Advent Global Convertible Fund Falls 4.66% in March, Outperforming a 9.1% Drop in Global Equities

The Alma Advent Global Convertible Fund posted a 4.66% decline in March, outperforming the MSCI ACWI Equity Index, which fell 9.1% over the same period. Despite the negative absolute performance, the fund held up well against a difficult market, bringing its year-to-date return to -0.77%. The strategy manages $188 million in assets across 130 portfolio positions, with exposure led by technology at 29%, industrials at 17.2%, and consumer discretionary at 14.2%.

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Monthly Commentary

Global equity markets came under pressure in March, driven by geopolitical tensions, rising energy prices, and persistent inflation concerns. The escalation of conflict in the Middle East, including disruptions in the Strait of Hormuz, pushed oil prices sharply higher and intensified fears of prolonged inflation. These factors prompted central banks, and particularly the Federal Reserve, to maintain a cautious stance on monetary easing, triggering a broad risk-off rotation across global markets.