April 2026 Commentary

The Series F of the Conservative Alternative Fund returned +3.08% in April, while the Series F of the Long Short Alternative Fund returned +5.39% over the same time period, both net of fees. Year-to-date the Series F of the Conservative Alternative Fund has increased +4.02%, while the Series F of the Long Short Alternative Fund has increased +6.44%. The Long Short Alternative Fund utilizes higher exposure levels to achieve its risk and return targets. Beta-adjusted net equity exposure was 27% in the Conservative Alternative Fund and 58% in the Long Short Alternative Fund at month-end. Net credit exposure was 23% in the Conservative Alternative Fund and 7% for our Long Short Alternative Fund. Beta-adjusted net equity exposure was approximately 4% higher in the Conservative Alternative Fund and 12% higher in the Long Short Alternative Fund since March month-end. The Industrials, Technology, and Energy sectors drove performance in April, while equity index hedges detracted from performance during the month. We discuss updates on key attribution drivers in the month of April below.

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