MacNicol’s The Alternative Asset Trust Quarterly Commentary- January 2023 (Click here)


The MacNicol Alternative Asset Trust is a multi-strategy, alternative investment platform designed to generate returns that are positive and uncorrelated with public stock or bond markets. The Trust, through its underlying limited partnerships invests in real estate, private equity, and hedge funds. In total, the Alternative Trust is invested in more than 150 separate real estate projects, private businesses, and hedge funds. The advantages of our approach to alternative assets include effective diversification, enhanced liquidity and a less volatile return profile compared to the individual asset classes themselves.

Alternative Trust Update: The goal of the Alternative Trust is to generate positive absolute returns under most market and economic conditions with little or no correlation to major, developed world stock markets. During the 4th quarter of 2022 the Trust was largely unchanged, giving back just 20 basis points in an environment defined by elevated geopolitical risk, stubborn inflation, rapidly tightening monetary policy and scandals in the world of digital currencies. Despite the challenges of the fourth quarter and indeed much of 2022 the Trust ended the year higher by 4.4%. The Trust’s annualized rate of return since inception stood at 10.2% as 2022 concluded. As always, the performance figures referenced in this commentary are net of fees and expenses.



Fourth Quarter 2022 Highlights:

The fourth quarter of 2022 was defined by many of the same challenging investment themes that dominated the year as a whole, but with the added complication of a new scandal in the world of digital currencies. In early November, following a report by CoinDesk (a new source covering BITCOIN and other digital currencies) that digital currency exchange FTX was nearly insolvent, concerns of contagion rippled through other decentralized currencies.



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Alternative Asset Trust Q4 2022 Commentary