Click here for the PDF: MAAM Alternative Asset Trust 3rd Quarter Commentary


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 goals of the Alternative Trust are to generate attractive risk-adjusted returns using private investment opportunities so investors can reduce their dependence on public market investments. During the third quarter of 2023 the trust was higher by approximately 1.4%. Returns from private real estate and hedge funds were higher during the quarter, and strong enough to offset mixed results in private equity. During the quarter, the trust realized two notable exit transactions and made a small number of carefully thought-out new investments. The trust also experienced a more familiar pace of general transaction activity on the part of its investments, with capital being harvested from older vintage partnerships and called to newer vintage deals earlier in their investment periods which we view as positive. September also marks the trust’s final month as a “child” and of its transition to teenagerhood in October.

The trust began operations in October of 2010 and overly nearly 13 years it has generated a rate of return of over 10% net of all fees and expenses, while subjecting unitholders to a nearly whisper quiet 6.8% rate of annualized volatility which is 2.7 times less than that of the S&P500 over the same time frame. Great investments are nothing without great investors and the trust’s unitholders which include many of you. Though we log hundreds of hours each year working as gatekeepers to ensure that only the most carefully scrutinized investment ideas receive your capital, working for such an amazing group of clients is an honor and a pleasure, and we thank you for entrusting us with your wealth.

With the trust’s broad third quarter highlights covered in the update section, let us now turn to a more focused overview of the trust’s overall asset mix and dive into the trust’s individual limited components.



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Click here for the PDF: MAAM Alternative Asset Trust 3rd Quarter Commentary