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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Multi-manager hedge fund targeting low-volatility capital appreciation through diversified boutique manager allocation. Focus on capacity-constrained managers preserving strategy effectiveness through limited capital raising."
Alpha Diversified Fund operates as a multi-manager hedge fund platform targeting capital appreciation with limited return variability. The fund allocates capital among boutique hedge fund managers across various asset classes, emphasizing low correlation to traditional debt and equity indices. Manager Mark Kress focuses on sourcing smaller, capacity-constrained funds that can effectively execute specialized strategies without scale limitations. The fund delivered 5.4% year-to-date returns through April 2024, outperforming the HFRX Global Hedge Fund Index at 2.0%. Since inception in December 2021, the fund has generated 3.8% annualized returns with 9.9% volatility and a 0.96 Sharpe ratio over the trailing three-year period. The strategy emphasizes optimal diversification among boutique managers who limit capital raising to preserve strategy effectiveness. Performance shows strong risk-adjusted returns with low beta to the S&P 500 at 0.14, demonstrating the intended low correlation to traditional markets.
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