Alma Zazove Global Convertible Fund
- 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.
Cumulative Performance (%)
Fund Inception 30 November 2016
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
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
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$1.9bn 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
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
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.
Sector Breakdown as a % of AUM
as a % of AUM
Geographical Exposure as a % of AUM
as a % of AUM
Top 10 Position Details
Investment Manager's Commentaryas of 28/08/2020
Market Review and Outlook
Global equity markets declined in October as rising COVID cases bolstered concerns regarding the economic impact of new lockdown measures. Europe and the Americas were the weakest regions, with the Technology and Energy sectors the most negatively impacted. Asia Ex-Japan was the only region to gain. Small cap outperformed large-cap, and more defensive sectors such as Utilities and Telecom advanced modestly. Interest rates rose while credit spreads were relatively unchanged. Equity volatility increased to the highest levels since June.
Convertibles generally outperformed global equity markets in October. The US and Asia advanced, while Japan, Europe, and Africa/Middle East declined less than their respective equity indices. Technology unexpectedly led gains as convertible underlying outperformed. Real Estate was also strong, and Energy posted modest gains despite sector weakness. Basic Materials and Consumer Goods sectors lagged. Issuance remained well above historic averages, with $5 Bln coming to market globally. Year-to-date issuance has topped $130 Bln and redemptions remain modest.
The Fund advanced in October, outperforming global equity markets and TR Global Focus Index. Holdings in the US, Asia, and Japan all posted positive returns with Technology and Financials the top contributors. Industrials, Consumer Cyclicals, and Basic Materials were the only detractors. Activity focused on exiting positions in Energy that had become too bond-like and selling Technology names that had advanced, locking in gains. Proceeds were reinvested in more balanced profiles that were broadly diversified across sectors and regions.
Facts & Documents
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
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
available upon request