This was one of those months when the diversification benefit of ACCRE only partially attenuated the problems with the S&P. As you may know, the S&P 500 was really on a tear until the last week of January, then for a variety of macro reasons, simply fell out of bed. ACCRE was similarly doing quite well, and also fell, although not quite as badly. Net returns for the month for the S&P were -0.16%, and for ACCRE -0.13%.
Peeking ahead, I can tell you that ACCRE has washed away all the negative ink thus far in February, and if trends continue should hit a new all-time high this month. I’ll keep you posted!