| As of January 2, 2019 |
For use with accredited investors only
Inception date = October 2, 2017
Past performance is not indicative of future results
Year to date
return
7.06%
Since inception
Sharpe ratio
4.93%
Correlation to
BBG Agg
0.12
Net portfolio
accrual rate
7.49%
Unsubsidized
accrual rate
6.74%
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 January 2, 2019 |
Number of asset classes: 10
Number of positions: 36
Largest position: 10.1%
Commitments less than 3 mo’s: 15%
Commitments less than 1 year: 48%
Direct investments: 54%
Gross portfolio accrual rate: 9.19%
Net portfolio accrual rate: 7.49%
Unsubsidized accrual rate: 6.74%
Performance
| As of January 2, 2019 |
Inception date = October 2, 2017
Since inception return
Since inception performance
| Return | Risk | Sharpe | Correl. | Beta | |
|---|---|---|---|---|---|
| Variant | NICHX | 6.18% | 0.91% | 4.93 | ||
| T-bills | BBG 1-3 Mo | 1.69% | 0.14% | - | 0.72 | 4.63 |
| IG bonds | BBG Agg | 0.32% | 2.80% | -0.49 | 0.12 | 0.04 |
| High yield | BBG HY | -1.30% | 3.22% | -0.93 | -0.09 | -0.03 |
| Hedge funds | HFRXGL | -4.29% | 4.77% | -1.25 | -0.09 | -0.02 |
| Equity | S&P 500 | 1.43% | 14.18% | -0.02 | -0.05 | 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 |
Year to date returns
| NICHX | BBG Agg | BBG HY | HFRXGL | |
|---|---|---|---|---|
| 2017 | 0.67 | 0.39 | 0.47 | 1.5 |
| 2018 | 7.06 | 0.01 | -2.08 | -6.73 |
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 January 2, 2019 |
| Fund structure | Interval closed-end fund |
| Fund assets | $27 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 | 3.30% |
| Net expense ratio | 3.08% |
| Administrator | UMB Fund Services |
| Counsel | Drinker Biddle & Reath LLP |
| Auditor | Cohen & Company |
| Distributor | Foreside Fund Services, LLC |
| Distributions | Quarterly |
| Tax reporting | 1099 |
Fund Managers
Bob Elsasser
Principal and Co-founder
Learn more
Curt Fintel, CFA
Principal and Co-founder
Learn more
JB Hayes, CFA
Principal and Co-founder
Learn more
Documents
Account Application
Fact Sheet
Prospectus and Statement of Additional Information
Semi-Annual Report October 31, 2018