What we do.
Fontris Alts is a research service for evergreen funds: non-traded REITs, non-traded BDCs, interval funds, tender-offer funds, and a few operating companies. We track all 95 of them, from the largest flagships down, and answer the same six questions about every one. What has it returned? What does it cost? Are its distributions earned? How much does it borrow? What does it own? Can holders get their money out?
Why it exists.
A fund's offering documents tell you how it is meant to work. Its later reports tell you how it actually went: whether income covered the distributions, when the fee waiver ended, whether holders who asked for their money back got it. That second story can run to hundreds of pages a year for a single fund, laid out differently by every manager.
We built Fontris to read it, fund by fund, and to set it out on the same terms so one fund can stand beside another.
How we work.
We gather what each fund reports, wherever it reports it: regulatory filings, its own reports and fact sheets, offering materials, notices, and repurchase results. We clean it, which mostly means turning dozens of managers' ways of saying the same thing into one. Then we check it against the fund's other sources: when two disagree, we find out why, show one number, and explain the gap. Where the public record falls short, we keep digging.
Each finding is written the way an analyst would say it across a desk: the number, what it means, and its source, one click away. The Method page sets out the rules in full.
What we hold ourselves to.
If we can't support it, we don't print it. A figure we can't trace to its source isn't shown; the page says “Not yet compiled.” rather than guess. When sources disagree, we say so. And when we get something wrong, we fix it against the source.
What we don't do.
We publish general research, the same for everyone who reads it. We don't manage money, sell funds, or recommend investments for anyone's circumstances. Our scores rank funds against their peers on stated measures; they are not a buy list.
How the site is paid for.
The site is free with an account. We also take on research engagements: sourced reports on fund disclosures and market structure, for firms that need one question answered in depth. Coverage, scores, and what we write about a fund are not for sale.
Get in touch.
Found an error, want a fund covered, or have a research question? Write to contact@fontrisalts.com.