Performance across the strategies remained positive during the period. Current portfolio management continues to reflect ongoing volatility management, option-related positioning, and evolving market conditions.
Recent market activity has continued to be influenced by changes in equity markets, volatility, and broader macroeconomic conditions. Portfolio positioning remains focused on active risk management as market conditions evolve.
MTD: +1.5%
YTD: +13.7% (before management fees and incentive fees)
The Low Volatility Fund remains positive for the periods noted above on a gross basis. Year-to-date performance represents approximately $5.5 million in gains before applicable management fees and incentive fees.
On a trailing one-year basis, the fund is up more than 20% on a gross basis. Performance figures are presented before applicable management fees and incentive fees.
MTD: +0.6%
YTD: +26.0% (before management fees and incentive fees)
Low Volatility Fund II remains positive for the periods noted above on a gross basis.
Current year-to-date performance reflects the fund's existing asset base. The fund currently has one client, and that context should be considered when reviewing performance results.
MTD: +0.84%
YTD: +20.1% (before management fees and incentive fees)
The Synthetic Fund remains positive month-to-date and year-to-date on a gross basis.
Year-to-date performance represents approximately $8 million in gains before applicable management fees and incentive fees.
Based on currently available data, the S&P 500 is up approximately 9.8% year-to-date, excluding the current trading day's market movement. Comparisons should be considered alongside differences in fees, timing, investment objectives, portfolio construction, and the fund's November inception date.
MTD: +0.8%
YTD: +36.0% (before management fees and incentive fees)
The Volatility Advantage Fund remains positive for the periods noted above on a gross basis.
Year-to-date performance represents approximately $1.6 million in gains before applicable management fees and incentive fees.
The fund's trailing one-year return is approximately +60.6% on a gross basis. For context, the S&P 500 trailing one-year return is approximately +20.4%. These figures should be reviewed in light of applicable management fees, incentive fees, timing differences, investment objectives, and other relevant comparison considerations.
No material strategy or positioning changes were discussed during this week's update. Current portfolio management continues to emphasize active monitoring of market conditions, volatility, and portfolio exposures across the various strategies.
The views expressed herein reflect current market commentary and portfolio observations as of the date published and are subject to change without notice. Statements made by portfolio managers represent current opinions based on prevailing market conditions and should not be interpreted as guarantees, forecasts, or assurances of future performance or market direction.
Any performance information shown is preliminary, unaudited, and may reflect results before applicable fees, expenses, or final administrator reporting where noted. Actual investor results may differ based on fee structure, timing of contributions or withdrawals, and other account-specific factors.
This material is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, fund, or investment strategy.
