Alma Recurrent Global Natural Resources Fund invests primarily in publicly traded equity and debt securities of global natural resource-related companies, operating in a capacity related to the supply, production, distribution, refining, transportation and consumption of natural resources.

The fund’s management is delegated to Recurrent Investment Advisors LLC.

Share Class


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

Funds Strategy

Investment objective: the fund seeks total return by investing in global natural resource-related companies.

  • Typical industries in which the fund invests: energy, basic materials, infrastructure, transportation and logistics
  • The fund may invest in companies of any market size capitalization, including IPOs
  • The investment process incorporates macroeconomic and commodity supply/demand factors with fundamental company analysis

Investment Manager

Recurrent Investment Advisors is focused on understanding and profiting from commodity cycles to make differentiated natural resource investments

  • Formed in April 2017. Registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC)
  • Primarily owned by its co-founders Mark Laskin and Bradley Olsen, who both have extensive experience in energy investing
  • Based in Houston, Texas (US)

Key Persons

Mark Laskin, Co-founder and Managing Director

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 12/31/13 to 12/31/16, and its MLP strategy was in the top decile in its Morningstar category over that same time period.

Mark has 13 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 Managing Director

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


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 28/08/2020

Market Review and Outlook

Portfolio discussion

In June 2021, the Alma Recurrent Global Natural Resources strategy fell by 2.96%, underperforming the S&P Global Natural Resources Index’s 2.29% fall. During the month, portfolio holdings in the copper, aluminum and steel sectors all fell more than the benchmark, after significant outperformance during the course of 2021. Stock selection in the energy industry added to performance, as WTI oil prices ended the month above $70/barrel.


Investment Discussion

In our 2017 white paper titled “From Gasoline to the Grid”, we analyzed the burgeoning electronic vehicle market. In it, we looked at the importance of cost factors to determine increases in market share. Additionally, we looked at potential scarcity of two important components – lithium and cobalt – in electric batteries which could inhibit widespread growth.

While widely used in a variety of applications, copper also plays a prominent role in the energy transition. In a conventional internal combustion engine vehicle (ICE), approximately 50 pounds of copper. In comparison, approximately 180 pounds of copper are used in a typical electric vehicle. While not necessarily a large impact on the global copper market at current market shares for electric vehicles, it is worth considering the impact of electric vehicle market share growth on the copper market.

In 1Q 2021, research firm Canalys estimated that 3.1 million electric passenger vehicles were sold in 2020 comprising approximately 5% of global market share. Compared to ICE vehicles, electric vehicles added 185,000 metric tons of global copper demand in 2020 (3.1 million cars x 130 pounds per car). This compares to annual global copper consumption of approximately 20.7 million metric tons, or 0.9% growth due to the switch to electric vehicles.

According to Bloomberg Analysts, despite COVID, 2020 global copper demand grew approximately +0.8%, nearly entirely attributable to incremental demand from electric vehicles. However, since 1961, annual copper demand has averaged roughly +3%, which is likely augmented by electric vehicles and grid electrification.


At this point, incorporating some learnings from our previously mentioned white paper helps to frame the demand outlook for copper. In 2017, we identified that EVs could account for 20-30% passenger vehicle sales before supplies of cobalt and lithium could face meaningful bottlenecks. If we extend the same consideration to copper, then global copper demand would increase approximately 3.6% per year, just from electric vehicle sales (if 5% market share = 0.9% copper demand growth; then 20% = 3.6% demand growth)

While extended periods of above average demand should be generally be supportive of strong copper prices, looking back to find relationships in the historically relevant inflationary period in the 1960s-1980s can also provide insight. As seen in the chart below, during the period, changes in copper prices showed a fairly strong correlation to changes in copper demand. More specifically, in the 5 years between 1963-1982 where demand exceeded 5% YoY growth, the average increase in copper prices was 21.6%.

Compared to long term average copper demand growth of 3%, increases in electric vehicle market share will further add to growth prospects. The likelihood of >5% YoY annual copper demand growth grows with each increase in electric vehicle market share. As such, if the inflationary 1963-1982 period is a guide, the potential grows for >15% YoY price increases.

Facts & Documents


Fund Domicile: Luxembourg


Fund Launch: 29 June 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 (LU)

Investment Manager: Recurrent Investment Management (LU)

Fund Managers: Mark Laskin & Bradley Olsen

Countries where the fund is registered:
Luxembourg, France

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.


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