April 2025 Portfolio Brief

Portfolio Manager Commentary – Marnoa Diversified Income Fund (MDIF)

As of April 30th, 2025, the MDIF is approximately 63% invested. This is below the 75% target we set for the fund; however, we feel the current market environment and patience deploying capital will be rewarded as opportunities develop.

The fund is diversified across private equity, private credit, strategic income, real property, commercial mortgages, royalty, and multi-strategy/multi-manager investments. 

For the month of March, MDIF generated a return of 0.16%. As the remaining capital is invested and our holdings pay out their own distributions, we expect to report stronger performance.