Alma UBS Multi Strategy Alternatives
Cumulative Performance (%)
Fund Inception 28 August 2019
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 IV UBS Multi Strategy Alternatives (“the Fund”) is a “multi-manager” fund, meaning that Alma Capital Investment Management (the “Management Company”) appoints a number of sub-investment managers to each manage a segment of the assets of the Fund (Segment).
UBS Hedge Fund Solutions LLC (the “Investment Adviser”) advises the Management Company on selection of sub-investment managers and allocation of Fund to each Segment from time to time. The sub-investment managers will invest in a wide range of investments, using a variety of investment strategies and techniques. Among these may be :
i) “equity hedge” strategies, where the Fund will invest in shares of companies but use financial contracts (derivatives) to try to limit the effect of negative market movements
ii) “relative value” strategies, where the Fund will invest in across a variety of assets but will try to take advantage of mis-pricing and other opportunities to gain a return
iii) “trading strategies” where the Fund will invest in a broad range of assets (share in companies, foreign exchange, tradable debt issues by companies and governments, currencies) where a sub-investment manager believes that it can achieve a return
iv) “credit/income” strategies where the Fund will invest in debt investments.
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 29/10/2021
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.
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.
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.
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.
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.
Facts & Documents
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 28 August 2019
Base Currency: EUR
Depositary, Administrator, Transfert Agent: RBC Investor Services Bank S.A.
Dealing: Daily with 2 business days notice
Cut-off time: 10 am CET
Management Company: Alma Capital Investment Management
Countries where the fund is registered:
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.
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