Evanston Multi-Alpha Fund Says $2.02 Mln Class I Shares Tendered At $9.6489 NAV Per Share

What happened

Evanston Multi-Alpha Fund reported in an SEC filing that $2.02 million of its Class I shares were tendered and accepted at a net asset value (NAV), meaning the fund’s per-share value, of $9.6489. No Class A shares were tendered.

Confirmed

Global impact / market context

Accepted tenders mean the fund is paying out cash for the Class I shares, reducing cash available to hold investments. The filing gives no details on the fund’s remaining assets or cash position, so the scale of any portfolio changes cannot be determined.

Analyst inference

The filing reports activity in one fund’s share classes, not a change in the value of any specific holding. The different result for Class I and Class A shows that tender activity was limited to one class; no reason is given.

Analyst inference

What to watch

1. Any later filing that reports the cash paid for accepted Class I tenders or the fund’s remaining assets could clarify the effect on its holdings. Analyst inference
2. Further tender announcements could show whether Class I share redemptions continue or whether Class A holders also seek to withdraw their investment. Analyst inference
3. A later NAV update could show whether the per-share value changed after the accepted tenders, although the supplied filing does not indicate that it will. Analyst inference

Evidence

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