Commentary

The Variant Alternative Income Fund (the “Fund”) returned +2.98% (institutional share class NICHX) in the first quarter of 2021, during a period of heightened market volatility across asset classes.  Over...

The Variant Alternative Income Fund (the “Fund”) returned +2.25% (institutional share class NICHX) in the fourth quarter of 2020, during a period in which risk assets performed well.  Over the...

The Variant Alternative Income Fund (the “Fund”) returned +1.41% (institutional share class NICHX) in the third quarter of 2020, during a period in which risk assets generally performed well.  Over...

The Variant Alternative Income Fund (the “Fund”) returned +0.95% (institutional share class NICHX) in the second quarter of 2020, during a mostly risk-on recovery across financial markets.  Over the quarter,...

The Fund (NICHX) returned +1.15% in the first quarter of 2020 amid the unfolding COVID-19 pandemic and resulting market volatility.  With the economic outlook swiftly deteriorating, the Fund underperformed investment...

The Fund (NICHX) returned +2.67% in the fourth quarter of 2019, outperforming investment grade bonds and performing in line with high yield corporate debt and hedge fund indices.  For the...

Q319 Commentary The Fund (NICHX) returned +2.97% in the third quarter of 2019, outperforming investment grade bonds, high yield corporate debt and hedge fund indices.  Over the trailing year ending September...

Q219 Commentary The Fund (NICHX) returned +2.97% in the second quarter of 2019, outperforming high yield corporate debt and hedge fund indices but underperforming investment grade bonds by a small margin. ...

The Fund (NICHX) returned +3.07% in the first quarter of 2019, outperforming investment grade bond and hedge fund indices, but underperforming high yield corporate debt.  Over the trailing year, the Fund was up...

The Fund (NICHX) returned +2.27% in the fourth quarter of 2018, outperforming investment grade bond, high yield and hedge fund indices.  For the full year 2018, the Fund was up...