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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

Markets were mixed in April, with large cap US and Japanese equities higher, while economic concerns and the continuing banking crisis weighed on small caps and Asia ex-Japan. Energy and Consumer Staples were the top performing sectors, while Technology and Consumer Discretionary led declines. Fixed Income assets gained moderately on the expectation that central banks will enact more dovish policy going forward. Convertibles declined, as small cap underperformance and cheapening valuations acted as headwinds. The convertible primary market was robust, with $5.6 Bln in issuance driven by two large IG deals in the US and Asia. Conditions for new deals remain favorable with higher interest rates and strong demand serving as incentives to issue convertibles over straight debt.

 

Fund

The Fund posted a small decline, outperforming the broader convertible market. Japan was the top performing region, while the Americas was the largest detractor. Real Estate and Industrials led advances, with Technology and Consumer Cyclicals as the only notable detractors. Fund returns exceeded the Benchmark, driven by outperformance in the Americas and Asia ex-Japan. Trading activity mainly focused on exiting convertibles that had become too equitysensitive and adding balanced structures across the Americas, Asia, and Europe.

 


Facts & Documents

Facts

Fund Domicile: Luxembourg

Fund Type: UCITS SICAV

Fund Launch: 30 November 2016

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas SA

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

Documents