March 2025: Marnoa Diversified Income Fund (MDIF)

The fund was launched on February 28th, 2025. As of March 31st, the fund has invested in seven positions representing just over 34% of the fund and the team expects the fund to be 75% invested by the end of April 2025.

While the fund is still in its early infancy, the holdings are diversified and have a low correlation to the public markets allowing it to avoid the recent volatility. The investment team continues to research and complete due diligence on additional holdings that will soon be added.

The holdings cover commercial real estate, residential mortgages, commercial mortgages, music royalties, and private credit.

This month we feature the ICM Crescendo Music Royalty Fund. The most recent acquisition made by the Crescendo Music Royalty Fund was the rights to Mariah Carey’s Iconic Holiday Anthem “All I Want for Christmas is You”.

Other notable songs include Our Song by Taylor Swift, Wonder by Shawn Mendes, Bye Bye Bye by NSYNC and Live Like You Were Dying by Tim McGraw to name a few.

Each month, I will write a brief summary describing any activities that have occurred within the Marnoa Diversified Income Fund, report on its performance and feature one of the holdings.

All the best,