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Serenity Alternative Investments Fund I - December 2020 Newsletter

December 2020

PERFORMANCE – Serenity Alternatives Fund I returned +4.11% in December net of fees and expenses, bringing year to date returns to +19.6%. The FTSE NAREIT All Equity REITs Index returned +2.45% for

the month and returned -5.1% in 2020.


2020 IN REVIEW: A PLAY IN THREE ACTS


Q1: Opportunities are scarce as the economic cycle draws to a close. Serenity Alts is focused on preserving client capital in the face of a possible recession (we are hedged). Then the virus hits. The REIT market ends Q1 down -23.5% with Serenity down only -3.7%. This is what hedge funds do best.


Q2/Q3: The Coronavirus pandemic ravages the world’s economies, creating a new set of winners and losers in the stock market and in REITs. Serenity Alts treads cautiously.


Q4: As the pandemic hits a new phase, a light at the end of the tunnel begins to glimmer. Serenity swoops in to invest opportunistically while many competitors wait on the sidelines. Fund 1 returns +20.6% net of fees in November and December.


THE ROAD AHEAD: 2020 has ended and the dawn of a new economic cycle lies just over the horizon. The path will not always be smooth, but REIT buying opportunities abound for the vigilant and decisive.


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ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.