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

Fund 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

As the month of April came to a close, 1Q earnings offered the first indications of the impact of inflation on company earnings. As 2022 started, global inflation started to increase, with many developed markets exceeding 5% Year-over-Year (YoY) CPI growth. In February, Russia’s invasion of Ukraine further disrupted supply chains and escalated inflationary pressures; by the end of the first calendar quarter YoY CPI accelerated to 7% as measured in the Bloomberg World Economic Inflation Measure (WOININFL).

With inflation reaching multi-decade highs, the question of company earnings comes into focus. From an earnings surprise perspective, natural resources companies are generally beneficiaries of increased commodity prices. Through May 7th, the results are strongly confirming the perspective that energy and materials companies are positively correlated to inflationary environments. In the chart below, we look at the dispersion of 1Q earnings surprises across the Vanguard Total World Stock ETF’s sectors. With more than 50% of companies having reported, energy and materials stocks show the strongest earnings surprises, while in aggregate global financials, consumer staples and utilities sectors missed earnings 1Q estimates.

1Q 2022’s earnings surprises were the largest in years, and relative to market cap were equally as large during the depths of COVID, with one major difference for shareholders today…

Earnings for bellwether natural resources companies beat expectations by significantly more than any time in the last few years. Additionally, the right axis shows the percent of market capitalization represented by the earnings beats. Only in the immediate aftermath of COVID, when earnings estimates initially plummeted as COVID spread, did companies beat earnings estimates by as much, when measured as a percent of market cap.

Capital discipline has led to healthy balance sheets; companies are returning capital to shareholders

In the middle of 2020, companies’ earnings beat overly pessimistic sell side expectations, However, because companies were dealing with significant operational uncertainty, any excess earnings were used to pay down debt, and were not available to equity holders. Today the situation is notably different than the depths of COVID, where profitability is high and debt levels have been reduced. Importantly, due to continued capital discipline, an increasing amount of free cash flow is being returned to shareholders. In just the 1Q earnings period, portfolio companies accounting for approximately 58% of the Global Natural Resources portfolio have announced new share buybacks or dividend increases.


In the month of April 2022, the Alma Recurrent Global Natural Resources Fund fell by -3.75% net of fees, outpacing the S&P Global Natural Resources Index’s -4.38% return. Stock selection in the integrated oil sector significantly added to portfolio performance, with Cenovus Energy and Suncor Energy rising 11.38% and 10.28%, respectively. Alcoa Corp detracted from performance, falling -24.69% in the month, as the implications of COVID on Chinese demand raised short term concerns.

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

Retail EUR Hedged Capitalisation share class
ISIN: LU1823603680   Ticker: ARGREHC LX    Launch: 11 Mar 2022