Share Class


Cumulative Performance (%)

Fund Inception 20 September 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

Alma Oceanwood Opportunities intends to invest across the broadly defined event-driven universe, allocating capital to the strategies that offer the most compelling investment opportunities while seeking to adhere to a strict risk discipline.

The Investment Manager invests mainly in equities, but can also invest throughout the capital structure of issuers dependent upon the particular opportunity and the point in time of the event investment cycle. The Fund mainly invests in corporations based in Europe, but may also invest a portion of its assets globally.

The Fund is considered as qualifying as a financial product promoting, among other characteristics, environmental or social characteristics, or a combination of those characteristics, under Article 8 of the European Regulation on sustainability‐related disclosures in the financial services sector (SFDR).


Investment Manager

Oceanwood Capital Management LLP is a European-focused investment manager specialising in catalyst-driven investment opportunities across the capital structure. Oceanwood was founded by Christopher Gate in 2006 after spinning out of Tudor Capital and currently manages $1bn in AuM, primarily in the flagship Opportunities Fund. There are additional smaller vehicles focused on private transactions or bank subordinated bonds.

Christopher Gate, founder and CIO, has over 25 years’ experience running event-driven strategies and he is supported by a strong team with average 22 years of experience of the partners in the finance industry with deep expertise in the European region.



Key Persons

Christopher Gate


Prior to establishing Oceanwood, Christopher spent six years as Portfolio Manager of the event-driven investment strategy at Tudor Capital (UK) LP, investing capital allocated from Tudor’s BVI Global Fund and Tudor’s proprietary trading account. From 1997 to 1999, he was the Head of Equity Proprietary Trading at Barclays Capital, responsible for a team of individuals trading a variety of equity-related strategies. From 1995 to 1997, he was Portfolio Manager of an equity proprietary trading book with Bankers Trust in London, pursuing an event-driven strategy. In 1993, Christopher joined the Equity Derivatives department of Goldman Sachs, specializing in structuring equity derivative transactions. Christopher started his career in 1989, in the Investment Banking Department of Goldman Sachs, initially in New York and later in London, working on a wide variety of real estate transactions, as well as M&A and principal investment transactions.

Christopher holds an HBA (Honours) from the Richard Ivey School of Business Administration at The University of Western Ontario.

Julian Garcia-Woods

Deputy CIO

Julian Garcia Woods is a partner and portfolio manager at Oceanwood. He joined the firm soon after its launch and has been a driving force behind Oceanwood’s early and continued success in European bank balance sheet restructuring trades. Julian has led several industry panel discussions with regulators on bank hybrid capital. Prior to joining Oceanwood, Julian worked at Orn Capital and JO Hambro where he was active in both research and trading of European event situations. During his career, Julian has served in various capacities gaining deep experience and honing his expertise across the capital structure. Julian started his career at Merrill Lynch, participating in the Global Analyst Program. He is a Spanish national and holds a BSc in Economics & Econometrics from the University of Hull and an MSc in Economics from the University of Warwick.

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.

Investment Manager's Commentary

as of


Relative calmness returned to the markets in April after the weeks before when bank runs and failures dominated the news. The Euro Stoxx 50 Total Return index (“SX5T”) returned +1.64 as markets gently recovered, and again, underneath the surface, factors continued to dominate as we saw market participants refocusing their attention on the path of interest rates, driven by a potential slowing of inflation.

European earnings also kicked off towards the end of the month and these have generally been coming in better than expected due to increased pricing and conversely good cost control, resulting in better margins. The margin beats are quite widespread as the percentage of companies exceeding expectations reached 72%, with three sectors even above 85%. With the market rallying as it has done year-to-date, we believe investors’ expectations had somewhat already priced this in, leading to the price reaction function being muted for positive news and poor numbers being severely hit. Moreover, those that gave weak or muted guidance were further punished. In addition to this, China’s re-opening had a positive readthrough to luxury goods companies which saw a reacceleration in sales growth and Banks, which had been the source of the problems last month, reported solid deposit flow data and subdued loan loss provisions. From a valuation perspective, the Eurozone trades on 12.6x 12m Fwd PE which is 30% below the 2021 highs. For comparison the US trades on 18.4x 12m Fwd PE, only 20% below 2021 highs.

The Oceanwood UCITS Strategy finished the month solidly, +2.34% net, bringing YTD net returns to -3.18%. The main contributors were longs in Dowlais Group (+1.35%), Prudential (+0.76%), RWE (+0.71%), Brenntag (+0.49%) and a short in Alstom (+0.41%) The detractors were a long in Melrose (-0.67%), long Sartorius (-0.60%), and shorts in Kleppiere (-0.46%), Fresenius (-0.38%) and Atos (-0.31%). Overall this month, the longs contributed +439bps whilst the shorts detracted -187bps overall. Year-to-date the longs have contributed +622bps whilst the shorts have detracted -902bps overall.

In spite of all the uncertainty, we have seen a general pickup in activity across a number of events including the breakup of Melrose, M&A with the likes of Dechra Pharma and Network International, as well as recaps such as TUI AG. We believe that this is a trend that is set to continue and the calendar for further events is looking healthy. At the same time, as we have discussed previously, we have some concerns with market levels and the general outlook so are keeping our net exposure limited.

Facts & Documents


Fund Domicile: Luxembourg


Fund Launch: 20 September 2021

Base Currency: EUR

Depositary, Administrator, Transfert Agent: RBC Investor Services Bank S.A.

Dealing: Daily with a 1-day notice

Cut-off time: 4:30 pm CET

Management Company: Alma Capital Investment Management

Investment Manager: Oceanwood Capital Management LLP

Countries where the fund is registered:
Luxembourg, Austria, Germany, France, UK, Italy, Spain

Sustainability-related disclosures:
The Investment Manager has implemented an ESG policy and its investment decision-making process includes a consideration of the sustainability risks, in addition to other fundamental considerations.


ISIN: LU2349504873   Ticker: ALIOOI1 LX Equity    Launch: 20 Sep 2021

ISIN: LU2349505250   Ticker: ALIOOI3 LX Equity    Launch: 20 Sep 2021

ISIN: LU2349505680   Ticker: ALIOOIE LX Equity    Launch: 31 Dec 2021

ISIN: LU2349505508   Ticker: ALIOOUA LX Equity    Launch: 30 Nov 2021


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