North Square Trilogy Alternative Return Fund: Blending Multiple Strategies to Reduce Risk in Changing Market Conditions


North Square Trilogy Alternative Return Fund: Blending Multiple Strategies to Reduce Risk in Changing Market Conditions

In this podcast, North Square Investments CEO and Co-Founder Mark Goodwin discusses the investment approach that CS McKee utilizes for tactical asset allocation with CS McKee Portfolio Manager and Head of Asset Allocation Brad Thompson and Portfolio Manager Clayton Wilkin. Mark, Brad and Clayton will specifically delve into the investment approach of the North Square Trilogy Alternative Return Fund.

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This podcast was recorded October 28, 2021. The opinions expressed herein are those of North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our podcasts are for general informational purposes only and should not be considered as investment advice. The inclusion and performance of specific investments discussed represent only a sample of North Square’s Fund investments, and do not represent North Square’s Fund investments or performance as a whole. A complete list of North Square’s holdings is available upon request. There is no guarantee that any investments discussed at the time of this podcast will remain in North Square’s Fund(s). Past performance is not indicative of future results. It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. North Square reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. There is no guarantee that North Square’s assessment of investments will be correct. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account any specific investment objectives or risk tolerance you may have. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this report to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.

As of September 30, 2021

1 Year 5 Years Since Inception*
Class I 7.59% 2.73% 2.81%
Standard & Poor’s 500 Index 29.98% 16.87% 14.66%
Bloomberg US Aggregate Bond Index -0.90% 2.94% 3.01%

*Inception Class I shares 4/1/2012. Effective June 2021, the name of the Stadion Trilogy Alternative Return Fund was changed to the North Square Trilogy Alternative Return Fund.

Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For the Trilogy Alternative Return Fund’s standardized performance, please click here.

For a list of holdings, fund performance, prospectus and risks, please click here.

Diversification does not assure a profit or protect against loss in a declining market.

Definitions of key terms used in this podcast:

Correlation describes the relationship between two variables. Variables are correlated if the change in one is followed by a change in the other. Correlation shows if the relationship is positive or negative and how strong the relationship is. Positive correlation describes the relationship between two variables which change together, while an inverse correlation describes the relationship between two variables which change in opposing directions. Inverse correlation is sometimes known as a negative correlation, which describes the same type of relationship between variables.

An Option Collar, also known as a hedge wrapper or risk-reversal, is an options strategy implemented to protect against large losses, but it also limits large gains.

The short call spread (or “bear call spread”) is a type of options strategy used when an investor expects a decline in the price of the underlying asset.

The short put spread is another type of options strategy where an investor or trader expects a moderate-to-large decline in the price of a security or asset and wants to reduce the cost of holding the option trade.

A basis point is one hundredth of one percent, used chiefly in expressing differences of interest rates. (100 basis points = 1.0%.)

The S&P 500 Index, or Standard & Poor’s 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., regarded as one of the best gauges of large-cap U.S. equities.

The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is frequently used as a stand-in for measuring the performance of the US bond market.

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Martin Gawne