May 2026 Commentary

The Series F of the Conservative Alternative Fund returned -0.17% in May, while the Series F of the Long Short Alternative Fund returned -0.47% over the same time period, both net of fees. Year-to-date the Series F of the Conservative Alternative Fund has increased to +3.84%, while the Series F of the Long Short Alternative Fund has increased to +5.94%. The Long Short Alternative Fund utilizes higher exposure levels to achieve its risk and return targets. Beta-adjusted net equity exposure was 40% in the Conservative Alternative Fund and 87% in the Long Short Alternative Fund at month-end. Net credit exposure was 21% in the Conservative Alternative Fund and 10% for our Long Short Alternative Fund. Beta-adjusted net equity exposure was approximately 13% higher in the Conservative Alternative Fund and 29% higher in the Long Short Alternative Fund since April month-end. Equity index hedges, and the Energy sector detracted from performance in May, while the Technology, Real Estate, and Consumer Staple sectors led performance during the month. We discuss updates on key attribution drivers in the month of May below.

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