM, he served as Director and Head of Deutsche Bank’s US Convertible desk in New York City from September 1997 through July 2001. At Deutsche Bank, he was recognized for consistently maintaining the risks associated with a multi-billion-dollar convertible arbitrage portfolio.  Mr. Friedman additionally served as Vice President with SBC Warburg in London trading South East Asian equity derivatives and convertibles.  From May 1992 through August 1994, Mr. Friedman began his career as a Specialist and Market Maker trading US equity options on the American Stock Exchange for O’Connor and Associates. Mr. Friedman holds a Bachelor of Arts degree in Economics and International Business 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.

Trading Advisor's Commentary

as of

July witnessed the opposite price action seen in June. Risk assets were bid quite strongly, especially following the Fed meeting, where Jerome Powell indicated that he might slow the pace of rate hikes. Although macro challenges such as inflation, the War, and the potential risk of bankruptcies prevailed, the market shrugged these off and rallied. Our book was down modestly as some of our hedges rallied, and our converts lagged this upward move. We continue to add to our Volatility and Synthetic Put buckets as we see potential risk-reward opportunities. For example, we are currently witnessing the option-adjusted spreads (OAS) between convertible and high yield bonds to be wider than we have seen in a very long time. We are taking advantage of this dislocation by increasing our converts versus high-yield positions in our Volatility Bucket. In addition, we are noticing corporates take advantage of extending their maturities in convertible bonds by doing buybacks and exchanges. We have been directly involved in a few conversations regarding such transactions.

New issuance has been anemic, with $540 million issued in July and a mere $8.8 billion for the year. However, we believe that corporate issuance of convertibles will increase once the macro outlook shows persistent signs of stability. We expect many new deals to come relatively cheap based on where we see the secondary market trading.


Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 16 July 2021

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

Investment Manager: DLD Asset Management

Countries where the fund is registered:
Luxembourg, Germany, Austria

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:

I1C-U
ISIN: LU2334539355   Ticker: ALDCAIU LX Equity    Launch: 16 Jul 2021

I1C-E
ISIN: LU2334539439   Ticker: ALDCICH LX Equity    Launch: 31 Aug 2021

I2C-U
ISIN: LU2334539868   Ticker: ALDCICU LX Equity    Launch: 16 Jul 2021

I2C-E
ISIN: LU2334539942   Ticker: ALDCAIE LX Equity    Launch: 16 Jul 2021

I1C-G
ISIN: LU2334539603   Ticker: ALDCAIG LX Equity    Launch: 22 Dec 2021

I1C-C
ISIN: LU2334539785   Ticker: ALDCAIC LX Equity    Launch: 22 Sep 2021

Documents

KIIDS Other sub-funds and other languages
available upon request