Alma UBS Multi Strategy Alternatives

Fund

Teaser:
Risk assets generally traded sharply lower in April on the back of expectations for more aggressive monetary policy tightening, persistent inflation pressures and concerns about an economic slowdown later in the year.

Monthly Performance:
At the strategy level, Trading managers drove positive performance, although exposure to the Japan event space also added notably to returns. Although some small losses were incurred by cap structure/vol arb managers and exposure to China, these were entirely offset by gains from all other segments.

YTD Performance:
Negative performance has been driven by Equity Hedged managers, with the largest losses generated by a China-focused manager. On the positive side, offsetting gains have been generated by the portfolio’s systematic Trading manager and quantitative equity strategies.

Performance Contributors:
MTD the largest contributor to performance was a systematic Trading manager, with the largest gains experienced from exposure to the energy complex, specifically long oil and short US natural gas positions, while the manager’s long USD FX bias was also accretive.

Performance Detractors:
The largest detractor from performance was a cap structure/vol arb manager which attributed losses to the more balanced convertible bond bucket, while long only selling caused additional pressure on bond pricing.

Current investment strategy:
During the month, the allocations to a Japan-focused equity event manager, a Europe-focused equity event fund, a cap structure/vol arb manager and the merger arbitrage segment were reduced in order to raise cash. Work continued to onboard a new macro manager as previously noted and we expect to be in a position to allocate to the segment by the end of May.