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 October, the Alma Global Natural Resources Fund fell by 0.91%, preserving capital better than the S&P Global Natural Resources’ -3.32% return. During the month, portfolio overweights in the materials sector strongly benefited relative performance, as well as stock selection in the paper packaging sector. Stock selection in the integrated oil sector detracted from relative performance.

Election 2020/COVID Vaccine discussion

A high likelihood of divided US government and an effective vaccine provide a constructive backdrop for “real asset” valuations. A Republican Senate and Democratic President are likely to deliver the largest stimulus in US history, but with meaningfully reduced “green” spending in order to secure bipartisan approval. We believe new energy regulations are unlikely near-term as America struggles with post-COVID unemployment. Meanwhile, widespread vaccine distribution is likely in early 2021, boosting expectations of a return to “normal.” All of these variables point to generally higher inflation and higher energy demand over the next 12+ months – in short, we see fiscal stimulus and vaccine as clearly inflationary and supportive of “real asset” valuations.

Natural resources portfolio discussion

COVID-era underperformance has caused “value” investors to look more closely at the natural resources sectors. While there are many ways to identify “value”, many experienced value investors look to combine inexpensive valuations with improving profitability to identify attractive entry points.

From an operating perspective, 3Q 2020 operating results have generally exceeded market expectations, indicative of companies’ ability to adapt to the COVID environment

The second quarter of 2020 saw tremendous profit declines, and a quick look at the third quarter results shows that most global natural resources companies exceeded earnings expectations. Below is the average earnings surprise for the 10 largest companies of each global sector, compared to the broader global index. Economic recovery is outpacing the expectations of the market, at least when viewed on a company by company basis.

Source: Bloomberg, Recurrent Investment Advisors

The strong quarterly earnings of economically sensitive sectors, and especially energy, highlight companies’ ability to adjust to market environments. Additionally, companies are proving able to retain the benefits as conditions improve from the trough.

Inexpensive sector valuations – on both an asset and operational metrics – offer support in an improving economic environment

With the economy showing initial signs of recovery and companies outpacing expectations, valuations remain depressed.  On both EV/EBITDA and Price/Book valuation methodologies, which encompass operational and asset-based valuation measures, respectively, current global natural resources sectors’ valuations remain at significant historical discounts to the broader market.

Source: Bloomberg, Recurrent Investment Advisors

While the broader market trades at 15-20% premia to 5 year averages, natural resources sectors generally trade in line – or at a discount – to historical averages. Energy sector valuations, trading at 25-35% discounts to recent history, uniquely stand out for their discount to recent history.

In the period from February 28 through the end of October, the global natural resources index underperformed the broader global equity index by more than 11%.  Pfizer’s November 9 announcement of a successful vaccine test trial brings relative value into even sharper focus. As seen in the above chart, compared to the broader market, the underlying sectors trade at inexpensive valuations. Due to their economic sensitivity, strongly rising earnings estimates in natural resources sectors are likely to appear even more attractive using operational valuation metrics like EV/EBITDA.

Historically, in traditionally value sectors, the combination of inexpensive valuation and positively inflecting operations provides favorable conditions for strong performance. With weak relative performance leading into COVID due to global trade disruption, natural resources sectors are inexpensively valued, and stand to benefit from a return to “normal”.

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


  1. ACIF Prospectus
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available upon request