The North Square Evanston Multi-Alpha Fund rose more than 2% for the third quarter in both its Class I and Class A shares. Class I was up 11.99% year to date, while Class A gained 11.38% for the first three quarters.
In October, Class I rose 1.54%, while Class A returned 1.47%. For the first 10 months, the two classes are up 13.74% and 13.04%, respectively.
North Square's Evanston Multi-Alpha fund is a multi-manager fund modeled after Evanston Capital's $3.6 billion flagship fund. It's a registered close-end fund for U.S. accredited investors.
At the end of October, the Multi-Alpha fund had 21 core managers led by Silver Point with an 8.75% allocation. Other managers with a more-than 8% allocation included Rokos and Crake. Some of the other noteworthy managers included in the fund's portfolio include Oxbow, Sachem Head, Castle Hook, Wellington, Redwood and Soroban.
About 24% of the fund's portfolio was allocated to long/ short equity managers, followed by global asset allocation at 21.2% and long distressed debt at 14%.
Led by long/ short equity managers
As we've seen from multiple sources, long/ short equity managers led the way during the third quarter, and the same was true for the North Square Multi-Alpha fund. In its third-quarter letter to investors, fund management said solid stock selection drove returns for their long/ short managers, especially among generalists. Another positive factor for long/ short managers was the market tailwind.
