Alma MidOcean Absolute Return Credit
Cumulative Performance (%)
Fund Inception 13 January 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
Alma Platinum MidOcean Absolute Return Credit is an open-ended UCITS compliant fund that seeks capital appreciation by generating stable, absolute returns with a relatively high Sharpe ratio and low drawdowns over the long term. The Investment Manager of the Fund is MidOcean Credit Fund Management, L.P.
To achieve this objective, the Investment Manager aims to follow an absolute return credit long/short trading strategy, the Fund intends to follow the MidOcean Absolute Return Credit strategy. The Strategy employs a long/short corporate credit approach focusing on US companies: the Fund primarily invests in liquid short-dated corporate bonds, with a core focus on callable securities and credit default swaps, the combination of relative value positions with outright long or short credit holdings will typically produce a low duration and diversified portfolio.
The Strategy utilises fundamental analysis to seek alpha opportunities primarily in short duration callable bonds,particularly in the ‘crossover seam’ between high yield and investment grade. Portfolio construction is performed with strict constraints on sector and industry exposure and the portfolio seeks to be as close to credit risk and market risk neutrality as possible. The gross leverage is not expected to exceed 750% of the value of the Fund.
Established in 2003, MidOcean Partners is a New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. MidOcean Credit started in 2009 and manages over $8 billion across a series of alternative credit strategies, collateralized loan obligations (“CLOs”), and customized separately managed accounts.
Head of Absolute Return Credit, Senior Portfolio Manager, Managing Director
Bryan serves as the Head of Absolute Return Credit and is the Senior Portfolio Manager of the MidOcean Absolute Return Credit Fund. In addition, Bryan is a Senior Portfolio Manager for certain liquid products. He is also a member of the Firm’s Investment Committee and Risk Committee.
Bryan has over 25 years of investment experience and has actively managed several multi-billion dollar corporate credit portfolios. He has broad product experience and has employed various investment strategies, including extensive experience executing long/short credit strategies. Prior to joining MidOcean Credit Partners in 2010, Mr. Dunn was a Senior Portfolio Manager at Primus Asset Management where he launched and managed the Primus Absolute Return Credit Fund. Prior to working at Primus, Mr. Dunn headed the Credit Portfolio Management Division at Bank of Tokyo-Mitsubishi where he was responsible for the Bank’s North American proprietary credit investment portfolio. Prior to that, Mr. Dunn founded Dresdner Bank’s credit asset management team and oversaw its investment portfolio. His additional experience includes portfolio management roles in CIBC’s Loan Portfolio Management Group and JPMorgan’s Cash Management Group.
Bryann holds a Bachelor in Economics from Ithaca College and a M.B.A from New York University Stern School of Business
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
as a % of AUM
as a % of AUM
Investment Manager's Commentaryas of 28/05/2021
The UCITS (share class: DMAI1CU, the “Fund”) generated an estimated net return of +0.35% in August. The portfolio continues to perform well and returns were in line with market rally throughout the month. From a positioning perspective, the investment team increased net exposure materially over the month through a combination of an increase in long exposure alongside a reduction in our short portfolio. We covered certain short positions/market hedges early in the month as the market declined modestly in anticipation of the Fed event in late August. At the same time, we increased long exposure in lower duration, lower beta positions where we believe we can increase the portfolio’s net carry while maintaining a defensive posture and protecting YTD performance. Positive portfolio performance was generally a combination of strong net coupon from a diverse set of issuers, offset as expected by portfolio hedges and one single name slightly impacted by an earnings announcement. Looking ahead, we will look to maintain defensive positioning to close out the year while taking advantage of any accretive opportunities for additional carry that we identify.
Facts & Documents
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 13 January 2016
Base Currency: USD
Depositary, Administrator, Transfert Agent: RBC Investor Services Bank S.A.
Dealing: Weekly with a 3-day notice
Cut-off time: 3 pm CET
Management Company: Alma Capital Investment Management
Countries where the fund is registered:
Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Singapore, Switzerland, United Kingdom
Environmental, social and governance (“ESG”) criteria have been integrated in the investment decision-making process. An ESG analysis is conducted for all issuers and a rating is given to each environmental, social or governance consideration relevant to the issuer. This is done prior to any investment, but also on an ongoing basis. Such analysis and rating will be integrated in the investment decision-making process. 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.
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