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Overview

  • Alma Zazove Global Convertible Fund invests in convertible bonds globally.
  • Management of the fund is delegated to Zazove Associates, LLC (US), an SEC-regulated asset management firm founded in 1971, with $1.9bn AUM from institutional and private wealth clients.

Share Class

NAV

Cumulative Performance (%)

Fund Inception 30 November 2016

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

The investment objective of the Fund is to provide global equity-like returns with significantly less risk

  • The objective is achieved by seeking to capture the majority of stock market advances while simultaneously providing downside protection during market declines
  • Statistical focus on convertible structure is used to create a balanced, diversified portfolio that optimizes the asymmetrical risk/reward characteristics of convertibles
  • The investment approach is not reliant on forecasting or market timing
  • The Fund targets a consistent risk/reward profile at all times


Investment Manager

Zazove Associates, LLC (U.S.A.) is an SEC regulated investment advisor that has specialized in the management of convertible securities since 1971

  • The firm manages US$2.5bn for global institutional investors
  • The firm is independent and 100%employee owned
  • Zazove has expertise across all segments of the market: US, global, and high yield (“busted”) convertibles
  • 24-year track record managing global convertibles

Key Persons

Gregory D. Shorin, JD, CFA Portfolio Manager -Global

Prior to joining Zazove in 1997, Greg was a Senior Associate with the law firm of Baker & Botts where he specialized in the analysis of pricing practices by foreign corporations. He served as Senior Counsel in advising the US Department of Commerce on international trade.

Greg earned his JD from the Georgetown University Law and his BA in Economics and Political Science from SUNY Binghamton.

 

Gene T. Pretti, Chief Executive Officer & Chief Investment Officer

Prior to acquiring Zazove Associates in 1989, Gene worked for First Boston Corporation where he specialized in institutional equity sales. He also has served as an analyst with CUNA Mutual Insurance Co. and Robert W. Baird &Co. He earned his MBA from the University of Wisconsin where he was selected for the Applied Program, an honors program emphasizing Security Analysis and Portfolio Management.


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.

Portfolio Characteristics

Top 10 Position Details

Investment Manager's Commentary

as of 30/11/2022

Market Review and Outlook

Most financial markets reversed recent gains in December as hopes of a central bank pivot faded. US and Japan were hardest hit, with small caps underperforming. The sole exception was Asia ex-Japan, which rallied as China loosened its zero COVID policy and began to reopen. All sectors were negative, with Technology and Consumer Discretionary as the worst performers. Fixed income markets declined modestly as rates rose and credit spreads widened, while equity index volatility remained relatively unchanged. Convertibles fell across most regions, with the US experiencing the largest declines and Asia ex-Japan outperforming. The rebound in Convertible issuance continued at $4.6 Bln coming to market in December, with most deals coming out of the US. Valuations remain attractive and yields within the balanced segment are meaningful for the first time in years.

Fund

The Fund declined, but provided downside protection to weak underlying equities, particularly in the US. Consumer Cyclicals was the largest detractor, while Healthcare and Basic Materials were modest contributors. The Fund outperformed the Benchmark due to superior performance in the Americas and Energy. Trading activity focused on improving the risk/reward characteristics of the Fund, including a swap out of a name that had become too equity sensitive into a more asymmetric profile on the same underlying equity. Other sales consisted of exiting bond-like names, replacing the exposure with more balanced bonds in the primary and secondary markets.

 


Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 30 November 2016

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas Securities Services (LU)

Dealing: Each day with a 1-day notice

Cut-off time: 12pm CET

Management Company: Alma Capital Investment Management SA (LU)

Investment Manager: Zazove Associates, LLC (USA)

Fund Managers: Greg Shorin, JD, CFA

Countries where the fund is registered:
Luxembourg, France, UK

Sustainability-related disclosures:
The information related to the integration of sustainability risks and to the potential adverse sustainability impacts at the sub-fund level can be found in the prospectus of the Fund.

Identifiers:

Institutional USD Capitalisation Share Class
ISIN: LU1494400200   Ticker: ALZICUS LX    Launch: 30 Nov 2016

Institutional EUR-Hedged Capitalisation Share Class
ISIN: LU1538866879   Ticker: ALZIECH LX    Launch: 18 Jun 2019

Documents