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
While March was a positive month for broad developed market indices, performance belied some of the factor turmoil as market rotations continued from February. Crowded long names and momentum continued to be challenged as they had been in February, while value continued its rally. As the market positions itself for a broad reopening of the economy, the prospect of inflation remains in focus with inflation sensitive assets suffering and global rates rising.
At the strategy level, negative performance was led by Equity Hedged, while Trading also detracted, but to a lesser extent. Relative Value strategies produced slightly positive returns.
YTD, negative performance has been driven by Equity Hedged, although these losses have been partially offset by gains from Trading and Relative Value strategies. At the manager level. the largest contributors to performance are a US-focused cap structure/vol arb manager and an Asia-focused event-driven manager, while the largest detractor is a healthcare sector-focused manager.
MTD through March, the largest contributor to performance was a quantitative equity manager. As the market becomes less headline-focused and fundamentals have started to drive valuations once more, quantitative equity strategies have started to perform better.
On the negative side, a healthcare sector-focused manager incurred losses from growth names, particularly in the small to mid-capitalisation biotechnology sector. Elsewhere a China-focused Equity Hedged manager was negatively impacted on both the long and short side of the portfolio, from the rotation away from higher valuation and liquidity growth stocks and into value names.
Current investment strategy
We maintain our conviction in the long term growth prospects of both China and the biotechnology sector and will be rebalancing to bring the positions back to size. We continue to be interested in the opportunity set in risk arbitrage where we see the volume of M&A deals being significantly higher than last year. We believe that the recent sell off in SPACs has provided a good entry point and we continue to look for interesting opportunities in this space. While the growth drawdown has been significant, we do expect it to retrace, thus we are cautious of crystalizing losses at this point.
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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