February 2026 Commentary

The Class F Lead Series of the Forge First Multi Strategy LP returned 4.89% in February, while the Class F Lead Series of the Forge First Long Short LP returned 3.80% over the same time period, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Forge First Long Short LP, offset by positive performance from credit strategies in the Forge First Multi Strategy LP. Beta-adjusted net equity exposure was 46% in the Forge First Multi Strategy LP and 27% in the Forge First Long Short LP at month-end. Net credit exposure was 44% in the Forge First Multi Strategy LP and remained at 0% for our Forge First Long Short LP. Beta-adjusted net equity exposure was approximately 33% and 42% lower in each respective fund since January month-end. The reduction in exposure reflects long sales across equity positions in most sectors. Performance in February was led by attribution from the Industrials, Consumer, Energy, Real Estate and Materials sectors. The Technology sector detracted from performance, as did equity index hedges. Alpha during earnings season was strong in February across long and short equity positions. Long exposure to value and revisions factors, as well as cyclical sectors benefited performance. We discuss updates on key attribution drivers in the month of February below.

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