Variant Alternative Income Fund (NICHX)

Income done differently

As of October 31, 2022

For use with accredited investors only  

Inception date = October 2, 2017

Past performance is not indicative of future results

Year to date
return  

7.24%

1-year
return  

8.79%

Since
inception  

8.94%

Since inception
Sharpe ratio  

5.50

Correlation to
BBG Agg  

0.11

1-year distribution
rate  

5.98%

Growth of $1,000,000  

Overview

The Variant Alternative Income Fund, a closed-end interval fund, offers investors efficient access to a diversified portfolio of unconventional income-generating assets. The Fund invests in niche market opportunities with strong cash flow characteristics and low correlations to public equity and bond markets. The Fund’s primary objective is to provide a high level of current income. Capital appreciation will be considered a secondary objective. Variant, an innovator in alternative income investing, is led by an investment team with decades of experience investing in market niches. Interval funds provide investors such features as daily pricing, 1099 tax reporting, and quarterly liquidity with a fund-level gate of 5-25% of NAV. The interval fund structure allows accredited investors the opportunity to access less liquid, potentially higher yielding alternative investments.

Portfolio

Portfolio composition by asset class  

Performance

As of October 31, 2022

Inception date = October 2, 2017

Since inception return  
Since inception performance  
 ReturnRiskSharpeCorrel.Beta
Variant | NICHX8.94%1.42%5.50
T-bills | BBG 1-3 Mo1.14%0.31%--0.01-0.07
IG bonds | BBG Agg-0.52%4.77%-0.350.110.03
High yield | BBG HY2.06%8.98%0.100.190.03
Hedge funds | HFRXGL1.66%5.02%0.100.170.05
Equity | S&P 50010.75%18.21%0.530.040.00
Monthly returns  
 JanFebMarAprMayJunJulAugSepOctNovDecYTD
20170.120.190.420.73
20180.630.310.110.480.620.870.840.440.470.640.870.747.26
20190.480.591.980.821.051.071.351.070.520.760.641.2412.22
20201.170.48-0.50-0.270.870.340.760.080.560.720.451.065.87
20211.100.940.920.901.590.961.720.720.650.720.720.7212.29
20220.680.600.720.860.490.630.570.880.770.817.24
Year to date returns  
 NICHXBBG AggBBG HYHFRXGL
Q4170.730.390.471.50
20187.260.01-2.08-6.72
201912.228.7214.328.62
20205.877.517.116.81
202112.29-1.545.283.65
20227.24-15.72-12.53-4.49

The performance data quoted represents past performance and is no guarantee of future results.  Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.  Returns assume reinvestment of dividends and capital gains. 

Fund Highlights  

As of October 31, 2022
Fund structureInterval closed-end fund
Fund assets$2,214 million
QualificationsAccredited Investor  
Subscriptions / NAVDaily
RedemptionsQtrly 5%-25% of fund NAV  
Management fee0.95%  
Share classInstitutional
Ticker / CUSIPNICHX / 92220Q103
Fund launchOctober 1, 2018
Min. investment$1,000,000
Gross expense ratio1.63%
Net expense ratio1.63%  
AdministratorUMB Fund Services
CounselFaegre Drinker
AuditorCohen & Company
DistributorForeside Fund Services, LLC
DistributionsQuarterly  
Tax reporting1099  

Documents

thumbnail of Variant New Account App Combined

Account Application

thumbnail of Variant IRA Application

IRA Account Application

Fact Sheet

Distribution History

2022 Redemption Dates

Prospectus

Statement of Additional Information

Semi-Annual Report October 31, 2021

thumbnail of fp0077002_Variant_AR_2022_Final_web

Annual Report April 30, 2022