Alma Selwood Absolute Return Credit
Overview
Alma Selwood Absolute Return Credit is an investment grade credit long short fund.
The fund’s management is delegated to Selwood AM LLP.
Share Class
NAV
Cumulative Performance (%)
Fund Inception 23 March 2016
| Daily | Monthly | Ytd | 1Yr | 3Yr | 5Yr | Incept. | Incept.Date |
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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
The Strategy trades a single investment strategy focused on liquid credit indices within the investment grade credit space. It implements the strategy by investing in CDX and iTraxx indices, tranches of these, index options and single name CDS.
The goal is to achieve a market neutral portfolio which has a positive carry and positive convexity. The strategy attempts to monetise the dislocation between the actual credit spread of the CDX and iTraxx index and that implied by the CDS of the underlying index components. There has been a persistent difference between these spreads since the indices were launched in 2004, largely due to the indices being used predominantly to hedge credit exposure. The team will buy CDS on the most risky single name credits in order to minimise the risk of default to the portfolio.
Investment Manager
Selwood AM LLP was founded by Sofiane Gharred in 2015. Mr Gharred is a pioneer of the synthetic credit derivatives market with 17 years of experience on both the buy side and sell side. He has gathered a team of seasoned professionals dedicated to offer investors access to unique alternative credit investments. Selwood AM LLP aims at generating superior risk-adjusted returns over a broad range of market environments.
Key Persons
Sofiane Gharred
CIO
Prior to founding Selwood AM, Mr Sofiane Gharred was a partner at Chenavari Financial Group. During Mr Gharred’s tenure, he developed and managed the liquid Corporate Credit Strategy, developed the risk management framework for the firm and significantly contributed to Chenavari winning multiple awards over his 7 years at the firm. Prior to that, Mr Gharred was Managing Director and Global Head of Structured Credit Trading at Credit Agricole CIB. He was responsible for all structured credit proprietary activities with over 20 traders reporting to him. In this capacity, he successfully managed a $200bn delta equivalent correlation book across a variety of credit markets, notably producing positive returns during the correlation crisis in 2005 and the sub-prime crisis in 2007.
Mr Gharred has a strong quantitative background, with an MSc (Hons) in Applied Mathematics in Finance graduating from Ecole Centrale Paris, and a DEA (Hons) in Mathematical modelling in economics from Sorbonne University.
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.
Investment Manager's Commentary
as of 29/05/2026Market Review and Outlook
The US/Iran conflict remained a headline driver of risk sentiment. While there were sporadic kinetic actions through the month, the ceasefire remained largely intact and there appeared to be progress made towards a more concrete cessation of hostilities. Most importantly, this included higher hopes of an earlier reopening of the key Strait of Hormuz, which led to the oil price retreating significantly by month-end. Brent closed at USD93.37/bbl, a drop of almost 24% on the month. Credit indices were tighter through May with equities also up as SPX hit fresh all-time highs, further boosted by solid 1Q earnings. Macro data were OK, albeit drove potential changes to near term monetary policy. US ISM manufacturing for Apr saw prices paid spike to 84.6, although the services survey was more muted as prices paid was flat mom, albeit at a still elevated and inflationary 70.7. Apr NFPs came in stronger than expected at 115k (cons. 65k with Mar number revised up to 185k (from 178k). The Uni of Michigan survey stayed contractionary in May at 48.2 (down from prior 49.8) and short-term inflation expectations remained elevated at 4.8%, a revision up from the initial flash estimate (4.5%). Global flash PMIs for May were mixed. European composite remained firmly in contraction at 47.5, the weakest level since late-23, while the UK dropped sharply into contraction at 48.5 (prior 52.6). Conversely the US remained in expansion across all three measures. Sovereign bonds reacted to the hopes of a US/Iran resolution as well as the mixed data. Markets were pricing fewer cuts from the ECB and BoE by end-26, while expectations of a Fed hike by year-end increased. UK political risk remained elevated. The incumbent Labour administration performed very badly in England (local), Welsh and Scottish elections. It lost a significant number of seats (as expected) as well as control of the Welsh Senedd. PM Starmer faced ministerial resignations, including the Health Secretary, Wes Streeting who is seen as a likely leadership challenger. A Labour MP also resigned his seat in Makerfield, paving the way for another, more left-leaning challenger for PM, Andy Burnham, to have a route back to parliament via a by-election. Gilts initially reacted badly as 10Y yields rose to post-2008 highs before recovering a little into month-end on peace hopes and the associated tempering of the inflation outlook.
Facts & Documents
Facts
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 23 March 2016
Base Currency: EUR
Depositary, Administrator, Transfert Agent: CACEIS Investor Services Bank S.A.
Dealing: Weekly with a 4-day notice
Cut-off time: 3 pm CET
Management Company: Alma Capital Investment Management
Investment Manager: Selwood Asset Management LLP
Countries where the fund is registered:
Luxembourg, Austria, Germany, France, UK, Italy, Switzerland, Singapore, Denmark, Ireland, Spain, Sweden
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:
I1C-E
ISIN: LU1769346898
Ticker: DPSI1CE LX
Launch: 13 Apr 2018
I1C-G
ISIN: LU1769346625
Ticker: DBSILCG LX
Launch: 6 Feb 2019
I1C-U
ISIN: LU1769346971
Ticker: DPSI1CU LX
Launch: 13 Apr 2018
I2C-E
ISIN: LU1769347276
Ticker: DBSI2CE LX
Launch: 13 Apr 2018
R1C-E
ISIN: LU1769346039
Ticker: DBSR1CE LX
Launch: 13 Apr 2018
R1C-U
ISIN: LU1769346112
Ticker: DBSR1CU LX
Launch: 13 Apr 2018
I2C-U
ISIN: LU1769347359
Ticker: DBSI2CU LX
Launch: 31 Jan 2020
Documents
Subscribe to the Fund Monthly Newsletteravailable upon request