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Overview

Alma Recurrent Global Natural Resources Fund invests primarily in publicly traded equity of global natural resource-related companies, operating in a capacity related to the supply, production, distribution, refining, transportation and consumption.
The fund’s management is delegated to Recurrent Investment Advisors LLC.

Share Class

NAV

Cumulative Performance (%)

Fund Inception 29 June 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

Fund Strategy

The Strategy seeks total return by investing in global natural resources companies within the following industries: chemicals, construction materials, containers & packaging, energy equipment & services, metals & mining, oil, gas & consumable fuels, and paper & forest products. The investment process is strongly focused on company-level valuation analysis by using detailed financial models of the companies and is designed to deliver superior buy/sell indicators throughout the cycle.


Investment Manager

Recurrent Investment Advisors is an energy specialist investment firm founded in 2017 and based in Houston, Texas. The firm is registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) and is primarily owned by its co-founders Mark Laskin and Bradley Olsen, who both have extensive experience in energy investing. Recurrent Investment Advisors focus on public investments in natural resources and energy infrastructure.


Key Persons

Mark Laskin
Co-founder and Portfolio Manager
Before founding Recurrent Investment Advisors, Mark was the lead energy portfolio manager and Chief Investment Officer at BP Capital Fund Advisors (BPCFA), an energy-focused long-only investment management firm. Under Mark’s leadership, BPCFA grew from $50mm to nearly $400mm in assets under management in less than 3 years. BPCFA’s energy strategy was the #1 performing energy open-end mutual fund, as ranked by Morningstar, from 2013 to 2016, and its MLP strategy was in the top decile in its Morningstar category over that same time period. Mark has 23 years of additional portfolio manager experience at Van Kampen, Morgan Stanley and Invesco. As part of a diversified large cap value strategy, Mark managed more than $10 billion and has managed energy portfolios for more than 12 years. While at Morgan Stanley Investment Management, Mark served as the internal head of equity investment research.
Mark earned an MBA/MA in Finance from the Wharton School of Business at the University of Pennsylvania and a BA in History from Swarthmore College

Brad Olsen
Co-founder and Portfolio Manager
Before founding Recurrent Investment Advisors LLC, Brad was the lead MLP portfolio manager for BP Capital Fund Advisors (BPCFA). Under Brad’s leadership, MLP AUM more than doubled (excluding the impact of appreciation). From 2011 to 2015, Brad led Midstream Research for Tudor, Pickering, Holt & Co. (TPH & Co.), where he was recognized as the top all-around stock picker in the US by the Financial Times in 2013, and the top energy stock picker in the US by Starmine in 2014. Brad also has experience as an investment analyst at Eagle Global Advisors in Houston, where he was part of a 3-person team that grew midstream/MLP AUM from $300mm to over $1bn from 2008 through 2011. He has also worked in investment roles at Millennium International and Strome Investment Management. He began his career in the UBS Investment Banking Global Energy Group in Houston. Brad earned a BA in Philosophy, Political Science, and Slavic Studies from Rice University in Houston.

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.

Investment Manager's Commentary

as of 31/12/2025

Market Review and Outlook

Regime change in Venezuela: our non-consensus views on impacts to oil price and subsectors

Oil Price: In the immediate aftermath of Maduro’s arrest, oil market analyses have been varied, but the long-term consensus view has been bearish, in anticipation of a rapid revitalization of Venezuelan oil fields. Venezuelan reserves are the among the largest in the world, on par with Saudi Arabia. However, due to widespread government mismanagement, Venezuela currently produces just under 1 million barrels of oil daily – less than 10% of Saudi production – down from > 3 million/day as recently as 2009. With the US government’s proposal to introduce US companies into Venezuelan fields, analysts extrapolate that Venezuelan production can materially and rapidly increase, potentially to previous highs and beyond. The logic continues that low-cost Venezuelan barrels will cause oil prices to fall in the near- to medium-term.

While there remains significant uncertainty regarding the outlook for Venezuelan oil production, our perspective meaningfully diverges from the above consensus view. Regardless of the trajectory of Venezuelan production, the price-setting framework Recurrent has identified remains unchanged. In our white papers from 1Q 2022 and 2Q 2025 we outlined why US Shale acts as the world’s marginal, price-setting barrel, as it is the only source of oil supply that can rapidly turn on and off to balance the market. The shape of energy cycles changed over the last decade as the marginal oil barrel shifted from long-term, price-inelastic OPEC barrels to price-elastic, short-term US Shale barrels. As a result, oil has been overwhelmingly rangebound since 2015 – almost always between $55-$85/barrel, as shown in the graph below. Even if Venezuelan oil production were to increase, we believe any increase would be more than offset by Shale declines at $55/barrel. From a market perspective, a similar disruption occurred in the immediate aftermath of the US/Israel military action against Iran in 2Q 2025. At that time, many market observers expected declines in Middle Eastern exports could drive oil prices above $100/barrel. However, after a short-lived rise to $75/barrel, US Shale producers indicated a willingness to respond with increased drilling, and prices rapidly reverted to pre-conflict levels. Similarly, we would expect Venezuela to have similarly limited impact on oil prices. As a refresher, the below chart is copied from The Frack-tured Cartel white paper, highlighting that prior to the onset of US Shale, oil prices were regularly outside the $55-85/barrel range. Once shale production grew to scale, the oil price remained inside the $55-85 range the vast majority of the time. Recent events in Venezuela remain well within the ability for US Shale to adjust production in reaction to price changes, and as such the $55-85/barrel range should be broadly maintained.

 

Fund

During the month of December 2025, the Alma Recurrent Energy Infrastructure Income Fund generated net returns of -1.99%.

Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 29 June 2018

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas SA

Dealing: Each day with a 1-day notice

Cut-off time: 12 pm CET

Management Company: Alma Capital Investment Management (LU)

Investment Manager: Recurrent Investment Management (LU)

Fund Managers: Mark Laskin & Bradley Olsen

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

Sustainability-related disclosures:
Sustainability factors are integrated into the investment decision-making process. The Investment Manager incorporates several environmental, social and governance (“ESG”) metrics as a quantitative overlay on the selection of investments. He intends to exclude companies engaged in certain activities which are deemed as harmful from an environmental or social perspective. The Investment Manager will generally exclude companies from its investible universe if those metrics reveal systemic poor environmental, social or governance practices, as reflected in third-party environmental, social or governance rankings falling below the 25th percentile. No index has been designated as a reference benchmark for this sub-fund. Further information can be found in the prospectus of the sub-fund. The extent to which the above-mentioned characteristics are met will be included in the annual report of the fund, as from the first report issued after 1 January 2022.

Identifiers:

Institutional USD Capitalisation share class
ISIN: LU1823602369   Ticker: ARGNIUC LX    Launch: 29 Jun 2018

Institutional EUR Capitalisation share class
ISIN: LU1845388146   Ticker: ARGNIEC LX    Launch: 29 Jun 2018

Documents

Subscribe to the Fund Monthly Newsletter
MONTHLY REPORT
PROSPECTUS
  1. ACIF Prospectus
KID Other sub-funds and other languages
available upon request