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Overview

  • Alma Glenmede US Large Cap Growth Equity Fund aims to achieve above-benchmark long-term return through capital appreciation of US large cap growth stocks, and by limiting downside risk.
  • The fund’s management is delegated to Glenmede Investment Management LP

Share Class

NAV

Cumulative Performance (%)

Fund Inception 12 January 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

Funds Strategy

Investment objective: to achieve above-benchmark long-term return through capital appreciation of undervalued US large cap growth stocks, and by limiting downside risk

  • Investment strategy based on valuation, fundamental, earnings and technical characteristics
  • Quantitatively-based investment process with stringent risk controls
  • Focuses on underperformance risk as much as out performance opportunity
  • Portfolio of typically 60-90 names


Investment Manager

Portfolio managed by Glenmede Investment Management LP, a Philadelphia based SEC regulated investment manager with over $11bn AUM, part of the Glenmede group (approx. $38 bn in assets).

  • 43 employees, all located in Philadelphia, PA
  • 24 investment professionals; senior portfolio managers with an average 25 years of experience, including 15 years at Glenmede
  • Vladimir de Vassal, director of Quantitative Research for Glenmede Investment Management LP, leads the team managing Glenmede’s quantitatively based equity portfolios, including the Large Cap Growth strategy

Key Persons

Vladimir de Vassal, CFA Director of Quantitative Research

Mr. de Vassal leads the team managing Glenmede’s quantitatively based equity portfolios, including the Large Cap Core strategy, and provides proprietary research and analytical support to a range of domestic and International funds, private equity, the Pew Charitable Trusts, and high-net-worth clients of the Glenmede Trust Company.

Mr. de Vassal joined Glenmede in 1998, after serving in senior analytical positions with CoreStates Investment Advisors and CoreStates Financial. He received a B.S. with highest honors from Drexel University in 1982, majoring in both Finance and Accounting. He received his M.B.A., with concentration in Investment Management, from Drexel University in 1987, and earned his Chartered Financial Analyst® designation in 1992. Mr. de Vassal is a member of the CFA Institute.

 

Paul T. Sullivan, CFA Portfolio Manager

Mr. Sullivan manages the Glenmede Large Cap Core and Large Cap Growth mutual funds, as well as separate accounts for institutional clients. His responsibilities also include analysis utilizing Glenmede’s quantitative stock selection models, and their continuing enhancement.

Mr. Sullivan joined Glenmede from SEI Investments in 1994. He received his B.S. in Business Administration from Bloomsburg University, and his M.B.A. from St. Joseph’s University. He holds the Chartered Financial Analyst® designation, and is a member of the CFA Society of Philadelphia and the CFA Institute.

 

Alexander R. Atanasiu, CFA Portfolio Manager, Quantitative Equity Officer

Mr. Atanasiu’s responsibilities include Glenmede’s proprietary stock ranking screening tools, multifactor stock optimizations, leading indicator analysis, and development of quantitative analytical tools for analysts and portfolio managers. He also provides support for the management of several of Glenmede’s quantitatively-based equity strategies, including long/short funds.

Mr. Atanasiu joined Glenmede in 2005. He holds dual degrees in engineering and physics from Swarthmore College, and received his M.B.A. with distinction from New York University’s Stern School of Business, with concentrations in quantitative finance and business analytics. He received his Chartered Financial Analyst® designation in 2009.


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.

Portfolio Characteristics

Top 10 Position Details

Investment Manager's Commentary

as of 31/03/2020

Market Review and Outlook

Review

For January 2021, the S&P 500 and Russell 1000 Growth Indexes had total returns of about -1.0% and -.7%, respectively. Equities returns were mixed with market volatility as measured by the VIX increased 45% to 33.1. Investor sentiment was impacted by the Democratic victories in Georgia and mixed headlines on Covid-19 with declining cases versus fear of new strains. To date, earnings reports for the fourth quarter were favorable with 83% of the S&P 500 constituents reporting positive surprises. The best performing sectors in the Russell 1000 Growth Index were utilities (+11.1%) and energy (+5%). Worst performing sectors were consumer staples (-6.9%) and financials (-5.3%). The strategy had minor negative contributions from multi-factor models, including biases towards stocks with lower relative valuations and attractive fundamentals. Stock selection was positive in 5 of 9 sectors versus Russell 1000 Growth Index. The most positive relative contributions were in the consumer discretionary and health care sectors. The most negative relative contributions were in the industrials and communication services sectors. Targeted industry group biases had minor effects on performance from relative overweightings in materials/financials/staples and relative underweightings in industrials/consumer discretionary/communication services sectors.

Outlook

The latest U.S. real GDP estimate for 3rd Quarter was +33.4% versus -31.4% for 2nd Qtr 2020. Positive economic growth continued in the fourth quarter with advance estimate of Real GDP growth at +4.0%. GDP reflected gains in personal consumption expenditures (+2.5%) and fixed investments (+18.4%). Lower federal spending (-.5%) was a negative contributor. Looking forward, as nations manage through the Covid-19 pandemic and vaccines are disbursed, we expect positive economic growth for 2021. Currently, our leading industry group indicators target relative overweightings in consumer staples, communication services and financials, and underweightings in consumer discretionary, industrials and energy. We believe this strategy is well positioned with its multifactor approach favoring stocks with cheaper valuations, stronger fundamentals, positive earnings/revenue estimate trends and attractive technicals.


Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 12 January 2018

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas Securities Services (LU)

Dealing: Each day with a 1-day notice

Cut-off time: 12 pm CET

Management Company: Alma Capital Investment Management

Investment Manager: Glenmede Investment Management LP (US)

Fund Managers: Vladimir de Vassal , Paul T Sullivan Alexander R. Atanasiu

Countries where the fund is registered:
Luxembourg, France

Identifiers:

Institutional USD Capitalisation share class
ISIN: LU1687386091   Ticker: AGULCIA LX    Launch: 12 Jan 2018

Documents