Alma Glenmede US Large Cap Growth Equity Fund
- 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
Cumulative Performance (%)
Fund Inception 12 January 2018
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
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
Portfolio managed by Glenmede Investment Management LP, a Philadelphia based SEC regulated investment manager with over $11bn AUM, part of the Glenmede group (approx. $34 bn in assets).
- 48 employees, all located in Philadelphia, PA
- 25 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
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
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
Top 10 Position Details
Investment Manager's Commentaryas of 31/03/2020
Market Review and Outlook
For September 2020, S&P 500 and Russell 1000 Growth Indexes had total returns of about -3.8% and -4.7%, respectively. Investor sentiment turned negative with a resurgence of Covid-19 cases, gridlock in Congress on further stimulus, and the upcoming presidential election. The Russell 1000 Growth (-4.7%) underperformed the Russell 1000 Value Index (-2.5%) by -2.2%, but has outperformed year-to-date by +35.9%. The best performing sectors in the Russell 1000 Growth Index were materials (+1.4%) and consumer staples (-.5%). Worst performing sectors were energy (-11.3%) and utilities (-10.7%). The strategy was positively impacted from relatively lower market capitalizations versus the Russell 1000 Growth index, including relative underexposures to Apple (AAPL, -10.3%), Alphabet (-10.1%), Amazon (AMZN, -8.8%) and Microsoft (MSFT, -6.7%). The strategy had positive contributions from multi-factor models, including biases towards 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 information technology sectors. The most negative relative contributions were in the health care and consumer staples sectors. Targeted industry group biases had positive effects on performance from relative overweightings in financials/materials and underweightings in communication services stocks
The latest U.S. real GDP estimate for 2nd Quarter was -31.4% versus -5% for 1st Qtr 2020. Economic impacts from the pandemic resulted in the largest GDP contraction since 1947. GDP reflected large slowdowns in personal consumption expenditures (-33.2%) and fixed investments (-29.2%). Higher federal spending (+16.4%) provided a positive contribution. Blue Chip economists expect an average gain of +24% in real GDP for the 3rd Quarter. Looking forward, as nations manage through the Covid-19 pandemic, we expect positive economic growth in the 4th quarter 2020 and 2021. Currently, our leading industry group indicators reflect overweightings in Financials, Information Technology and Materials and underweightings in Consumer Discretionary, Health Care, Industrials and Utilities. 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
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:
Institutional USD Capitalisation share class
ISIN: LU1687386091 Ticker: AGULCIA LX Launch: 12 Jan 2018
available upon request