January 2026 Commentary

The Series F of the Conservative Alternative Fund returned 0.53% in January, while the Series F of the Long Short Alternative Fund returned 0.62% over the same time period, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Long Short Alternative Fund, offset by positive performance from credit strategies in the Conservative Alternative Fund. Beta-adjusted net equity exposure was 37% in the Conservative Alternative Fund and 64% in the Long Short Alternative Fund at month-end. Net credit exposure was 32% in the Conservative Alternative Fund and remained at 0% for our Long Short Alternative Fund. Beta-adjusted net equity exposure was approximately 7% and 14% higher in each respective fund since December month-end, driven by increases in the Consumer and Industrials sectors. Performance in January was led by attribution from the Industrials, Energy and Communications sectors. The Consumer Non-Cyclical sector detracted from performance, as did equity index hedges. We discuss updates on key attribution drivers in the month of January below.

Continue Reading…