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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 30/06/2026

Market Review and Outlook

Since the recent MOU (Memorandum of Understanding) in the Middle East, oil prices have fallen to the $55-85/barrel range outlined in our 2025 white paper titled “The Frack-tured Cartel”. However, refined products have yet to fall similarly. While an easy explanation would be energy companies’ greed to maintain refining profits, seasonal demand dynamics prove to be a more appropriate explanation.

During the month of June 2026, the Alma Recurrent Global Natural Resources Fund fell by 9.45% net of fees. During the month, the portfolio’s overweight positions in the oil refining and energy infrastructure sectors benefited performance, as both rose during the month. Additionally, portfolio holding Murphy USA rose 6.5% during the month. After an extended period of strong performance year-to-date, the portfolio’s chemical sector weightings negatively impacted performance in the month of June.

Since the initial ceasefire announcement between the U.S., Israel and Iran on April 7th, crude oil prices have fallen by approximately 50%. However, recent media and investor focus has highlighted the dichotomy between crude oil and stubbornly high gasoline prices due to the impact of gasoline prices on inflation.

While the disconnect between input and output prices is fairly unique from a historical perspective, there is one factor playing a decided role in causing the pricing anomaly. As we wrote in our monthly commentary nearly 2 years ago, the seasonality of demand, when combined with the timing of the 2026 supply disruption, combines to extend elevated refined product prices. Importantly, the conflict started in the late winter and continued through the spring. Through that period of time, global refined product inventories fell counter seasonally. By June 2026, inventories approached seasonal lows usually seen in November.

The confluence of low inventories and increased global demand in June keeps refined product prices high. In our July 2024 monthly investment letter, we noted that 86% of global oil demand is from the Northern Hemisphere. Also, we noted that demand increases in the summer months due to increased travel etc.

Every year, the global refining complex struggles to meet increased seasonal demand on a spot basis – pre-built inventories are usually required to meet demand. However, in 2026, the timing of the conflict reduced inventories, just before the high-demand season in summer. Therefore, 2026 refining utilization has persistently remained at multiyear highs, stressing the refining complex.

Since May 2026, oil prices have generally fallen, but high refined product prices reflect the stress on the refining complex. In the period from April-July in 2023-2025, oil and gasoline prices moved in lockstep.

However, in 2026, oil and gasoline prices diverged greatly. Oil prices fell, but gasoline prices rose. While some observers identified energy companies’ greed as the cause, the more appropriate cause is likely to be tight supply/demand dynamics within the refining industry.

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