ACAP Strategic Fund

Data through 2026-03-31 · latest filing N-CSRS filed 2026-06-05

Sponsored by SilverBay/Alkeon. Interval Fund structure focused on multi-strategy.

Interval FundMulti-strategy

Sponsor: SilverBay/Alkeon
CIK: 0001467631
Liquidity: Quarterly repurchase offers at NAV
Inception: 2010

Net assets: $10.35B

source

Monthly portfolio report (Form N-PORT) · filed 2026-05-26 · period 2026-03-31

Net assets (N-PORT Part B, Item B.2)

Method Direct: read from a structured filing field

Open the filing on SEC.gov · Full observation history

Technical locator

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1467631/000119312526239305/xslFormNPORT-P_X01/primary_doc.xml
NAV / share: $21.57

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-06-05 · period 2026-03-31

Statement of Assets and Liabilities: 'Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $28.29 $7,740,460,123 Class W 121,028,820 $21.57 $2,610,231,888' (identity: 7,740,460,123/273,640,547 = $28.288..., ties disclosed $28.29; 2,610,231,888/121,028,820 = $21.568..., ties disclosed $21.57). Corroborated by Note 15 'Financial Highlights', two separate tables headed 'Class A' and 'Class W' respectively, each independently showing 'Net asset value per Share, end of period' matching the balance-sheet figures for the six months ended March 31, 2026. Class A is canonical: listed first throughout, ~74.8% of both shares and net assets. Operator-ratified: do NOT blend Class A and Class W (a ~24% structural difference, not fee timing).

“Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $ 28.29 $ 7,740,460,123 Class W 121,028,820 $ 21.57 $ 2,610,231,888”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1467631/000120677426000313/acap4627181-ncsrs.htm | Statement of Assets and Liabilities: 'Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $28.29 $7,740,460,123 Class W 121,028,820 $21.57 $2,610,231,888' (identity: 7,740,460,123/273,640,547 = $28.288..., ties disclosed $28.29; 2,610,231,888/121,028,820 = $21.568..., ties disclosed $21.57). Corroborated by Note 15 'Financial Highlights', two separate tables headed 'Class A' and 'Class W' respectively, each independently showing 'Net asset value per Share, end of period' matching the balance-sheet figures for the six months ended March 31, 2026. Class A is canonical: listed first throughout, ~74.8% of both shares and net assets. Operator-ratified: do NOT blend Class A and Class W (a ~24% structural difference, not fee timing).
Net flows, last qtr: +0.5%
Distribution coverage (NII): Pending
Leverage in use: Pending
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

No current red or yellow flags in filings reviewed through 2026-07-31.

Historical findings (2)

Net outflow of 7.9% of NAV in the period ended 2022-12-31.
Net outflow of 7.9% of NAV in the period ended 2022-12-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Management Fee contractually reduced from an annual rate of 2.00% to 1.50%, effective December 18, 2014. (2014-12-18)
Management Fee contractually reduced from an annual rate of 2.00% to 1.50%, effective December 18, 2014.

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

Net capital flows, % of NAV

Filed performance

Window	Class	Basis	Return	Source
2025-10-01 to 2026-03-31 semiannual · annualization not stated	Class W	at NAV Filed return footnote (b) Total return gross/net of incentive fee is calculated assuming an investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.	-2.79%	SEC source 0001206774-26-000313 N-CSRS filed 2026-06-05
2024-10-01 to 2025-09-30 fiscal year · annualization not stated	Class W	at NAV Filed return footnote (b) Total return gross/net of incentive fee is calculated assuming an investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.	+37.12%	SEC source 0001206774-25-000753 N-CSR filed 2025-12-01
2023-10-01 to 2024-09-30 fiscal year · annualization not stated	Class W	at NAV Filed return footnote (b) Total return gross/net of incentive fee is calculated assuming an investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.	+39.90%	SEC source 0001206774-24-001022 N-CSR filed 2024-12-02
2023-10-01 to 2024-03-31 semiannual · annualization not stated	Class W	at NAV Filed return footnote (b) Total return gross/net of incentive fee is calculated assuming an investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.	+33.31%	SEC source 0001206774-24-000586 N-CSRS filed 2024-05-24
2022-10-01 to 2023-09-30 fiscal year · annualization not stated	Class W	at NAV Filed return footnote (b) Total return gross/net of incentive fee is calculated assuming an investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.	+14.87%	SEC source 0001206774-23-001267 N-CSR filed 2023-11-28

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Class W · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 25% of shares/quarter. The disclosed history shows no rationed period.

Not disclosed

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Class A 74.8%Class W 25.2%

Share of total net assets ($10,350,692,011) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class A	Pending	Pending	Pending	Pending	$7,740,460,1232026-03-31
Class W	Pending	Pending	Pending	Pending	$2,610,231,8882026-03-31

Management fee: 1.50% of avg daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001206774-26-000313.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class W	1.50%	20% of total return + high-water mark * Incentive Fee: 20.00% of net profits over the loss carryforward account; Prior losses in the loss carryforward account must first be recovered. SEC source 0001206774-26-000041	Pending	Pending	Pending	9.07%interest included * Filed label: Ratio of expenses to average net assets (c); period 2025-09-30. After waiver: not separately stated; interest: included; tax: not separately stated; incentive compensation: included; acquired-fund expenses: not separately stated. SEC source 0001206774-25-000753 3.42%interest included * Filed label: Ratio of expenses without incentive fee to average net assets (c); period 2025-09-30. After waiver: not separately stated; interest: included; tax: not separately stated; incentive compensation: excluded; acquired-fund expenses: not separately stated. SEC source 0001206774-25-000753 1.62%interest excluded * Filed label: Ratio of expenses without incentive fee, dividend & interest expense and security trading related expenses to average net assets (c); period 2025-09-30. After waiver: not separately stated; interest: excluded; tax: not separately stated; incentive compensation: excluded; acquired-fund expenses: not separately stated. SEC source 0001206774-25-000753

Fee component	Rate	Basis / class	Condition
Performance · Incentive Fee	20.00%	net profits over the loss carryforward account	Prior losses in the loss carryforward account must first be recovered.

SEC source 0001206774-26-000313 · SEC source 0001206774-26-000041

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)

Term	Description	Value	Effective
advisory_fee_schedule	Pending	1.5 pct_annual_of_avg_daily_net_assets	Pending

Recent filings

Filed	Form	Accession
2026-06-05	N-CSRS	0001206774-26-000313
2026-05-26	NPORT-P	0001193125-26-239305
2026-05-15	N-23C3A	0001206774-26-000282
2026-02-26	NPORT-P	0001193125-26-076818
2026-02-17	N-23C3A	0001206774-26-000075
2026-01-15	486BPOS	0001206774-26-000041
2025-12-01	N-CSR	0001206774-25-000753
2025-11-25	NPORT-P	0001193125-25-297252
2025-11-17	N-23C3A	0001206774-25-000744
2025-08-28	NPORT-P	0001145549-25-056046
2025-08-15	N-23C3A	0001206774-25-000558
2025-05-29	N-CSRS	0001206774-25-000382
2025-05-28	NPORT-P	0001145549-25-033457
2025-05-16	N-23C3A	0001206774-25-000362
2025-02-26	NPORT-P	0001145549-25-010384