Alma Prudence Asia Credit
Cumulative Performance (%)
Fund Inception 22 August 2023
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
Founded in 2008 in Hong Kong, Prudence is an independent investment manager focusing on investments in Asia and China credits. With a bottom-up investment approach, aiming to generate attractive risk-adjusted return based on robust proprietary research and active portfolio management. Overseen by the large and dedicated investment team based in Hong Kong, Shenzhen and Singapore.
Prudence launched its flagship fund, a long-short strategy focusing on Asia and China credits in 2009 and became one of first offshore institutions to invest in China’s domestic bond markets in 2014. In addition to the flagship funds, Prudence also provides customized investment solutions tailored for investors’ needs.
Founder & CIO
Chad Liu, has 29 years of experience in credit and has been investing in EM and Asia credit since 2000s. He has extensive buy-side credit experience with tier-1 investment firms and was previously a portfolio manager and risk taker at Deutsche Bank Saba Principal Strategies (2006-2008), Chatham Asset Management (2005-2006) and Morgan Stanley Investment Management (1999-2005). He also worked for Shenzhen Development Bank (now Ping An Bank) from 1993-1997. Chad holds an MBA from the Wharton School of the University of Pennsylvania (1999) and a bachelor degree in Economics from Wuhan University (1993).
Co-Founder & Co-CIO
Linlin co-founded Prudence and is the Co-CIO. She serves as portfolio manager and is a member of the Investment Committee. Linlin has 18 years of industry experience focusing on Asia and China credit. Prior to co-founding Prudence, she worked at Deutsche Bank’s Saba Principal Strategies in Hong Kong from 2007 to 2008 and previously at Deutsche Bank in Singapore from 2005 to 2007. She holds a bachelor degree in Electrical Engineering from the National University of Singapore.
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 31/08/2023
Market Review and Outlook
Market was generally weaker in August. Treasury volatility caused by rate hike trajectory concern, US rating downgrade and weak China economic data and property market had all led to weak sentiment. Country Garden, a China property developer which was investment-grade rated at its peak, skipped its August USD bond coupon due to debt concern. Although the coupon was eventually cured in September, the unexpected event caused a wave of indiscriminating sell-off in Asia credit mid-month. Buyers were seen coming back towards the end of the month post the Jacksonhole meeting. China was among the biggest beneficiaries of the end of the month rally thanks to its easing measures that came out towards end of August, targeting specifically to boost property sales. The Asia credit market returned negatively in August with -0.9%, referencing to the J.P. Morgan Asia Credit Index, mainly drag by high-yield issuers which returned -3.5%. The backdrop of the market continues to be high volatility hence liquidity, positioning, active trading, and hedging becomes increasingly important.
Facts & Documents
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 22 August 2023
Base Currency: USD
Depositary, Administrator, Transfert Agent: Caceis Investor Services Bank S.A.
Dealing: Daily with a 3-day notice
Cut-off time: 10:00 am CET
Management Company: Alma Capital Investment Management
Investment Manager: Prudence Investment Management (Hong Kong) Limited
Countries where the fund is registered:
Luxembourg, Austria, Germany, France, Italy, Ireland, Switzerland, UK
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: LU2502329852 Ticker: AMPIV1C LX Launch: 22 Aug 2023
ISIN: LU2502330355 Ticker: APIVI2E LX Launch: 22 Aug 2023