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
Equities fell sharply in the last two weeks of the month, leading to a spike in equity volatility. While the broad BCOM commodity index rose during September, there were notable declines in energy commodities. The prospect of higher volatility as the US election approached and Europe entering increasingly stricter lockdowns as the second wave of Covid-19 took hold, caused investors to take profits, and position themselves more defensively.
At the strategy level, positive performance was led by Equity Hedged, although gains here were entirely offset by losses in Relative Value and Trading.
YTD positive performance has been driven by Equity Hedged, while Relative Value is also in negative territory for the period. Trading continues to be the largest detractor. At the manager level, the largest detractor from performance is a systematic Trading manager, while the largest contributor is an event-driven manager.
MTD through October, the largest contributor to performance was a China-focused Equity Hedged manager. The Chinese equity market was one of the few countries with a positive equity market return for the period and significant gains were generated in communications and healthcare.
On the negative side, quantitative equity approaches continued to be challenged, as stock selection models proved detrimental to performance. A systematic Trading manager also incurred notable losses from long equity index positions and to a lesser extent, energy and agricultural commodities.
Current investment strategy and outlook:
At the end of the month, we rebalanced the portfolio to include a new long/short equity segment, focused on the healthcare sector. Elsewhere, the portfolio reduced its exposure to a discretionary Trading manager, which has been struggling to find compelling alpha opportunities in the current environment. Additionally, we took some profit from a China-focused Equity Hedged segment. We continue to manage the portfolio in line with the wider firm view, keeping beta low. We remain agile and try to adapt to prevailing market regimes that might emerge from the US election.
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:
ISIN: LU1960255377 Ticker: DBMSI0C LX Launch: 28 Aug 2019
ISIN: LU1960255708 Ticker: DBMSI4C LX Launch: 28 Aug 2019
ISIN: LU2213017143 Ticker: ALMSAIJ LX Launch: 11 Sep 2020