March 2026 Commentary

The Series F of the Conservative Alternative Fund declined -1.86% in March, while the Series F of the Long Short Alternative Fund declined -2.54% over the same time period, both net of fees. Year-to-date the Series F of the Conservative Alternative Fund has increased +0.91%, while the Series F of the Long Short Alternative Fund has increased +1.00%. The difference between the two is largely reflected by higher relative exposure levels in the Long Short Alternative Fund. Beta-adjusted net equity exposure was 23% in the Conservative Alternative Fund and 46% in the Long Short Alternative Fund at month-end. Net credit exposure was 28% in the Conservative Alternative Fund and remained at 0% for our Long Short Alternative Fund. Beta-adjusted net equity exposure was approximately flat in the Conservative Alternative Fund and 6% higher in the Long Short Alternative Fund since March month-end. The Consumer, Industrials, and Technology sectors detracted from performance in March, while equity index hedges led performance during the month. We discuss updates on key attribution drivers in the month of March below.

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