Click here for the PDF: MacNicol Alternative Asset Trust Q4 2023 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 4th quarter of 2023, the Trust was lower by 6.6% as persistently higher interest rates, lower exit counts and valuations and the mounting costs of tail risk protection mean that the Trust did the best it could under the conditions it found itself in.


Fourth Quarter 2023 Highlights:

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.


Click here for the PDF: MacNicol Alternative Asset Trust Q4 2023 Commentary