* References herein to the “Fund” or “iCapital KKR PM Fund” in each instance refer to the iCapital KKR Private Markets Fund, unless specified otherwise.
HISTORICAL RETURNS, NAV and DISTRIBUTIONS
Monthly Returns (%) | iCapital KKR Private Markets Fund (08/01/15–03/31/23)
| Class I | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | MSCI ACWI YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2.24% | -1.31% | -0.31% | 0.59% | 7.30% | |||||||||
| 2022 | -3.91% | -1.37% | 3.43% | -3.78% | 0.00% | -1.25% | 2.00% | -1.65% | -1.65% | 1.82% | 1.85% | -3.52% | -8.06% | -18.37% |
| 2021 | -0.31% | 1.70% | 10.44% | 1.80% | 2.09% | 2.97% | -0.69% | 2.01% | 5.97% | 3.20% | -1.11% | 0.74% | 32.25% | 18.54% |
| 2020 | -0.47% | -2.26% | -6.79% | 2.22% | 0.61% | 2.21% | 1.15% | 1.17% | 7.08% | -0.33% | 4.20% | 2.63% | 11.34% | 16.25% |
| 2019 | 2.41% | 0.83% | 1.54% | 0.20% | -1.35% | 2.68% | 0.34% | -0.24% | 0.03% | 0.30% | 0.61% | 1.99% | 9.67% | 26.60% |
| 2018 | -0.31% | -0.68% | 0.48% | 0.48% | 0.61% | 2.83% | 0.10% | 0.27% | 2.35% | -2.62% | 0.03% | -1.00% | 2.46% | -9.42% |
| 2017 | 0.11% | 0.82% | 0.50% | 0.88% | 0.59% | 2.74% | -0.14% | -0.14% | 1.44% | 0.00% | -0.58% | 2.82% | 9.37% | 23.97% |
| 2016 | -2.03% | -0.70% | 4.69% | -0.98% | 0.61% | 2.91% | 0.33% | 0.70% | 2.91% | 0.21% | 0.25% | 2.60% | 11.88% | 7.86% |
| 2015 | -0.04% | -0.04% | -0.16% | -0.16% | 4.78% | 4.36% | -5.72% |
| Class A | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | MSCI ACWI YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2.16% | -1.32% | -0.33% | 0.47% | 7.30% | |||||||||
| 2022 | -4.00% | -1.37% | 3.35% | -3.81% | -0.06% | -1.33% | 1.99 | -1.71% | -1.73% | 1.77% | 1.80% | -3.55% | -8.63% | -18.37% |
| 2021 | -0.34% | 1.63% | 10.45% | 1.70% | 1.97% | 2.95% | -0.75% | 2.03% | 5.93% | 3.17% | -1.20% | 0.72% | 31.53% | 18.54% |
| 2020 | -0.50% | -2.31% | -6.81% | 2.14% | 0.54% | 2.18% | 1.08% | 1.15% | 7.02% | -0.35% | 4.11% | 2.55% | 10.65% | 16.25% |
| 2019 | 2.34% | 0.81% | 1.54% | 0.14% | -1.37% | 2.60% | 0.29% | -0.29% | 0.00% | 0.29% | 0.58% | 1.91% | 9.14% | 26.60% |
| 2018 | -0.36% | -0.73% | 0.44% | 0.44% | 0.51% | 2.81% | 0.07% | 0.21% | 2.28% | -2.65% | -0.07% | -1.06% | 1.80% | -9.42% |
| 2017 | 0.00% | 0.75% | 0.45% | 0.82% | 0.52% | 2.68% | -0.14% | -0.22% | 1.38% | 0.00% | -0.65% | 2.76% | 8.62% | 23.97% |
| 2016 | -2.08% | -0.82% | 4.54% | -1.03% | 0.56% | 2.85% | 0.23% | 0.69% | 2.83% | 0.15% | 0.22% | 2.54% | 11.00% | 7.86% |
| 2015 | -0.08% | -0.17% | -0.17% | -0.25% | 4.70% | 4.00% | -5.72% |
Past performance is not indicative of future results. Investment returns and principal value of an investment will fluctuate, therefore, you may have a gain or loss when you redeem your shares. Monthly returns are net of Fund expenses and based on NAV at month-end.
Annualized Statistics† | Returns for periods less than one year are cumulative rather than annualized (08/01/15–03/31/23)
| Annualized Total Return | Annualized Standard Deviation | |
|---|---|---|
| iCapital KKR Private Markets Fund: Class I | 9.13% | 8.02% |
| iCapital KKR Private Markets Fund: Class A (NAV) | 8.44% | 8.01% |
| iCapital KKR Private Markets Fund: Class A (max load)‡ | 7.94% | 8.17% |
| MSCI All-Country World Index | 7.54% | 15.74% |
† The inception date of both the Fund’s Class A shares (including predecessor feeder fund shares), and Class I Shares (as re-classified), is 07/31/2015.
‡ Class A shares are subject to a maximum sales load of 3.5%. Class I shares have no sales load.
The total annual fund expense ratio, gross of any fee waivers or expense reimbursements, is 3.58% for Class A shares and 2.97% for Class I shares. The Adviser has agreed to a cap on specified expenses not to exceed 0.55% for Class A shares and for Class I shares as of the most recent Prospectus dated July 30, 2021, as supplemented. See the Prospectus for more information.
The performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data shown above. Investment return and principal value will fluctuate, so that shares, when sold, may be worth more or less than their original cost. The returns may reflect expense limitation and reimbursement, without which, the performance would have been lower. The Fund’s performance, especially for short periods of time, should not be the sole factor in making your investment decision.
For the period from the Fund’s inception through May 31, 2016, the returns and expenses of Class A shares reflect the performance of the prior feeder fund; and the returns of Class I shares reflect the performance of the Fund prior to its issuance of multiple share classes and reclassification of existing shares. From June 1, 2016 forward, the returns reflect performance of Class A and Class I shares, respectively, of the iCapital KKR Private Markets Fund (formerly known as Altegris KKR Commitments Master Fund). As of February 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to February 12, 2021, the Fund was managed by a different investment adviser.
S&P 500 Total Return Index. The total return version of S&P 500 index; generally representative of certain portions of the U.S. equity markets. Returns assume reinvestment of dividends. The index shown is for general market comparisons and is not meant to represent any actual fund. An index is unmanaged and not available for direct investment.
MSCI All-Country World Index. The MSCI ACWI captures large and mid cap representation across 23 developed markets and 27 emerging markets countries. With more than 3,000 constituents, the index covers approximately 85% of the global investable equity opportunity set. An index is unmanaged and not available for direct investment.
Standard deviation is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility.
Net Asset Value | As of 03/31/23
| iCapital KKR Private Markets Fund: Class I | $32.31 |
| iCapital KKR Private Markets Fund: Class A | $14.89 |
Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. The net asset value will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the date specified.
KKR is neither a sponsor, promoter, adviser nor affiliate of the Fund. There is no agreement or understanding between KKR and iCapital or StepStone regarding the management of the investment program of the Fund.
Distributions
| Record Date | Ex-Date | Payable Date | Short-Term Capital Gains |
Long-Term Capital Gains |
Income | Reinvestment Price |
|
|---|---|---|---|---|---|---|---|
| iCapital KKR Private Markets Fund: Class I | 12/1/2016 6/1/2017 12/1/2017 6/1/2018 12/3/2018 6/3/2019 12/2/2019 6/1/2020 12/1/2020 6/1/2021 12/1/2021 6/1/2022 12/1/2022 |
12/2/2016 6/2/2017 12/4/2017 6/4/2018 12/3/2018 6/4/2019 12/3/2019 6/2/2020 12/2/2020 6/2/2021 12/2/2021 6/2/2022 12/2/2022 |
12/2/2016 6/21/2017 12/20/2017 6/25/2018 12/19/2018 6/24/2019 12/19/2019 6/24/2020 12/21/2020 6/24/2021 12/4/2021 6/24/2022 12/21/2022 |
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.06 |
$1.19 $0.36 $0.87 $0.56 $1.21 $0.49 $0.64 $0.55 $0.71 $0.56 $1.78 $1.88 $0.96 |
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.04 $0.00 $0.00 $1.54 |
$27.25 $28.42 $28.50 $28.91 $29.75 $28.79 $29.23 $27.27 $31.01 $36.44 $39.34 $35.50 $33.30 |
| iCapital KKR Private Markets Fund: Class A | 12/1/2016 6/1/2017 12/1/2017 6/1/2018 12/3/2018 6/3/2019 12/2/2019 6/1/2020 12/1/2020 6/1/2021 12/1/2021 6/1/2022 12/1/2022 |
12/2/2016 6/2/2017 12/4/2017 6/4/2018 12/3/2018 6/4/2019 12/3/2019 6/2/2020 12/2/2020 6/2/2021 12/2/2021 6/2/2022 12/2/2022 |
12/2/2016 6/21/2017 12/20/2017 6/25/2018 12/19/2018 6/24/2019 12/19/2019 6/24/2020 12/21/2020 6/24/2021 12/4/2021 6/24/2022 12/21/2022 |
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.03 |
$0.57 $0.17 $0.41 $0.26 $0.57 $0.23 $0.30 $0.26 $0.33 $0.26 $0.82 $0.86 $0.44 |
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.00 $0.00 $0.60 |
$12.94 $13.44 $13.44 $13.59 $13.94 $13.46 $13.63 $12.68 $14.37 $16.84 $18.13 $16.32 $15.37 |
Figures in italics represent estimates.
Fund distributions will vary depending upon market conditions and number of shares outstanding. Past distributions are no guarantee of future distributions or performance results.
This information is not intended to cover the complexities of a shareholder’s individual tax situation. Because tax laws vary among states, you should consult your tax advisor about the specific rules in the state(s) in which you pay income taxes.
Record date is the date by which a shareholder must own fund shares to receive the distribution. Ex-date is the date on which a shareholder who purchases fund shares will not be eligible to receive the distribution. Payable date is the date on which a shareholder is paid the distribution.
(1) While the portfolio composition that has been developed by iCapital Registered Fund Adviser LLC (the Fund’s investment adviser) reflects their assessment of the relative attractiveness of sub-sectors within the context of an appropriately diversified portfolio, given the percentage of assets that will be invested in investment funds managed by a single issuer (KKR), the Fund will be exposed to risks related to KKR. As of February 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to February 12, 2021, the Fund was managed by a different investment adviser. Before February 1, 2022, the StepStone Group L.P. (“StepStone”) served as sub-advisor for the Fund. However, as of February 1, 2022, StepStone is no longer the sub-advisor for the Fund.
A portion of the Fund’s assets may be invested in private equity or Investment Funds which are not managed by or affiliated with KKR; however, this allocation is not anticipated to be over 20% of the Fund’s assets.
Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits, or avoid losses. There can be no assurance that all investment types will be available, will be consistent with the Fund’s objective, will satisfy the Investment Adviser’s due diligence considerations, or will be selected for the Fund.
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