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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
The Easterly Hedged Equity Fund (Class I Shares) advanced 0.75% net of fees during the third quarter of 2026, lagging the Bloomberg US 500 Index return of 2.32%. Year to date, the Fund returned 8.28% net of fees compared with 12.76% for the index, successfully capturing approximately 65% of the broader market's advance while operating with less than half the market's volatility. The portfolio continues to deploy systematic, short-dated put-spread overlays that are dynamically repositioned every four to five weeks to maintain downside floor protection close to prevailing equity market levels. Macroeconomic conditions remained supportive on the surface, underpinned by resilient economic growth, constructive corporate earnings, and a 0.70% decline in the Cboe Volatility Index (VIX). However, the manager highlights significant underlying risks that market participants may be underestimating. Inflation persists above the Federal Reserve's 2% target, keeping further monetary tightening on the table. In addition, elevated equity valuations, historically narrow market concentration, higher long-term interest rates, geopolitical tensions, and the upcoming midterm elections create a fragile backdrop despite complacent options pricing. From a portfolio implementation standpoint, the Fund held no specific individual stock pitches during the period, instead maintaining its core hedged equity posture across broad large-cap equity exposure. The strategy emphasizes a disciplined, non-predictive approach to risk management, avoiding market-timing attempts while continuously refreshing put-spread protection to preserve capital against potential reassessments of investor risk appetite.
Pair broad large-cap equity participation with a systematic, continuously renewed short-dated put-spread hedge structure to deliver attractive risk-adjusted total returns with substantially reduced downside volatility.
Management expects solid economic fundamentals to coexist with heightened macroeconomic uncertainty, keeping markets vulnerable to shocks from policy tightening, elections, or rate pressures.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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