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


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 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 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


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 29/03/2024

Market Review and Outlook

Despite increased demand for commodities critical to the energy transition, the four largest metals and mining commodity producers have reduced CAPEX by >50% since the last CAPEX peak more than a decade ago. With EBITDA for the four companies on average 9.7% higher than the previous peak, the financial wherewithal exists to invest more, but the companies remain hesitant to invest while valuations remain well below 2013 levels.

Please reach out for Recurrent’s 2022 white paper on Shale’s increased strategic importance in a time of ESG.

Performance Review

In the month of March 2024, the Alma Recurrent Global Natural Resources Fund rose +9.97% net of fees, outpacing the S&P Global Natural Resources Index’s +8.24% return. During the month, portfolio holdings Freeport McMoran and Alcoa each rose more than 24%, benefiting relative performance. The portfolio’s underweight position in gold mining equities detracted from relative performance, since the index’s gold sector rose 16.78% in the month.

Investment Discussion

While inflation gauges have fallen, we have not seen the surge in CAPEX necessary to keep commodity prices sustainably lower

As an investor in capital intensive businesses, we have long identified the impact of capital expenditures (CAPEX) on the operational and financial success of companies. Both the magnitude and efficiency of capital expenditures impact corporate returns, debt leverage, and free cash flows.

While the direct impact of CAPEX on business cycles is fairly well understood, in our July 2022 white paper, we additionally identified the predictive value between CAPEX in commodity sectors and broader economic inflation. In the paper, we highlighted that as commodity CAPEX increased, supply increased over time, reducing commodity prices which reduced economy-wide inflation.

Since the publishing of the white paper, inflation has broadly fallen, with US CPI falling from 9.1% in 2Q 2022 to 3.2% in March 2024. With moderate economic growth and inflation “under control”, many market observers have called for global Central Banks to reduce interest rates to spur growth. In fact, as of the time of the writing of this commentary, some global Central Banks have already reduced interest rates, with the Swiss National Bank cutting rates on March 21st.

While reduced interest rates should spur additional economic growth, our analysis of the 1970s showed that a period of high inflation in the early 1970s was met with significantly higher interest rates, which lowered economic growth and inflation. In an attempt to reinvigorate economic growth, the Fed reduced rates in the mid-1970s, spurring economic growth. Interestingly, since commodity supply remained constrained due to underinvestment, as economic growth returned so did inflation, which lasted until the early 1980s. See the graph for an illustration of the dual inflationary peaks of the 1970s.

CAPEX data indicate that commodity production is likely to remain muted, with implications for long-term inflation trends

With the 1970s experience in mind, in conjunction with the specter of lower interest rates, we wanted to revisit our 2 year old analysis of the CAPEX trajectory of the largest diversified mining companies. With continued economic growth combined with lower inflation, many investors perspective remains biased toward interest rates driving inflation. In contrast, our understanding of the CAPEX cycle can offer insights as to the evolution of inflation.

The comparison of Rio Tinto, Anglo American, BHP Billiton and Glencore 2023 CAPEX levels to the previous peak of 2012/2013 shows that aggregate nominal CAPEX remains 52.1% lower as of 2023, as seen in the chart. Moreover, on an inflation-adjusted basis, since the 2013 peak, CAPEX spending is -70%.

Interestingly, Anglo American, the company with the smallest CAPEX decrease over the last decade, announced a CAPEX reduction in December 2023 which will reduce company-wide production volumes by an estimated 4% in 2024, and an additional 3% in 2025. So while Anglo’s CAPEX decrease from the peak has fallen the least, forward looking CAPEX continues to fall, along with volumes.

Rio Tinto, BHP Billiton and Glencore’s CAPEX expectations are all higher in the coming years, while from a lower base compared to the 2012/2013 peak. In aggregate, the four companies’ estimated 2025 CAPEX will be 39.7% lower than the 2013 peak. With CAPEX levels only starting to rise off of trough levels, commodity supply is unlikely to materially increase for many years. Instead of deflation across the broader economy, as many analysts suggest, low commodity CAPEX is more likely to cause persistent inflation as global economic growth re-emerges.

Facts & Documents


Fund Domicile: Luxembourg


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.


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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