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


For the month of September, the Alma Recurrent Global Natural Resources fell by -4.52%, outperforming the S&P Global Natural Resources’ -5.12% return. During the month, stock selection in the commodity chemicals and steel industries added value relative to the index, while overweight portfolio allocations in the refining and aluminum sectors detracted from relative performance.

Portfolio discussion

Prior to the widespread development of shale in 2005, the energy industry was considered a defensive sector, relative to the broader market. In fact, for many consecutive rolling 5-year periods prior to 2000, the Energy sector’s beta relative to the market was well below 1.0, with many 5 year periods ranging from 0.7 – 0.8!

The onset of shale has increased the energy sector’s correlation with the market, such that energy has more recently shown more market sensitivity than the broader market. In the 10-year period ending 12/31/2019, energy’s beta to the S&P 1200 Global Index was 1.19, broadly consistent during the shale era starting in 2005.

Compared to other traditionally economically sensitive sectors, the energy sector exhibited similar or below-average market sensitivity. In particular, two market sectors warrant further attention, given their operational leverage to economic changes. The materials sector showed similar characteristics, with a 10-year measured beta < 1 prior to 2007, which rose to the 1.1 – 1.2 range post 2008. The 10-year beta of the industrial sector was more consistent, ranging from 0.9 – 1.1 during the entire period, reflecting the industry’s inherent economic sensitivity.

Although comparatively short in duration, during the COVID era, some sectors exhibited markedly different correlations to the broader market. Interestingly, the technology sector saw its beta fall below 1.0, far from its historical >1.0 levels. Interestingly, on the other hand, the utilities and real estate sectors saw significantly higher beta during the period. COVID-related economic weakness caused interest rates to fall, and given those industries’ interest rate sensitivity, the sectors’ beta increased.

Most noteworthy (and directly related) to us was the movement in the economically sensitive market sectors. Historically, sectors such as energy, materials and industrials all exhibited appropriately higher volatility than the market. While materials and industrials and showed similar levels of volatility, it was noteworthy to us that energy exhibited beta nearly 30% higher since the end of February.

While steadily improving from 2Q trough levels, the energy industry is clearly facing unique demand challenges due to COVID, as driving miles remain at least 8-10% below normal levels in many parts of the world. Aviation remains approximately 50% below normal levels, leaving total oil demand approximately 10% below a year ago. However, the energy industry is not alone in its exposure to COVID. According to Bloomberg estimates, the industrials sector is estimated to see 2020 EBITDA fall by roughly 33% compared to 2019, yet its market sensitivity as measured by beta has only incrementally risen.

Within the energy sector, some industry betas during COVID diverged greatly from historical experience. Surprisingly, the industry betas of the Exploration and Production (E&P) and Oil Services Industries only rose incrementally compared to historical experience. Given the operational leverage of both industries, the fall in oil price and US oil production would have historically been reflected in market leveraged equity performance.

In contrast, the more stable operations of the integrated oil and pipeline industries have been historically been reflected in market betas approximating 1.0. However, during COVID, the beta of these sectors rose significantly, even approximating the betas of the more operationally volatile E&P and oil services segments. While COVID has impacted operations, the extent to which the beta has increased in the integrated oil and pipeline industries far exceeds the operational leverage.

In sum, while it is undoubtedly the case that COVID has impacted near term demand for energy, with further potential to change consumption habits over the longer term. However, if the recent past is any indication for the future, increased stock volatility relative to the broader market serves as an expression that with improved economic recovery and consumption habits, energy should experience positive stock leverage relative to the broader market. Furthermore, a period of improved shareholder returns and returns on capital, comparable to historical norms, for integrated and midstream subsectors, should create outsized positive outcomes given the recent uncharacteristically high volatility in these subsectors.

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


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


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