Alma DLD Convertible Arbitrage
Alma DLD Convertible Arbitrage is a portfolio of primarily shorter duration convertible securities, hedged using equities, options and other parts of the capital structure based on fundamental research and statistical screens.
The fund’s management is delegated to DLD Asset Management.
Cumulative Performance (%)
Fund Inception 16 July 2021
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
The Strategy 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 Strategy uses the hybrid nature of convertible securities to pursue returns from volatility and gamma trading, while limiting exposure to credit.
DLD Asset Management is a relative value investment platform based in New York, founded in 2013 by Mark Friedman. DLD currently manages four distinct investment strategies: Event-Driven, Equity Trading, Volatility and Convertible Arbitrage. DLD strategies target a wide spectrum of market inefficiencies, identified using a combination of bottom-up fundamental analysis and quantitative techniques, favouring situations where a catalyst exists to drive convergence.
Principal and Chief Investment Officer
Mark Friedman is recognized for his distinguished career of over 30 years in the alternative investment industry. 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 and managed over $1 billion of AUM. 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. 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
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.
Sector Breakdown as a % of AUM
as a % of AUM
as a % of AUM
as a % of AUM
Investment Manager's Commentaryas of 31/10/2023
October was a risk-off month for most security markets, including the S&P 500, high-yield bonds, and convertibles. The declines were likely driven by the rise in the 10-year bond yield, which crossed 5% for the first time since July 2007. There were three new convert issues for a total of $2.6 Billion during the month, which takes the year-to-date total to $42.1 Billion, compared to $28.4 Billion for all of 2022.
Facts & Documents
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 16 July 2021
Base Currency: USD
Depositary, Administrator, Transfert Agent: CACEIS 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, Austria, Germany, France, UK, Italy, Ireland, Switzerland
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.
ISIN: LU2334539355 Ticker: ALDCAIU LX Equity Launch: 16 Jul 2021
ISIN: LU2334539439 Ticker: ALDCICH LX Equity Launch: 31 Aug 2021
ISIN: LU2334539868 Ticker: ALDCICU LX Equity Launch: 16 Jul 2021
ISIN: LU2334539942 Ticker: ALDCAIE LX Equity Launch: 16 Jul 2021
ISIN: LU2334539603 Ticker: ALDCAIG LX Equity Launch: 22 Dec 2021
ISIN: LU2334539785 Ticker: ALDCAIC LX Equity Launch: 22 Sep 2021