Both Alpha Funds provided positive returns in Q3 with positive contributions from all three core active strategies and very small beta exposure to traditional stocks and bonds as measured by our analysis of daily portfolio returns.

Both Alpha Funds provided positive returns in Q3 with positive contributions from all three core active strategies and very small beta exposure to traditional stocks and bonds as measured by our analysis of daily portfolio returns.

While the multi-strategy portfolio had trailed traditional 60/40 portfolio with larger exposures to US large cap equities in Q1 and Q2 of 2023, the portfolio benefited from a return to more diversified behavior in Q3. This improvement in diversification occurred while equity markets became increasingly fragile.