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

In our recent white paper, titled “The Great Inflation Misdiagnosis”, we outlined that rising rates may help to reduce inflation temporarily. However, in order to secularly reduce inflation, we must increase supply via CAPEX in commodity related sectors. In our proprietary analysis of 60+ years of data, we highlight that while the Fed and Paul Volcker receive credit for increasing rates to reduce inflation in the late 1970s, in fact it was a doubling of energy CAPEX during the 4 years of the Volcker Fed which played a large yet unsung role.
In recent quarters, CAPEX has played an increasingly prominent role in investors’ minds. In the past, high commodity prices would elicit calls for increased CAPEX, but today, investors increasingly prefer companies to return excess cash to shareholders. In fact, within 2022, many commonly found commodity prices have reached previous highs

With all of these commodities at peak levels, the profitability of the sector is higher than ever before. As a proxy for spending in the mining industry, we looked at adjusted EBITDA for Rio Tinto, Anglo American, BHP Billiton, and Glencore. Compared to the previous peaks, in 2021 adjusted EBITDA for these four companies is an average of 43% higher. Since the Russia/Ukraine conflict began in 1Q 2022, there is a higher likelihood of the group’s strong profitability continuing rather than peaking.

In the context of our recent white paper, the combination of high commodity prices and strong profitability would historically have been an environment where CAPEX would rise, in an attempt to use strong current cash flows to capitalize on the favorable commodity environment. However, in the current environment, CAPEX remains remarkably constrained for the same four companies.

While 2021 CAPEX was significantly below historical peaks, recent 2022 mid-year earnings call commentaries from major mining companies showed further capital constraint. Rio Tinto reduced 2022 CAPEX guidance by 7%! While Rio Tinto’s 2023/2024 CAPEX guidance is 20% higher than 2022, 2023/2024 levels remain 40% below previous peaks. Glencore and Anglo American maintained their prior CAPEX guidance; in Glencore’s case some 42% below previous peaks. BHP Billiton will announce its capital plans next week. Capital discipline remains a key focus for management teams, which is good for shareholders, but limits future supplies of key natural resources needed for the economy today, and the energy transition going forward. As we outlined in our white paper, secular declines in inflation occur after periods of significant commodity CAPEX. At current levels, despite generating peak profits, the major mining companies are maintaining their capital discipline. Without growth in future commodity supplies, the likelihood of persistently high inflation increases.



During the month of July 2022, the Alma Recurrent Global Natural Resources Fund rose by 4.25%, outperforming the S&P Global Natural Resources Index’s 3.52% return. During the month, stock selection in the oil and gas infrastructure and steel sectors added value to performance, as did sector overweights in the aluminum and copper sectors. Stock selection in the gold and paper products sectors detracted from relative performance.

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