Variant Alternative Income Fund (UNIQX)

Investor Login

Share Class

Institutional Class (NICHX)

Investor Class (UNIQX)

As of June 30, 2021

For use with accredited investors only

Inception date = October 2, 2017

Past performance is not indicative of future results

Year to date
return

6.44%

1-year
return

10.23%

Since inception
Sharpe ratio

4.58

Correlation to
BBG Agg

0.22

1-year distribution rate

5.74%

Fact Sheet

Growth of $25,000

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

As of June 30, 2021

Number of asset classes: 11

Number of positions: 53

Largest position: 11.2%

Commitments less than 3 mo’s: 28%

Commitments less than 1 year: 51%

Direct investments: 71%

1-year distribution rate: 5.74%

Leverage: 0.00%

Portfolio composition by asset class

Portfolio composition by commitment length on underlying exposures

Portfolio composition by vehicle type of underlying exposures

Performance

As of June 30, 2021

Inception date = October 2, 2017

Since inception return

Since inception performance

	Return	Risk	Sharpe	Correl.	Beta
Variant \| UNIQX	8.47%	1.55%	4.58
T-bills \| BBG 1-3 Mo	1.38%	0.31%	-	0.01	0.08
IG bonds \| BBG Agg	3.91%	3.37%	0.75	0.22	0.1
High yield \| BBG HY	6.09%	8.39%	0.56	0.27	0.05
Hedge funds \| HFRXGL	3.54%	5.48%	0.39	0.19	0.05
Equity \| S&P 500	17.43%	17.07%	0.94	0.04	0.00

Monthly returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2017										0.1	0.16	0.4	0.67
2018	0.61	0.29	0.09	0.46	0.6	0.85	0.82	0.41	0.45	0.66	0.87	0.73	7.06
2019	0.48	0.59	1.94	0.78	1.05	1.01	1.35	1.07	0.5	0.72	0.61	1.22	11.93
2020	1.17	0.45	-0.51	-0.27	0.87	0.28	0.72	0.08	0.54	0.72	0.42	1.03	5.63
2021	1.10	0.94	0.89	0.86	1.55	0.94							6.44

Year to date returns

	UNIQX	BBG Agg	BBG HY	HFRXGL
Q417	0.69	0.00	0.47	1.50
2018	7.06	0.01	-2.08	-6.72
2019	11.93	8.72	14.32	8.62
2020	5.63	7.51	7.11	6.81
2021	6.44	-1.60	3.62	3.73

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.

Fund Highlights

As of June 30, 2021

Fund structure	Interval closed-end fund
Fund assets	$972 million
Qualifications	Accredited Investor
Subscriptions / NAV	Daily
Redemptions	Qtrly 5%-25% of fund NAV
Management fee	0.95%

Share class	Investor
Ticker	UNIQX
Share class launch	Oct 31, 2018
Min. investment	$25,000
Gross expense ratio	2.51%
Net expense ratio	2.48%

Administrator	UMB Fund Services
Counsel	Faegre Drinker
Auditor	Cohen & Company
Distributor	Foreside Fund Services, LLC
Distributions	Quarterly
Tax reporting	1099