HISTORICAL RETURNS,
Monthly Returns (%) | iDirect Private Markets Fund (08/01/15–08/31/24)
* References herein to the “Fund” or “iDirect PM Fund” in each instance refer to the iDirect Private Markets Fund, unless specified otherwise.
| Class I | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | MSCI ACWI YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -0.06% | 2.19% | -0.36% | -0.55% | 2.28% | 0.65% | 0.73% | 1.29% | 6.30% | 15.97% | ||||
| 2023 | 2.24% | -1.31% | -0.31% | 0.56% | -0.28% | 2.99% | 2.02% | 0.15% | 2.78% | -0.66% | 3.99% | -0.31% | 12.34% | 22.20% |
| 2022 | -3.91% | -1.37% | 3.43% | -3.78% | 0.00% | -1.25% | 2.00% | -1.65% | -1.65% | 1.82% | 1.85% | -3.52% | -8.06% | -18.37% |
| 2021 | -0.31% | 1.70% | 10.44% | 1.80% | 2.09% | 2.97% | -0.69% | 2.01% | 5.97% | 3.20% | -1.11% | 0.74% | 32.25% | 18.54% |
| 2020 | -0.47% | -2.26% | -6.79% | 2.22% | 0.61% | 2.21% | 1.15% | 1.17% | 7.08% | -0.33% | 4.20% | 2.63% | 11.34% | 16.25% |
| 2019 | 2.41% | 0.83% | 1.54% | 0.20% | -1.35% | 2.68% | 0.34% | -0.24% | 0.03% | 0.30% | 0.61% | 1.99% | 9.67% | 26.60% |
| 2018 | -0.31% | -0.68% | 0.48% | 0.48% | 0.61% | 2.83% | 0.10% | 0.27% | 2.35% | -2.62% | 0.03% | -1.00% | 2.46% | -9.42% |
| 2017 | 0.11% | 0.82% | 0.50% | 0.88% | 0.59% | 2.74% | -0.14% | -0.14% | 1.44% | 0.00% | -0.58% | 2.82% | 9.37% | 23.97% |
| 2016 | -2.03% | -0.70% | 4.69% | -0.98% | 0.61% | 2.91% | 0.33% | 0.70% | 2.91% | 0.21% | 0.25% | 2.60% | 11.88% | 7.86% |
| 2015 | -0.04% | -0.04% | -0.16% | -0.16% | 4.78% | 4.36% | -5.72% |
| Class A | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | MSCI ACWI YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -0.06% | 2.15% | -0.42% | -0.60% | 2.25% | 0.59% | 0.65% | 1.23% | 5.89% | 15.97% | ||||
| 2023 | 2.16% | -1.32% | -0.33% | 0.47% | -0.27% | 2.91% | 1.97% | 0.06% | 2.70% | -0.69% | 3.97% | -0.41% | 11.64% | 22.20% |
| 2022 | -4.00% | -1.37% | 3.35% | -3.81% | -0.06% | -1.33% | 1.99 | -1.71% | -1.73% | 1.77% | 1.80% | -3.55% | -8.63% | -18.37% |
| 2021 | -0.34% | 1.63% | 10.45% | 1.70% | 1.97% | 2.95% | -0.75% | 2.03% | 5.93% | 3.17% | -1.20% | 0.72% | 31.53% | 18.54% |
| 2020 | -0.50% | -2.31% | -6.81% | 2.14% | 0.54% | 2.18% | 1.08% | 1.15% | 7.02% | -0.35% | 4.11% | 2.55% | 10.65% | 16.25% |
| 2019 | 2.34% | 0.81% | 1.54% | 0.14% | -1.37% | 2.60% | 0.29% | -0.29% | 0.00% | 0.29% | 0.58% | 1.91% | 9.14% | 26.60% |
| 2018 | -0.36% | -0.73% | 0.44% | 0.44% | 0.51% | 2.81% | 0.07% | 0.21% | 2.28% | -2.65% | -0.07% | -1.06% | 1.80% | -9.42% |
| 2017 | 0.00% | 0.75% | 0.45% | 0.82% | 0.52% | 2.68% | -0.14% | -0.22% | 1.38% | 0.00% | -0.65% | 2.76% | 8.62% | 23.97% |
| 2016 | -2.08% | -0.82% | 4.54% | -1.03% | 0.56% | 2.85% | 0.23% | 0.69% | 2.83% | 0.15% | 0.22% | 2.54% | 11.00% | 7.86% |
| 2015 | -0.08% | -0.17% | -0.17% | -0.25% | 4.70% | 4.00% | -5.72% |
Past performance is not indicative of future results. Investment returns and principal value of an investment will fluctuate, therefore, you may have a gain or loss when you redeem your shares. Monthly returns are net of Fund expenses and based on NAV at month-end.
Annualized Statistics† | Returns for periods less than one year are cumulative rather than annualized (08/01/15–08/31/24)
| Annualized Total Return | Annualized Standard Deviation | |
|---|---|---|
| iDirect Private Markets Fund: Class I | 9.71% | 7.58% |
| iDirect Private Markets Fund: Class A (NAV) | 9.01% | 7.57% |
| iDirect Private Markets Fund: Class A (max load)‡ | 8.58% | 7.64% |
| MSCI All-Country World Index | 9.63% | 15.30% |
† The inception date of both the Fund’s Class A shares (including predecessor feeder fund shares), and Class I Shares (as re-classified), is 07/31/2015.
‡ Class A shares are subject to a maximum sales load of 3.5%. Class I shares have no sales load.
The total annual fund expense ratio, gross of any fee waivers or expense reimbursements, is 3.58% for Class A shares and 2.97% for Class I shares. The Adviser has agreed to a cap on specified expenses not to exceed 0.55% for Class A shares and for Class I shares as of the most recent Prospectus dated July 30, 2021, as supplemented. See the Prospectus for more information.
The performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data shown above. Investment return and principal value will fluctuate, so that shares, when sold, may be worth more or less than their original cost. The returns may reflect expense limitation and reimbursement, without which, the performance would have been lower. The Fund’s performance, especially for short periods of time, should not be the sole factor in making your investment decision.
For the period from the Fund’s inception through May 31, 2016, the returns and expenses of Class A shares reflect the performance of the prior feeder fund; and the returns of Class I shares reflect the performance of the Fund prior to its issuance of multiple share classes and reclassification of existing shares. From June 1, 2016 forward, the returns reflect performance of Class A and Class I shares, respectively, of the iDirect Private Markets Fund (formerly known as Altegris KKR Commitments Master Fund, and iCapital KKR Private Markets Fund). As of Feb. 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to Feb. 12, 2021, the Fund was managed by a different investment adviser.
S&P 500 Total Return Index. The total return version of S&P 500 index; generally representative of certain portions of the U.S. equity markets. Returns assume reinvestment of dividends. The index shown is for general market comparisons and is not meant to represent any actual fund. An index is unmanaged and not available for direct investment.
MSCI All-Country World Index. The MSCI ACWI captures large and mid cap representation across 23 developed markets and 27 emerging markets countries. With more than 3,000 constituents, the index covers approximately 85% of the global investable equity opportunity set. An index is unmanaged and not available for direct investment.
Standard deviation is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility.
Net Asset Value | As of 08/31/24
| iDirect Private Markets Fund: Class I | $37.81 |
| iDirect Private Markets Fund: Class A | $17.27 |
Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. The net asset value will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the date specified.
KKR, Vista, and Warburg Pincus is neither a sponsor, promoter, adviser nor affiliate of the Fund. There is no agreement or understanding between KKR, Vista, Warburg Pincus and iCapital regarding the management of the investment program of the Fund.
Before Feb. 1, 2022. the StepStone Group LP (“StepStone”) served as sub-advisor for the Fund. However, as of Feb. 1. 2022, StepStone is no longer the sub-advisor for the Fund.
Distributions
| Record Date | Ex-Date | Payable Date | Short-Term Capital Gains | Long-Term Capital Gains | Income | Reinvestment Price | |
|---|---|---|---|---|---|---|---|
| iDirect Private Markets Fund: Class I | 12/1/2016 | 12/2/2016 | 12/2/2016 | $0.00 | $1.19 | $0.00 | $27.25 |
| 6/1/2017 | 6/2/2017 | 6/21/2017 | $0.00 | $0.36 | $0.00 | $28.42 | |
| 12/1/2017 | 12/4/2017 | 12/20/2017 | $0.00 | $0.87 | $0.00 | $28.50 | |
| 6/1/2018 | 6/4/2018 | 6/25/2018 | $0.00 | $0.56 | $0.00 | $28.91 | |
| 12/3/2018 | 12/3/2018 | 12/19/2018 | $0.00 | $1.21 | $0.00 | $29.75 | |
| 6/3/2019 | 6/4/2019 | 6/24/2019 | $0.00 | $0.49 | $0.00 | $28.79 | |
| 12/2/2019 | 12/3/2019 | 12/19/2019 | $0.00 | $0.64 | $0.00 | $29.23 | |
| 6/1/2020 | 6/2/2020 | 6/24/2020 | $0.00 | $0.55 | $0.00 | $27.27 | |
| 12/1/2020 | 12/2/2020 | 12/21/2020 | $0.00 | $0.71 | $0.00 | $31.01 | |
| 6/1/2021 | 6/2/2021 | 6/24/2021 | $0.00 | $0.56 | $0.04 | $36.44 | |
| 12/1/2021 | 12/2/2021 | 12/4/2021 | $0.00 | $1.78 | $0.00 | $39.34 | |
| 6/1/2022 | 6/2/2022 | 6/24/2022 | $0.00 | $1.88 | $0.04 | $35.50 | |
| 12/1/2022 | 12/2/2022 | 12/21/2022 | $0.06 | $1.46 | $1.04 | $33.30 | |
| 6/1/2023 | 6/2/2023 | 6/23/2023 | $0.00 | $0.22 | $0.00 | $32.18 | |
| 12/1/2023 | 12/2/2023 | 12/21/2023 | $0.00 | $0.27 | $0.00 | $35.68 | |
| 6/1/2024 | 6/2/2024 | 6/24/2024 | $0.00 | $0.00 | $0.00 | – | |
| iDirect Private Markets Fund: Class A | 12/1/2016 | 12/2/2016 | 12/2/2016 | $0.00 | $0.57 | $0.00 | $12.94 |
| 6/1/2017 | 6/2/2017 | 6/21/2017 | $0.00 | $0.17 | $0.00 | $13.44 | |
| 12/1/2017 | 12/4/2017 | 12/20/2017 | $0.00 | $0.41 | $0.00 | $13.44 | |
| 6/1/2018 | 6/4/2018 | 6/25/2018 | $0.00 | $0.26 | $0.00 | $13.59 | |
| 12/3/2018 | 12/3/2018 | 12/19/2018 | $0.00 | $0.57 | $0.00 | $13.94 | |
| 6/3/2019 | 6/4/2019 | 6/24/2019 | $0.00 | $0.23 | $0.00 | $13.46 | |
| 12/2/2019 | 12/3/2019 | 12/19/2019 | $0.00 | $0.30 | $0.00 | $13.63 | |
| 6/1/2020 | 6/2/2020 | 6/24/2020 | $0.00 | $0.26 | $0.00 | $12.68 | |
| 12/1/2020 | 12/2/2020 | 12/21/2020 | $0.00 | $0.33 | $0.00 | $14.37 | |
| 6/1/2021 | 6/2/2021 | 6/24/2021 | $0.00 | $0.26 | $0.01 | $16.84 | |
| 12/1/2021 | 12/2/2021 | 12/4/2021 | $0.00 | $0.82 | $0.00 | $18.13 | |
| 6/1/2022 | 6/2/2022 | 6/24/2022 | $0.00 | $0.86 | $0.00 | $16.32 | |
| 12/1/2022 | 12/2/2022 | 12/21/2022 | $0.03 | $0.67 | $0.37 | $15.37 | |
| 6/1/2023 | 6/2/2023 | 6/23/2023 | $0.00 | $0.10 | $0.00 | $14.81 | |
| 12/1/2023 | 12/2/2023 | 12/21/2023 | $0.00 | $0.12 | $0.00 | $16.38 | |
| 6/1/2024 | 6/2/2024 | 6/24/2024 | $0.00 | $0.00 | $0.00 | – |
Fund distributions will vary depending upon market conditions and number of shares outstanding. Past distributions are no guarantee of future distributions or performance results.
This information is not intended to cover the complexities of a shareholder’s individual tax situation. Because tax laws vary among states, you should consult your tax advisor about the specific rules in the state(s) in which you pay income taxes.
Record date is the date by which a shareholder must own fund shares to receive the distribution. Ex-date is the date on which a shareholder who purchases fund shares will not be eligible to receive the distribution. Payable date is the date on which a shareholder is paid the distribution.
Note: While the portfolio composition that has been developed by iCapital Registered Fund Adviser LLC (the Fund’s investment adviser) reflects their assessment of the relative attractiveness of sub-sectors within the context of an appropriately diversified portfolio, given the percentage of assets that will be invested in Investment Interests sponsored or managed by Kohlberg Kravis Roberts & Co. L.P. or an affiliate (collectively, “KKR”), Vista Equity Partners Management, LLC or an affiliate (collectively, “Vista”), or Warburg Pincus LLC or an affiliate (collectively, “Warburg Pincus”) and with KKR and Vista, (the “Core Independent Managers”), the Fund will be exposed to risks related to the core independent managers. As of Feb. 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to Feb. 12, 2021, the Fund was managed by a different investment adviser. Before Feb. 1, 2022, the StepStone Group L.P. (“StepStone”) served as sub-advisor for the Fund. However, as of Feb. 1, 2022, StepStone is no longer the sub-advisor for the Fund.
A portion of the Fund’s assets may be allocated to Investment Interests which are not sponsored or advised by a Core Independent Manager.
Given the percentage of assets allocated to investment interests managed by KKR, Vista and Warburg Pincus the Fund is exposed to risks related to KKR, Vista and Warburg Pincus. Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. Past performance is no guarantee of future results and there can be no guarantee that any historical trends will continue over the life of the Fund. There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objectives. Holdings are subject to change.
