May 2023 Private Performance

The month of May performance numbers are now available. And we have another new private investment option, the iDirect Private Markets Fund. This fund is put together through iCapital and provides access to 3 different private equity power houses. Vista Equity Partners, Warburg Pincus, and KKR are made available through this investment. iCapital gets to pick and choose what investments they want the fund to participate in. All of these investments provide that true access to assets that are not available in the public market space. The rest of the group overall had a good month, although Nuveen GCR was down on the month and is still down on the year. Private REITs should be boring and consistent, but that doesn't mean there can't be down month from time to time. On the private credit side, both funds were positive on the month and are now up over 5% on the year. Truly a moment for private credit.

Performance	May	Year to Date	Annualized Dividend Rate
Blackstone's REIT¹	.67%	.34%	4.6%
Nuveen Global Cities REIT²	-.25%	-1.47%	5.41%
Blackstone Private Credit³	.4%	5.0%	10.2%
Carlyle Tactical Credit⁴	.27%	5.20%	10.91%
iDirect Private Markets Fund⁵	-.28%	.97%	-

For reference, for May, the S&P was up slightly at .25%, the NASDAQ-100 had a monster 7.6%, and the AGG(Bond Index) was up .51% and is up 2.65% through 6/20/2023. Even though I'm a big believer in the private and alternative space, we still want to have a core that can take advantage of the big gains in the public markets. This is about having a balance where having a consistent performance helps balance out a portfolio in peaks like we've had this year and the valleys we had last year. We can talk further if this is a strategy that you think could help support your overall portfolio construction.

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