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
June was characterized by continued concerns around the prevalence of new variants of Covid-19 and re-opening delays, rising inflation (the US reached 5% for the first time since 2008) and a more hawkish message from the Fed triggering a major flattening of the US yield curve. Despite this, global equity markets continued their rally into June driven by the US and growth stocks in particular, while commodities also ended the month positive, with a sharp appreciation in crude futures prices, given tighter supply and ever increasing demand.
Negative performance was driven by Equity Hedged strategies, while Relative Value also detracted, but to a lesser extent. Trading was relatively flat for the period.
YTD, negative performance has been solely driven by Equity Hedged, although these losses have been muted by gains from Trading and Relative Value strategies. At the manager level, the largest contributor to performance is an Asia-focused event-driven manager, while the largest detractor is a healthcare sector-focused manager.
MTD through May, the largest contributors to performance were an Asia-focused event-driven manager amidst corporate activity in Japan and lower net exposures in the rest of Asia, as well as quantitative equity strategies more broadly.
On the negative side, a healthcare sector-focused manager incurred losses on both the long and short sides of the portfolio, specifically from mid-capitalisation names in the biotechnology sector.
Current investment strategy
There were no notable changes to the portfolio during the month of June. Whilst we believe the portfolio to be well balanced going into H2, we are potentially looking to onboard a new emerging markets-focused manager in the coming months.
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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