From David’s Desk – January 2026
Opening Thoughts As we begin a new year, I wanted to introduce a new way of communicating about the firm. From David’s Desk is intended to be a [...]
Alternative Quarterly Commentary – Q4, 2025
Real estate, private equity, Hedge funds, emerging markets, IPOs, Industrial real estate, Land banking, Alternative debt fund
Alternative Quarterly Commentary – Q3, 2025
Trade wars, private companies, private real estate, exits in private equity, hedge funds, alternative assets
Alternative Quarterly Commentary – Q2 2025
Trade wars, private companies, private real estate, exits in private equity, hedge funds, alternative assets
Alternative Quarterly Commentary – Q4 2024
Election, interest rates, private companies, private real estate, exits in private equity, hedge funds, alternative assets
Alternative Quarterly Commentary – Q3 2024
Elections, private real estate, exits in private equity, hedge funds, alternative assets
Alternative Quarterly Commentary – Q2 2024
Alternative asset Trust Commentary for the second quarter of 2024, commentary on hedge funds, private equity, and North American private real estate
Alternative Quarterly Commentary – Q1 2024
During the first quarter of 2024, the Trust was higher by 4.1% net of costs, and this brings the Trust’s annualized rate of return since inception [October 2010] to 9.5%underpins a situation where government spending is leading to unsustainable levels of debt and deficit.
Alternative Quarterly Commentary – Q4 2023
During the fourth quarter of 2023, the MacNicol Investment Team continued to observe a widening gap between the inflation expectations of market participants and both voting and non-voting central bank officials.Catalyzing our concerns that financial markets may have “jumped to conclusions” when it comes to interest rates and a labor market that stands 200 basis points below its long-term (ex-COVID) average and fiscal profligacy that underpins a situation where government spending is leading to unsustainable levels of debt and deficit.
