November turned out to be another solid month for the Fund, which gained +1.24%, bringing year-to-date performance to +10.24%. This compares to the Index at +0.27% for the month and +11.11% year to date. Seventeen of our managers generated positive returns, while six detracted modestly.

This result is particularly satisfying as it marks our 30th consecutive positive month, a milestone we are very proud of and one that speaks to the consistency and resilience of our portfolio construction and manager selection process.

Equity markets resumed their upward trend, supported by easing financial conditions and renewed optimism following the Federal Reserve’s long-awaited rate cut. While valuations remain elevated, particularly in technology and AI-related names, investor appetite for risk stayed firm, even as market breadth continued to narrow. Beneath the surface, dispersion increased, creating fertile ground for active and long/short strategies.

Our Long/Short Equity managers contributed the most with +0.77% within the +1.24%, benefiting from stock-specific opportunities and sector rotation, while Macro, Multi-Strategy, and Systematic strategies delivered steady contributions. Event Driven strategies remained more mixed, as corporate activity stayed selective amid lingering financing constraints and regulatory uncertainty.

On the macro front, the Fed’s decision to begin easing policy marked an important inflection point, acknowledging that restrictive rates were increasingly weighing on growth and labor market dynamics. Markets are now focused on the trajectory of further cuts in 2026, a path likely to be uneven as policymakers balance slowing growth against still-elevated fiscal deficits and structural inflationary pressures linked to energy, reshoring, and defense spending.

Fixed income markets reflected these tensions, with short-term yields adjusting lower while longer maturities remained under pressure due to heavy issuance and debt sustainability concerns. Credit spreads stayed contained for now, though we continue to monitor pockets of vulnerability as a significant refinancing wall approaches over the next 12-24 months.

Geopolitical risks remain elevated. The war in Ukraine shows no sign of resolution, keeping European confidence subdued outside of defense-related investments. Elsewhere, political uncertainty, trade realignments, and ongoing tensions in the Middle East and Asia continue to add layers of complexity to the global outlook.

Looking ahead, 2026 is shaping up to be a year of heightened uncertainty. Slower growth, political transitions, refinancing risks, and unresolved geopolitical tensions are likely to result in higher volatility. In such an environment, broad market exposure may prove less forgiving, reinforcing the importance of flexibility, diversification, and disciplined risk management.

What we are certain about is that our managers, the “best doctors,” as we like to call them, have the experience and tools required to navigate turbulent conditions. The Fund’s long streak of positive months reinforces our confidence in their ability to protect capital while capturing opportunities as they arise.

We thank you once again for your trust and support, and we wish you happy holidays and a prosperous 2026 as we approach year-end.