Yielding a difference
For use with accredited investors only
The Fund intends to invest in a wide range of opportunities across three core impact objectives.
Financial
Inclusion
To increase access to financial services for underserved markets and beneficiaries.
— Financial Inclusion
— Gender Lens
— Racial Equity
Equitable
Growth
To enhance quality and equity of essential services that enable economic growth in underserved communities.
— Access to Quality Education
— Affordable Quality Housing
— Green Buildings
— Quality Jobs
Responsible
Consumption
To minimize environmental impact and promote more sustainable resource consumption.
— Clean Energy
— Climate Change Mitigation
— Energy Efficiency
— Sustainable Agriculture
— Waste Management
| As of September 30, 2024 |
Inception date = November 1, 2021
Past performance is not indicative of future results
Year to date
return
4.49%
1-year
return
8.86%
Since
inception
10.71%
1-year distribution rate
7.69%
Overview
The Variant Impact Fund offers investors efficient access to a diversified portfolio of unconventional income-generating assets that are aligned with the United Nations Sustainable Development Goals (“UN SDGs”). 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. The Fund will also seek to generate positive social and environmental impact by targeting investment opportunities that are both aligned with the UN SDGs and consistent with the Fund’s impact investing framework. The Fund intends to invest in a wide range of opportunities across three core impact objectives: (i) financial inclusion; (ii) equitable growth; and (iii) responsible consumption. 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 (excluding cash) by IRIS+ Impact Themes
Performance
| As of September 30, 2024 |
Inception date = November 1, 2021
Since inception return
Net performance
| 1 yr | SI | |
|---|---|---|
| Variant | IMPCX | 8.86% | 10.71% |
| IG bonds | BBG Agg | 11.57% | -1.42% |
| High yield | BBG HY | 15.74% | 3.25% |
| Equity | S&P 500 | 36.33% | 9.68% |
Monthly returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 0.56 | 0.70 | 1.27 | ||||||||||
| 2022 | 0.76 | 0.67 | 0.83 | 0.75 | 2.87 | 0.68 | 0.42 | 0.88 | 1.49 | 0.49 | 0.60 | 1.49 | 12.59 |
| 2023 | 0.64 | 0.41 | 0.97 | 0.71 | 0.82 | 0.78 | 1.59 | 1.46 | 0.75 | 1.44 | 0.64 | 2.05 | 12.96 |
| 2024 | 0.82 | 0.11 | 0.62 | 0.93 | 0.43 | 0.73 | 0.28 | -0.25 | 0.73 | 4.49 |
Year to date returns
| IMPCX | BBG Agg | BBG HY | S&P 500 | |
|---|---|---|---|---|
| 2021 | 1.27 | 0.04 | 0.88 | 3.75 |
| 2022 | 12.59 | -13.01 | -11.19 | -18.13 |
| 2023 | 12.96 | 5.53 | 13.45 | 26.26 |
| 2024 | 4.49 | 4.45 | 8.00 | 22.08 |
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 September 30, 2024 |
| Fund structure | Interval closed-end fund |
| Fund assets | $86.8 million |
| Qualifications | Accredited Investor |
| Subscriptions / NAV | Daily |
| Redemptions | Qtrly 5% of Fund NAV |
| Management fee | 1.25% |
| Share class | Institutional |
| Ticker / CUSIP | IMPCX / 922210109 |
| Fund launch | November 1, 2021 |
| Min. investment | $1,000,000 (Fund Level) |
| Gross expense ratio | 2.47% |
| Net expense ratio | 2.08% |
| Administrator | UMB Fund Services |
| Counsel | Faegre Drinker |
| Auditor | Cohen & Company |
| Distributor | UMB Distribution Services, LLC |
| Distributions | Quarterly |
| Tax reporting | 1099 |
Impact Partners
Principles for Responsible Investing is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. Variant became a signatory on January 27, 2022.
The Global Impact Investing Network (Variant became a member of the GIIN in May 2021) is the global champion of impact investing, dedicated to increasing its scale and effectiveness around the world. Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.
Variant engaged Tideline, a leading consultant in impact investing, to advise on the design & operationalization of its impact management strategy. Tideline is a specialist, women-owned consulting firm that works with asset managers and allocators to design and implement best-in-class impact management systems.
Documents
2024 Annual Impact Report
Account Application
IRA Account Application
Fact Sheet
Distribution History
Prospectus
2024 Redemption Dates
Statement of Additional Information
Semi-Annual Report October 31, 2023
Annual Report April 30, 2024
The 17 United Nations Sustainable Development Goals
The Sustainable Development Goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. The 17 Goals were adopted by all UN Member States in 2015, as part of the 2030 Agenda for Sustainable Development which set out a 15-year plan to achieve the Goals.
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