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ALPHA ALTERNATIVE ASSETS FUND
(AAACX – I SHARES)
(AACAX – A SHARES)


THE ALPHA ALTERNATIVE ASSETS FUND’S (THE “FUND”) INVESTMENT OBJECTIVE IS CURRENT
INCOME AND LONG-TERM CAPITAL APPRECIATION.



NAV (5/15/24)


$6.24
$6.18

TICKER


AAACX
AACAX







ALPHA ALTERNATIVE ASSETS FUND

The Fund seeks to achieve its investment objective by investing primarily in
“longevity-based assets.” Longevity-based assets include financial instruments
across a range of asset types, qualities, and sectors that produce returns
contingent upon (i) the continued aging of the U.S. and global population, and
(ii) individual life expectancies within the 70+ age cohort.

Specifically, longevity-based assets consist primarily of derivatives of life
insurance and annuity policies known as life settlements and structured
settlements; a broader definition includes equity and debt securities of life
insurance companies; pharmaceutical and medical patent royalties; and real
estate based assets including reverse mortgages and tax liens (lending products
used by homeowners as they age), real estate lending secured by senior housing,
assisted living facilities, hospitals and other geriatric specific healthcare
facilities.



 * Growth of the aging population
 * Investor demand for uncorrelated strategies
 * Growth of portfolio alternatives

 * Experienced team with concentrated background alternative investments and
   portfolio management
 * Active Management of multiple fund “Sleeves” through the Adviser and
   Sub-Adviser

 * Carefully selected managers for acquired securities
 * Transparent actuarial advice and valuation policies

 * Liquid and Illiquid “Sleeve” of Portfolio
 * Sub-adviser seeks to mitigate the drag of uninvested cash by investing in
   liquid securities
 * Illiquid sleeve allows for potential enhanced returns of long-term products

 * Institutional investment access sought by the Fund
 * Emphasis on low correlation to traditional debt and equity markets
 * Approach seeks to withstand volatile market cycles


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 * Overview
 * Managers
 * Documents


OVERVIEW

The majority of the portfolio is typically comprised of securities with
underlying life and structured settlements – private equity, private credit, and
hybrids- sourced from issuers with deep experience in the industry. The Adviser
works closely with these issuers in acquiring or structuring securities for the
Fund. Minority positions in other longevity assets, as broadly defined, may
occur on an opportunistic basis where the overlay of an actuarial analysis can
be made on the underlying assets of the security that meets the desired
criteria.

In order to maintain liquidity of the Fund and enhance returns, the Adviser
allocates uninvested cash (typically up to 25% of the portfolio) to the
investment sub-adviser, Haven Asset Management (Interval Funds) LLC to invest in
highly liquid, high yield securities.


MANAGER’S EXPERTISE

The principal elements of the Investment Manager’s investment process include:
(i) opportunity identification and analysis; (ii) portfolio construction; (iii)
liquidity management; and (iv) investment monitoring. The team relies on
expertise in the following areas:


ACTUARIAL SCIENCE

 * Life-Contingent Analysis
 * Aging Population Trends
 * Actuarial Analysis
 * Life Insurance Underwriting


ABOUT THE MANAGERS

Alpha Growth Management Inc (“AGM”), a wholly-owned subsidiary of Alpha Growth
PLC, serves as the Fund’s Investment Manager. AGM specializes in alternative
investment strategies in Insurance and Longevity Assets. While overseeing and
monitoring all investment activity of the Fund, AGM is directly responsible for
the management of the “Illiquid” sleeve of the Fund.

Alpha Growth PLC is a London Stock Exchange listed company specializing in
longevity asset management. Through its subsidiaries and operating companies,
Alpha Growth PLC currently has over $340 million of assets under management as
of 6/30/2022.

Through an emphasis on transparency, experience, and strong industry
relationships, Alpha Growth PLC has positioned itself as a leader in the field
of longevity assets.

Haven Asset Management (Interval Funds) LLC serves as the Fund’s Sub-Adviser,
providing expertise and portfolio management services to the “Liquid” sleeve of
the Fund. Haven’s portfolio managers bring over 20 years in fixed-income
management.

With a track record in fixed-income portfolio management, Haven’s strategic
partnership with Alpha Growth unites two specialized enterprises to create an
innovate alternative investment product.



ADVISER: PORTFOLIO MANAGER


GOBIND SAHNEY

Gobind Sahney has served as portfolio manager of the Fund since September 1,
2022.



Gobind Sahney has served as portfolio manager of the Fund since September 1,
2022. Gobind is one of the most experienced and recognised professionals within
the alternative asset management sector. In addition to Alpha Growth, he is
currently Director of Alpha Longevity Management Limited, an investment
management company regulated and licensed by the Financial Services Commission
of the British Virgin Islands.



He has performed at senior executive level within multiple organisations that
specialise in distressed debt and discounted assets totalling in excess of $750m
across North America, Europe and the UK. Additionally, Gobind was the Chairman
of Stratmin Global Resources plc. His involvement began with its investment and
turnaround which consisted of £2 million in distressed assets. As Chairman, he
organized and executed a turnaround through the liquidation of those assets and
the identification and reverse takeover of a mining company and the associated
multi-million pound fundraise.

He has spoken as a subject matter expert on distressed debt and discounted asset
investing at ACA International conferences in the US, and at Credit Services
Association conferences in the UK. Gobind is a graduate of Babson College,
Wellesley, Massachusetts, and holds a Bachelors degree in accounting and
finance. He also served on the board of trustees of Babson College from 2001 to
2010.



ADVISER: PORTFOLIO MANAGER


JASON SUTHERLAND

Jason Sutherland has served as portfolio manager of the Fund since September 1,
2022.



Jason Sutherland has served as portfolio manager of the Fund since September 1,
2022.



Mr. Sutherland is the founder and Senior Partner of Citadel Legal Services LLC,
and represents clients across North America, Europe and Asia, predominantly
within the insurance backed assets industry. Mr. Sutherland is also the Senior
Vice President of Capital Markets and Senior Counsel for DRB Financial Solutions
which is majority owned by the Blackstone Tactical Opportunities Group.

Since joining DRB in 2015, Mr. Sutherland has negotiated and structured multiple
warehousing facilities of up to $600m. He also launched the first ever AAA rated
placements of mortality backed linked annuity receivables totalling $151m. Mr.
Sutherland recently ran $3bn of policies under the Lamington Road Fund in
Dublin, Ireland which was acquired by Emergent Capital, ran Citadel’s London
office at the same time, and was Managing Director of DLP funding group out of
London under Peach Holdings LLC, with $1.5bn under management. Prior to that Mr.
Sutherland spent 12 years with the Peach Holdings Group, most recently as
Managing Director of Legal and operations for Peachtree Asset Management based
in London and Luxembourg, a Global leader in uncorrelated investments for
institutional clients, where he obtained FCA approval, guiding the fundraising
efforts, and coordinating with regulatory bodies in UK, US, Cayman Islands,
Luxembourg and Ireland. Mr. Sutherland received his Juris Doctorate in Boston in
1999 and was subsequently admitted to the State Bar of Georgia. Mr. Sutherland
is also a member of the New York Bar, United States Supreme Court, Georgia
Supreme Court among others, and maintains an FCA CF1, CF3, CF10 and CF11.



SUBADVISER: PORTFOLIO MANAGER


MAX HOLMES

Max Holmes has served as portfolio manager of the Fund since October 1, 2022.



Max Holmes has served as portfolio manager of the Fund since October 1, 2022.
Mr. Holmes, the Chief Investment Officer of the Sub-Advisor, has a long record
of investment experience, particularly in the fixed income markets, and has been
previously associated with three registered investment advisors: (1) Jan 2002 to
May 2005, Managing Director and portfolio manager at D. E. Shaw & Co., L.P., one
of the largest hedge fund managers in the world, currently with $37.6 billion of
AUM; (2) May 2005 to May 2012, Founder and Chief Investment Officer of
Plainfield Asset Management LLC, with peak $5.4 billion of peak AUM
(de-registered in good standing); and (3) March 2019 to May 2020, Chief
Investment Officer of Haven Asset Management (Insurance) LLC (de-registered in
good standing when the affiliated insurance company client was to be sold).
Since January 2015, Mr. Holmes has been a Senior Advisor to American Industrial
Partners, a private equity fund manager and registered investment advisor,
currently with $8.0 billion of AUM. Mr. Holmes also previously held senior
positions with RBC Capital Markets, Gleacher NatWest Inc. and Salomon Brothers
Inc (in New York) and Drexel Burnham Lambert (in Beverly Hills, California). Mr.
Holmes started his career as a practicing attorney with Vinson & Elkins (in
Houston Texas). Mr. Holmes received a J.D. from Columbia Law School in 1984, an
M.B.A. from Columbia Business School in 1984, and a B.A. from Harvard College in
1981. Since 1993, Max Holmes has taught “Bankruptcy and Reorganization” at Stern
Graduate School of Business at New York University, where he remains an Adjunct
Professor of Finance.




LITERATURE AND FUND DOCUMENTS

Download materials to learn more about Alpha Alternative Assets Fund 

ANNUAL REPORT

Download

SEMI-ANNUAL REPORT

Download

PORTFOLIO HOLDINGS

Download 12.31.2023

Download 6-30-2023

Download 12-31-2022

Download 06/30/2022 

Download 12/31/2021

PROSPECTUS

Download

STATEMENT OF ADDITIONAL INFORMATION (SAI)

Download

REPURCHASE OFFER 3/29/2024

AAAF Repurchase Offer – March 2024




IMPORTANT DISCLOSURE INFORMATION


1 Pursuant to an Investment Advisory Agreement between the Fund and the Adviser
(the “Advisory Agreement”), and in consideration of the advisory provided by the
Adviser to the Fund, the Adviser is entitled to receive a monthly fee at the
annual rate of 1.50% of the Fund’s average daily net assets. The services
provided by the Adviser to the Fund, the Adviser is entitled to receive a
monthly fee at the annual rate of 1.50% of the Fund’s average daily net assets.
The sub-Adviser is paid by the Adviser.

2 The Adviser and the Fund have entered into an Expense Limitation Agreement
under which the Adviser has agreed, until at least January 31, 2024 to waive its
management fees and to pay or absorb the ordinary operating expenses of the Fund
and the organizational and offering expenses of the Fund (excluding interest,
dividends, amortization/accretion and interest on securities sold short,
brokerage commissions, acquired fund fees and expenses, distribution and
shareholder servicing fees, and extraordinary expenses), to the extent that its
management fees plus the Fund’s expenses exceed 2.40% per annum of the Fund’s
average daily net assets attributable to Class I Shares. The Expense Limitation
Agreement may not be terminated by the Adviser, but it may be terminated by the
Board of Trustees, upon 60 days written notice to the Adviser.

This is neither an offer to sell nor a solicitation to purchase any security.
Investors should carefully consider the investment objectives, risks, charges,
and expenses of the Alpha Alternative Assets Fund (the “Fund”). Past performance
is not a guarantee of future results. Investing in the Fund involves risks,
including the risk that you may receive little or no return on your investment
or that you may lose part or all of your investment. Alpha Alternative Assets
Fund is formerly known as A3 Alternative Income Fund. This material has been
distributed for informational purposes only and should not be considered as
investment advice or a recommendation of any particular security, strategy or
investment product or be relied upon for any other purpose.

Investing in the Fund’s shares involves risks, including the following:
– The Fund’s shares have limited pricing or performance history.
– Shares of the Fund will not be listed on any securities exchange, which makes
them inherently illiquid.
– There is no secondary market for the Fund’s shares, and it is not anticipated
that a secondary market will develop.
– The shares of the Fund are not redeemable.
– Although the Fund will offer to repurchase at least 5% of outstanding shares
on a quarterly basis in accordance with the Fund’s repurchase policy, the Fund
will not be required to repurchase shares at a shareholder’s option nor will
shares be exchangeable for units, interests or shares of any security.
– The Fund is not required to extend, and shareholders should not expect the
Fund’s Board of Trustees to authorize, repurchase offers in excess of 5% of
outstanding shares.
– Regardless of how the Fund performs, an investor may not be able to sell or
otherwise liquidate his or her shares whenever such investor would prefer and,
except to the extent permitted under the quarterly repurchase offer, will be
unable to reduce his or her exposure on any market downturn.
– If and to the extent that a public trading market ever develops, shares of
closed-end investment companies, such as the Fund, may have a tendency to trade
frequently at a discount from their NAV per share and initial offering prices.
An investment in the Fund’s shares is not suitable for investors who cannot
tolerate risk of loss or who require liquidity, other than liquidity provided
through the Fund’s repurchase policy.
– Alternative investments are highly speculative and involve a great degree of
risk and are not suitable for all investors. Full loss of principal is possible.
– The fund may engage in the use of leverage and other speculative investment
practices, such as short sales, options, derivatives, futures and illiquid
investments that may increase the risk of investment loss.
– Investment return and principal value will fluctuate so that an investor’s
shares, when redeemed, may be worth more or less than original cost.

BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUND’S INVESTMENT OBJECTIVES,
RISKS, CHARGES AND EXPENSES. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS.
PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.

 

Distributed by ALPS Distributors Inc.

ALPHA GROWTH MANAGEMENT LLC

1615 South Congress Avenue, Suite 103
Delray Beach, Florida 33445
Phone: +1 949 326 9796
Email: info@funds.alphagrowthmgt.com

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Alpha Growth Management LLC
1615 South Congress Avenue, Suite 103 Delray Beach, FL 33445
Phone: +1 949 326 9796
Email: info@funds.alphagrowthmgt.com


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