funds.variantinvestments.comVariant Alternative Income Fund (NICHX) - Variant Funds

Advisor Site Investor Login Variant Funds Variant Alternative Income Fund (NICHX) Variant Impact Fund (IMPCX) Contact Us Variant Funds Variant Alternative Income Fund (NICHX) Variant Impact Fund (IMPCX) Contact Us Search: Variant Alternative Income Fund (NICHX) Income done differently As of April 30, 2024 For use with accredited investors only Inception date = October 2, 2017 Past performance is not indicative of future results Year to date return 3.02% 1-year return 9.85% 3-year return 9.84% 5-year return 9.50% Since inception 9.04% 1-year distribution rate 10.63% Growth of $1,000,000 Menu Overview Portfolio Performance Fund Highlights Documents Overview The Variant Alternative Income Fund, a closed-end interval fund, offers investors efficient access to a diversified portfolio of unconventional income-generating assets. The Fund invests in niche market opportunities with strong cash flow characteristics and low correlations to public equity and bond markets. The Fund’s primary objective is to provide a high level of current income. Capital appreciation will be considered a secondary objective. Variant, an innovator in alternative income investing, is led by an investment team with decades of experience investing in market niches. Interval funds provide investors such features as daily pricing, 1099 tax reporting, and quarterly liquidity with a fund-level gate of 5-25% of NAV. The interval fund structure allows accredited investors the opportunity to access less liquid, potentially higher yielding alternative investments. Portfolio Portfolio composition by asset class Performance As of April 30, 2024 Inception date = October 2, 2017 Since inception return Net performance 1 yr 3 yr 5 yr SI Variant | NICHX 9.85% 9.84% 9.50% 9.04% T-bills | BBG 1-3 Mo 5.35% 2.70% 2.07% 2.02% IG bonds | BBG Agg -1.47% -3.54% -0.16% 0.39% High yield | BBG HY 9.02% 1.51% 3.72% 3.88% Equity | S&P 500 22.65% 8.04% 13.17% 13.02% Monthly returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2017 0.12 0.19 0.42 0.73 2018 0.63 0.31 0.11 0.48 0.62 0.87 0.84 0.44 0.47 0.64 0.87 0.74 7.26 2019 0.48 0.59 1.98 0.82 1.05 1.07 1.35 1.07 0.52 0.76 0.64 1.24 12.22 2020 1.17 0.48 -0.50 -0.27 0.87 0.34 0.76 0.08 0.56 0.72 0.45 1.06 5.87 2021 1.10 0.94 0.92 0.90 1.59 0.96 1.72 0.72 0.65 0.72 0.72 0.72 12.29 2022 0.68 0.60 0.72 0.86 0.49 0.63 0.57 0.88 0.77 0.81 0.49 0.89 8.71 2023 0.77 0.69 0.61 0.59 0.76 0.71 0.93 0.58 0.76 0.82 0.78 1.09 9.50 2024 0.60 0.67 0.91 0.81 3.02 Year to date returns NICHX BBG Agg BBG HY S&P 500 Q417 0.73 0.39 0.47 6.64 2018 7.26 0.01 -2.08 -4.39 2019 12.22 8.72 14.32 31.48 2020 5.87 7.51 7.11 18.39 2021 12.29 -1.54 5.28 28.68 2022 8.71 -13.01 -11.19 -18.13 2023 9.50 5.53 13.45 26.26 2024 3.02 -3.28 0.52 6.04 The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns assume reinvestment of dividends and capital gains. Fund Highlights As of April 30, 2024 Fund structure Interval closed-end fund Fund assets $3,108 million Qualifications Accredited Investor Subscriptions / NAV Daily Redemptions Qtrly 5% of Fund NAV Management fee 0.95% Share class Institutional Ticker / CUSIP NICHX / 92220Q103 Fund launch October 1, 2018 Min. investment $1,000,000 Gross expense ratio 1.67% Net expense ratio 1.67% Administrator UMB Fund Services Counsel Faegre Drinker Auditor Cohen & Company Distributor UMB Distribution Services, LLC Distributions Quarterly Tax reporting 1099 Documents Account Application IRA Account Application Fact Sheet Distribution History 2024 Redemption Dates Prospectus Statement of Additional Information Semi-Annual Report October 31, 2023 Annual Report April 30, 2023 Quarterly Portfolio Holdings (January 31, 2024) Quarterly Portfolio Holdings (July 31, 2023 ) Forms 3 and 4 Form 19A – Notice Regarding Sources of Distributions Form 8937 – Report of Organizational Actions Affecting Basis of Securities Variant Investments, LLC, (Variant”) is an alternative investments manager based in Portland, OR. Variant was founded in 2017 and manages $3.2B in assets across two interval fund products, the Variant Alternative Income Fund and the Variant Impact Fund. © Copyright 2022 Variant Investments, LLC. All rights reserved. The Variant Alternative Income Fund (the "Fund") is a continuously-offered, non-diversified, registered closed-end fund with limited liquidity. There is no guarantee the Fund will achieve its objective. An investment in the Fund should only be made by investors who understand the risks involved, who are able to withstand the loss of the entire amount invested and who can bear the risks associated with the limited liquidity of Shares. A prospective investor must meet the definition of accredited investor” under Regulation D under the Securities Act of 1933. Important Risks: Shares are an illiquid investment. You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs. Although the Fund is required to implement a Share repurchase program only a limited number of Shares will be eligible for repurchase by the Fund. An investment in the Fund is speculative, involves substantial risks, including the risk that the entire amount invested may be lost, and should not constitute a complete investment program. The Fund may leverage its investments by borrowing, use of swap agreements, options or other derivative instruments. The Fund is a non-diversified, closed-end management investment company, meaning it may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, the fund is subject to investment related risks of the underlying funds, general economic and market condition risk. Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. The Fund’s investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes and strategies. Such allocation could result in the Fund holding asset classes or investments that perform poorly or underperform. Investments and investment transactions are subject to various counterparty risks. The counterparties to transactions in over the-counter or inter-dealer” markets are typically subject to lesser credit evaluation and regulatory oversight compared to members of exchange-based” markets. This may increase the risk that a counterparty will not settle a transaction because of a credit or liquidity problem, thus causing the Fund to suffer losses. The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. The Variant Impact Fund (the "Fund") is a continuously-offered, non-diversified, registered closed-end fund with limited liquidity. The investment objective of the Fund is to seek to provide a high level of current income. Capital appreciation is considered a secondary objective. The Fund will also seek to generate positive social and environmental impact by targeting investment opportunities that are both aligned with the United Nations Sustainable Development Goals ("UN SDGs") and consistent with the Fund’s impact investing framework. There is no guarantee the Fund will achieve its objective. An investment in the Fund should only be made by investors who understand the risks involved, who are able to withstand the loss of the...